profitepaper pakistantoday 17th august, 2012
2
Friday, 17 August, 2012 Oil extends gains in Asian trade SINGAPORE AFP Oil prices rose in Asian trade Thursday, extending a rally driven by strong energy demand in the United States. New York’s main contract, West Texas In- termediate for September, was up 10 cents to $94.43 a barrel in the morning, and Brent North Sea crude for September jumped 30 cents to $116.55. Prices climbed sharply in New York after the US Energy Information Administra- tion (EIA) said crude inventories plunged 3.7 million barrels in the week to August 10, far heaver than the market had ex- pected. Falling inventories indicate strong r demand in the world’s biggest economy. “Oil prices soared as US stockpiles fell sharply and demand hit its highest level in nine months,” said Justin Harper, an ana- lyst with IG Markets Singapore said. Phillip Futures said “fears of supply dis- ruptions as Middle East tensions festered, as well as hope for further stimulus from major central banks to support the weak- ening global economy, added lift to oil fu- tures”. The EIA added that gasoline or petrol inventories slid 2.4 million barrels. Analysts had pencilled in a drop of 1.7 mil- lion. However, distillates — which include diesel and heating fuel — increased 700,000 barrels, compared with estimates for a 500,000-barrel decline. PPMA dissatisfied with DRAP’s performance KARACHI ONLINE Pakistan Pharmaceutical Manufacturers’ Association (PPMA) showed its distress on behalf of its members on the poor state of affairs of Drugs Regulatory Agency of Pakistan (DRAP). In a statement, the spokesman of PPMA said that the serious- ness of the situation can be gauged by the fact that the DRAP has been ineffective right from the date it came into existence through an ordinance. “Not only the major works, but also the routine ones are not being carried out. Even the minutes of the last meeting of the Drugs Registration Board held on 15th June, 2012 have not been issued. There are over 14,000 pend- ing registration applications, and at this retarded rate will take years to clear. PPMA Members have invested tens of millions of rupees not only as registration fee but also on setting-up of new manufac- turing sections”, he added. ISLAMABAD ONLINE A CTING Senate President Syed Nay- yar Hussain Bokhari said that Pak- istan and Australia should enhance cooperation for increasing trade volume between the two countries. While talking to Australia High Commis- sioner Peter Heyward on Thursday, Bokhari ap- preciated Australia’s generous assistance during flood and earthquake in the past years. He said that the regular bilateral interactions at the highest level as well as Parliamentary ex- changes and people to people contacts between our two countries is essential for imparting ever new impetus for adding greater substance to our relations in diverse fields. The Acting President said that we are looking forward to upcoming visit (30th August onwards) of Australian parliamentary delegation and hope- fully it will give a boost to our inter-Parliamen- tary relations through generating better understanding via exchange of ideas. The Acting President said that there exists great potential of cooperation between two coun- tries in various fields. He told the High Commissioner that Pakistan wants trade concessions in order to grow its trade and economy with EU and Australia as well. Pak- istan can export textile goods, mangoes, citrus fruits, rice and other agricultural produce to Aus- tralia. He added. The Acting President invited in- vestment of Australian companies in different sectors like energy, agriculture mechanization and technological assistance. Talking about the energy needs of the country the Acting President said that huge scope exists in hydel, wind and solar power generation projects in Pakistan. He lauded Australia’s enhanced cooperation and as- sistance in the fields of education (AusAID), agri- culture and vocational training. Referring to the commonalities between the two countries the Acting President said that we inherited common heritage and system after in- dependence from British rule, both countries are member of commonwealth, English language is spoken for communication between the people of both countries, sports like cricket and hockey are another important link as they are liked and played in both the countries. Reciprocating, the Australian High Commis- sioner thanked the Acting President for inviting the upcoming Australian parliamentary delega- tion for visiting Pakistan and meet parliamentar- ians from Pakistan. It will provide an opportunity for exchanging views on issues of mutual interest and learning from each other’s experiences. The enhanced parliamentary linkages guarantee en- hanced cooperation, he added. The High Commis- sioner also extended invitation for Pakistan’s Parliamentary delegation to visit Australia. Talking about enhancing trade volume be- tween the two countries, he told the Acting Pres- ident that bilateral trade commission between the two countries held important discussions in Can- berra recently to explore new avenues of cooper- ation in this regard. He apprised the Acting President that Aus- tralia is gradually reducing tariffs on Pakistani goods in order to help Pakistani products to have greater access to Australian market. He said that Australia is interested to import textile goods and mangoes from Pakistan which will also act as cultural symbol of the country. He told the Acting President that both the countries can resort to more commercial partnerships and ventures in near future in various fields. Pak-Australia to enhance trade ties:Bukhari Trade down Under Inquiries galore! CCP plans inquiries against ,telecom, automobile and banking sectors for deceptive market practices ISLAMABAD APP The Competition Commission of Pakistan (CCP) plans to initiate inquiries against some of the telecom, automobile and banking sectors for the accusation of deceptive mar- ket practices. “This initiative will help promote protection of consumers and encourage fair business practices in the country. “Yes we have received complaints against some of the telecom, automobile and banking sectors for the deceptive market practices and hold inquiries in order to protect consumers and promote fair business competition in the country”, Chairperson Ms.Rahat Kaunain Hassan told journalists at an Iftar cum dinner she hosted for jour- nalists. She said that CCP has received complaints that some banks restive operating for insurance besides some telecom sectors Wi-tribe, Wateen and Qubee internet charging additional Rs.50 from customers and Toyota (Indus motors) for accusation of unfair trading conditions and purchase orders very arbitrary. Das ist interessant! German keen in renewable energy sector ISLAMABAD APP Ambassador of Germany to Pak- istan, Dr. Cyrill Nunn called on the Water and Power Federal Minister Ch. Ahmed Mukhtar here Thursday and discussed var- ious matter of mutual interest and bilateral cooperation. The Minister briefed him on the cur- rent energy situation, steps being taken to overcome the energy crises and future plan of action to produce cheaper electricity from hydel, coal, wind and solar resources. The Minister stated that existing thermal plants of 4200 MW would be converted to import coal from furnace oil to produce cheaper energy and the process would be completed in 16 months. He stated that 250 MW wind projects were also under construction and start generation shortly. The government was utilizing all the resources to bridge the gap between demand and supply, he added. The Ambas- sador thanked the Minister and said that German com- panies were already working in the power sector of Pakistan and number of others keen to invest in the Re- newable Energy Projects. He said that a conference was being organized in Munich on September 11, on “Renew- able Energy in Pakistan”, in which German companies, businessmen and investors from both the countries would participate to explore potential and other related matters of mutual cooperation in this regard. He said that the conference would help to set a road-map to de- velop Renewable Energy Sector in Pakistan with German cooperation. The Ambassador also informed the Minister that the consulate offices of Germany located in Islam- abad and Karachi were being electrified with solar energy as a model and would be completed in next six months. He invited the Minister to grace the occasion. Both also discussed the other matter of mutual cooperation. Meaty numbers Export of meat increases 13.9 percent ISLAMABAD: The export of the meat (beef, mutton and camel meat) has increased from US $108.54 million (2010-11) to US $123.61 million in 2011-12, showing an increase of 13.9 percent. An official Ministry of National Food Security and Research told APP here on Thursday that the future plan for the livestock sec- tor is to persuade the policies to achieve 5 percent or more growth in meat and 8 percent or more in milk production through shifting from subsistence livestock farming to market- oriented and commercial farming. He said the focus will be to encourage and promote high yielding animal’s production and their crossbreeding through artificial insemination services. APP ISLAMABAD APP Asia must act now to pave the way for green, re- source-friendly cities or face a bleak and environ- mentally degraded future, said a new Asian Development Bank (ADB) report. In a special chapter of its flagship annual sta- tistical publication, ‘Key Indicators for Asia and the Pacific 2012,’ ADB examined the challenges and opportunities associated with the region’s breakneck urban boom. It also details measures needed to turn cities into environmentally sustainable, inclusive growth centers. Since the 1980s, Asia has been urbanizing at a faster rate than anywhere else, with the region already home to almost half of all the world’s city dwellers, it said. The report added that in just over a decade, it will have 21 of 37 mega-cities worldwide, and over the next 30 years another 1.1 billion people are ex- pected to join Asia’s already swollen urban ranks. This breakneck expansion has been accompa- nied by a sharp rise in pollution, slums, and widening economic and social inequalities, which are causing rapid environmental degradation. Particularly disturbing are urban carbon diox- ide emissions, which if left unchecked under a business-as-usual scenario, could reach 10.2 met- ric tons per capita by 2050, a level which would have disastrous consequences for both Asia and the rest of the world. Rising urban populations mean that over 400 million people in Asians cities may be at risk of coastal flooding and roughly 350 million at risk of inland flooding by 2025. Unless managed properly, these trends could lead to widespread environmental degradation and declining standards of living. However, the report notes that there is hope as the growth of cities can have many advantages, including critical masses of people in relatively small areas, making it easier and more cost effec- tive to supply essential services like piped water and sanitation. Rising education levels, factories leaving cities, the growth of middle classes and declining birth rates typically associated with urbanization also have a broadly beneficial impact on resource use and the environment. Conservation and efficiency improvements will help, it said adding many countries have begun diversifying their energy sources to include renewables and have been investing in energy-ef- ficient buildings and sustainable transport sys- tems. Imposing congestion and emission charges, as in Singapore, and removing inefficient fuel subsi- dies, as in Indonesia, can make prices more fully reflect social costs. The report said much more is needed, includ- ing the development and mainstreaming of new green technologies. For urbanization to be not only green but in- clusive, policy makers need to promote climate re- silient cities, in order to prevent disasters like the 2011 Bangkok floods, and improve urban slum areas, the report pointed out. GO GREEN, or well, just go ADB study says Asia’s booming cities must go green or risk disaster PRO 17-08-2012_Layout 1 8/16/2012 11:43 PM Page 1
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profitepaper pakistantoday 17th august, 2012
Transcript of profitepaper pakistantoday 17th august, 2012
Friday, 17 August, 2012
Oil extends gains in Asian trade
SINGAPORE
AFP
Oil prices rose in Asian trade Thursday,extending a rally driven by strong energydemand in the United States.New York’s main contract, West Texas In-termediate for September, was up 10 centsto $94.43 a barrel in the morning, andBrent North Sea crude for Septemberjumped 30 cents to $116.55.Prices climbed sharply in New York afterthe US Energy Information Administra-tion (EIA) said crude inventories plunged3.7 million barrels in the week to August10, far heaver than the market had ex-pected. Falling inventories indicate strongr demand in the world’s biggest economy.“Oil prices soared as US stockpiles fellsharply and demand hit its highest level innine months,” said Justin Harper, an ana-lyst with IG Markets Singapore said.Phillip Futures said “fears of supply dis-ruptions as Middle East tensions festered,as well as hope for further stimulus frommajor central banks to support the weak-ening global economy, added lift to oil fu-tures”. The EIA added that gasoline orpetrol inventories slid 2.4 million barrels.Analysts had pencilled in a drop of 1.7 mil-lion. However, distillates — which includediesel and heating fuel — increased700,000 barrels, compared with estimatesfor a 500,000-barrel decline.
PPMA dissatisfied withDRAP’s performance
KARACHI
ONLINE
Pakistan Pharmaceutical Manufacturers’Association (PPMA) showed its distresson behalf of its members on the poor stateof affairs of Drugs Regulatory Agency ofPakistan (DRAP). In a statement, thespokesman of PPMA said that the serious-ness of the situation can be gauged by thefact that the DRAP has been ineffectiveright from the date it came into existencethrough an ordinance. “Not only themajor works, but also the routine ones arenot being carried out. Even the minutes ofthe last meeting of the Drugs RegistrationBoard held on 15th June, 2012 have notbeen issued. There are over 14,000 pend-ing registration applications, and at thisretarded rate will take years to clear.PPMA Members have invested tens ofmillions of rupees not only as registrationfee but also on setting-up of new manufac-turing sections”, he added.
ISLAMABAD
ONLINE
ACTING Senate President Syed Nay-yar Hussain Bokhari said that Pak-istan and Australia should enhancecooperation for increasing tradevolume between the two countries.
While talking to Australia High Commis-sioner Peter Heyward on Thursday, Bokhari ap-preciated Australia’s generous assistance duringflood and earthquake in the past years.
He said that the regular bilateral interactionsat the highest level as well as Parliamentary ex-changes and people to people contacts betweenour two countries is essential for imparting evernew impetus for adding greater substance to ourrelations in diverse fields.
The Acting President said that we are lookingforward to upcoming visit (30th August onwards)of Australian parliamentary delegation and hope-fully it will give a boost to our inter-Parliamen-tary relations through generating betterunderstanding via exchange of ideas.
The Acting President said that there existsgreat potential of cooperation between two coun-
tries in various fields. He told the High Commissioner that Pakistan
wants trade concessions in order to grow its tradeand economy with EU and Australia as well. Pak-istan can export textile goods, mangoes, citrusfruits, rice and other agricultural produce to Aus-tralia. He added. The Acting President invited in-vestment of Australian companies in differentsectors like energy, agriculture mechanizationand technological assistance. Talking about theenergy needs of the country the Acting Presidentsaid that huge scope exists in hydel, wind andsolar power generation projects in Pakistan. Helauded Australia’s enhanced cooperation and as-sistance in the fields of education (AusAID), agri-culture and vocational training.
Referring to the commonalities between thetwo countries the Acting President said that weinherited common heritage and system after in-dependence from British rule, both countries aremember of commonwealth, English language isspoken for communication between the people ofboth countries, sports like cricket and hockey areanother important link as they are liked andplayed in both the countries.
Reciprocating, the Australian High Commis-
sioner thanked the Acting President for invitingthe upcoming Australian parliamentary delega-tion for visiting Pakistan and meet parliamentar-ians from Pakistan. It will provide an opportunityfor exchanging views on issues of mutual interestand learning from each other’s experiences. Theenhanced parliamentary linkages guarantee en-hanced cooperation, he added. The High Commis-sioner also extended invitation for Pakistan’sParliamentary delegation to visit Australia.
Talking about enhancing trade volume be-tween the two countries, he told the Acting Pres-ident that bilateral trade commission between thetwo countries held important discussions in Can-berra recently to explore new avenues of cooper-ation in this regard.
He apprised the Acting President that Aus-tralia is gradually reducing tariffs on Pakistanigoods in order to help Pakistani products to havegreater access to Australian market.
He said that Australia is interested to importtextile goods and mangoes from Pakistan whichwill also act as cultural symbol of the country. Hetold the Acting President that both the countriescan resort to more commercial partnerships andventures in near future in various fields.
Pak-Australia to enhance trade ties:Bukhari
Trade down Under Inquiries galore!CCP plans inquiries against ,telecom,automobile and banking sectors fordeceptive market practices
ISLAMABAD
APP
The Competition Commission of Pakistan (CCP) plans toinitiate inquiries against some of the telecom, automobileand banking sectors for the accusation of deceptive mar-ket practices. “This initiative will help promote protectionof consumers and encourage fair business practices in thecountry. “Yes we have received complaints against someof the telecom, automobile and banking sectors for thedeceptive market practices and hold inquiries in order toprotect consumers and promote fair business competitionin the country”, Chairperson Ms.Rahat Kaunain Hassantold journalists at an Iftar cum dinner she hosted for jour-nalists. She said that CCP has received complaints thatsome banks restive operating for insurance besides sometelecom sectors Wi-tribe, Wateen and Qubee internetcharging additional Rs.50 from customers and Toyota(Indus motors) for accusation of unfair trading conditionsand purchase orders very arbitrary.
Das ist interessant! German keen in renewable energy sector
ISLAMABAD
APP
Ambassador of Germany to Pak-istan, Dr. Cyrill Nunn called onthe Water and Power FederalMinister Ch. Ahmed Mukhtarhere Thursday and discussed var-ious matter of mutual interestand bilateral cooperation. TheMinister briefed him on the cur-rent energy situation, steps beingtaken to overcome the energycrises and future plan of action toproduce cheaper electricity from
hydel, coal, wind and solar resources. The Ministerstated that existing thermal plants of 4200 MW would beconverted to import coal from furnace oil to producecheaper energy and the process would be completed in 16months. He stated that 250 MW wind projects were alsounder construction and start generation shortly. Thegovernment was utilizing all the resources to bridge thegap between demand and supply, he added. The Ambas-sador thanked the Minister and said that German com-panies were already working in the power sector ofPakistan and number of others keen to invest in the Re-newable Energy Projects. He said that a conference wasbeing organized in Munich on September 11, on “Renew-able Energy in Pakistan”, in which German companies,businessmen and investors from both the countrieswould participate to explore potential and other relatedmatters of mutual cooperation in this regard. He saidthat the conference would help to set a road-map to de-velop Renewable Energy Sector in Pakistan with Germancooperation. The Ambassador also informed the Ministerthat the consulate offices of Germany located in Islam-abad and Karachi were being electrified with solar energyas a model and would be completed in next six months.He invited the Minister to grace the occasion. Both alsodiscussed the other matter of mutual cooperation.
Meaty numbersExport of meat increases 13.9 percent
ISLAMABAD: The export of the meat (beef, mutton and camelmeat) has increased from US $108.54 million (2010-11) to US$123.61 million in 2011-12, showing an increase of 13.9 percent.An official Ministry of National Food Security and Research toldAPP here on Thursday that the future plan for the livestock sec-tor is to persuade the policies to achieve 5 percent or moregrowth in meat and 8 percent or more in milk productionthrough shifting from subsistence livestock farming to market-oriented and commercial farming. He said the focus will be toencourage and promote high yielding animal’s production andtheir crossbreeding through artificial insemination services. APP
ISLAMABAD
APP
Asia must act now to pave the way for green, re-source-friendly cities or face a bleak and environ-mentally degraded future, said a new AsianDevelopment Bank (ADB) report.
In a special chapter of its flagship annual sta-tistical publication, ‘Key Indicators for Asia andthe Pacific 2012,’ ADB examined the challengesand opportunities associated with the region’sbreakneck urban boom.
It also details measures needed to turn citiesinto environmentally sustainable, inclusivegrowth centers.
Since the 1980s, Asia has been urbanizing ata faster rate than anywhere else, with the regionalready home to almost half of all the world’s citydwellers, it said.
The report added that in just over a decade, itwill have 21 of 37 mega-cities worldwide, and overthe next 30 years another 1.1 billion people are ex-pected to join Asia’s already swollen urban ranks.
This breakneck expansion has been accompa-nied by a sharp rise in pollution, slums, andwidening economic and social inequalities, whichare causing rapid environmental degradation.
Particularly disturbing are urban carbon diox-ide emissions, which if left unchecked under abusiness-as-usual scenario, could reach 10.2 met-ric tons per capita by 2050, a level which wouldhave disastrous consequences for both Asia andthe rest of the world.
Rising urban populations mean that over 400million people in Asians cities may be at risk ofcoastal flooding and roughly 350 million at risk ofinland flooding by 2025.
Unless managed properly, these trends couldlead to widespread environmental degradationand declining standards of living.
However, the report notes that there is hopeas the growth of cities can have many advantages,including critical masses of people in relativelysmall areas, making it easier and more cost effec-tive to supply essential services like piped waterand sanitation.
Rising education levels, factories leaving
cities, the growth of middle classes and decliningbirth rates typically associated with urbanizationalso have a broadly beneficial impact on resourceuse and the environment.
Conservation and efficiency improvementswill help, it said adding many countries havebegun diversifying their energy sources to includerenewables and have been investing in energy-ef-ficient buildings and sustainable transport sys-tems.
Imposing congestion and emission charges, asin Singapore, and removing inefficient fuel subsi-dies, as in Indonesia, can make prices more fullyreflect social costs.
The report said much more is needed, includ-ing the development and mainstreaming of newgreen technologies.
For urbanization to be not only green but in-clusive, policy makers need to promote climate re-silient cities, in order to prevent disasters like the2011 Bangkok floods, and improve urban slumareas, the report pointed out.
GO GREEN, or well, just goADB study says Asia’s boomingcities must go green or risk disaster
PRO 17-08-2012_Layout 1 8/16/2012 11:43 PM Page 1
02
Friday, 17 August, 2012
Major Gainers
COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERUniLever PakSPOT 8650.00 8890.00 8650.00 8850.05 200.05 1,660Rafhan MaizeXD 3800.00 3990.00 3800.00 3980.00 180.00 5,000Unilever Food 2887.50 3000.00 2887.50 3000.00 112.50 40Colgate Palmolive 1425.00 1496.25 1495.00 1496.25 71.25 350Siemens Pakistan 845.00 884.99 884.99 884.99 39.99 50
Major LosersIndus Dyeing 433.67 412.00 411.99 411.99 -21.68 200Abbott Laboratories 197.09 197.00 191.00 191.27 -5.82 19,000Tri-Pack Films 196.50 196.00 188.50 191.45 -5.05 6,800Shell Pakistan Ltd. 124.95 126.10 119.11 121.76 -3.19 51,000Attock Petroleum 493.52 494.75 490.00 490.42 -3.10 4,000
Volume Leaders
Lafarge Pakistan 5.01 5.46 5.03 5.27 0.26 22,562,000Fauji Cement 6.59 6.74 6.47 6.50 -0.09 10,004,500K.E.S.C. 6.00 6.09 5.66 5.73 -0.27 6,305,000National Bank Pak 44.53 45.29 43.93 44.05 -0.48 4,657,500Nishat Mills Limited 56.28 57.17 55.70 55.97 -0.31 3,773,500
Interbank RatesUS Dollar 94.4144UK Pound 148.1646Japanese Yen 1.1921Euro 115.8559
Dollar EastBUY SELL
US Dollar 93.60 94.40Euro 114.06 115.74Great Britain Pound 145.98 148.08Japanese Yen 1.1702 1.1870Canadian Dollar 93.78 95.64Hong Kong Dollar 11.89 12.12UAE Dirham 25.38 25.72Saudi Riyal 24.76 25.17Australian Dollar 97.17 100.03
Business
NBP’s entire network
goes online
KARACHI: In a short span of 15 months,National bank of Pakistan has convertedits entire network of 1283 branches on-line. NBP is now with highest number ofonline branches in Pakistan, exceedingany other bank operating in the country.
MCB Privilege Banking
Network Expanded
KARACHI: As part of MCB PrivilegeBanking’s commitment to provide superiorbanking products and services to its afflu-ent customers, the Bank inaugurated twoPrivilege Centres in Sialkot and Faisalabad.
Punjab Oil Mills wins ‘Best Performance
Award’ from METRO-Habib
Majority of global
Muslims wish for…
KARACHI: As Eid celebrations dawnand Ramadan draws to a close theworld over, the majority of Muslims liv-ing and working overseas wish forpeace and happiness, followed byhealth and family belongings, over de-sire for wealth and success, the secondphase of a newly released WesternUnion-sponsored study founded.
Turkish Air Lines General Manager Mr HuseyinCepni standing along with travel agents andcolleagues at Aftar Dinner in honor of travelagents at Sheraton Hotel in Karachi.
Bahauudin Zakarya
University B.Sc Results 2012
MULTAN: According to BahauudinZakarya University B.Sc Results2012, Ayesha Shareef, IqraJamshed and Saman Naz of PunjabCollege bagged 1st, 2nd and 3rd po-sitions respectively. They attributedtheir success to parents’ blessings,teachers’ efforts and their untiringhard work.
(left to right) Syed Imad-ud-Din Asad,
Elizabeth Badger, Justice (R) Nasira Iqbal,
Chad Carr, Dr. Hasan Sohaib Murad, Justice
(R) Aamer Raza Khan and Dr. Dil Muhammad
Malik at ‘Global Trends in Legal Education’- a
conference on Clinical and Experiential
Learning hosted by CLP, UMT
On the occasion of the Independence Day,
Bank Alfalah made special arrangements to
erect huge Pakistani flags and light up
historic monuments “Dou Talwar” and “Teen
Talwar” in green to imitate the spirit of
Independence Day.
Ufone offered free minutes for
entire prepaid customer base
as a gift of Independence Day
ISLAMABAD: Sharing the joy of In-dependence Day in the holy month ofRamzan, Ufone gave surprise gift toits entire prepaid subscriber basethat has now swollen to over 23 mil-lion people.
LG QuickMemo™ Allows Users to
Share Thoughts ThroughSocial
Networks, Text Mes-sages and E-mails
LAHORE: LG had been developingmobile phones that encompass the
company philosophy of adding emo-tional details to its products providingnew features and new ways to interactwith their handset.
Illahi Buksh Soomro appointed
as Chancellor of IoBM
KARACHI: In exercise of the powers ofthe Governor under section (b) & (c) of theInstitute of Business Management (IoBM)Act 1998 Governor Sindh and IoBM Pa-tron Dr.Ishrat-ul-Ibad has appointed Mr.Buksh Soomro, former Rector of GhulamIshaq Khan Institute of Technology andSpeaker of the National Assembly, asChancellor of IoBM for a period of threeyears effective August 13, 2012.
“Lucky Winners of Eid Banao Smart with
Head of Mobile Phones, Samsung Pakistan-
Afghanistan Mr. Farid Jan and Mr.Roy
Wi-tribe’s ‘Islamic Apps’
ISLAMABAD: Pakistan’s 1 ratedcustomer service provider in broad-band, wi-tribe introduced Islamicapps on wi-tribe Bazaar this Ramzan.Exclusively created to celebrate thespirit of the season, the Islamic Appshave garnered instant popularitywith over 40,000 hits on their firstday alone.
Punjab Assembly Deputy Speaker Rana
Mashood along with e4c CEO Mian Shahzaib
inaugurating e4u outlet at the Mall Road.
QMoblie launches the NOIR
A2, Pakistan first smart phone
LAHORE: QMoblie, Pakistan’s firstmobile phone company today launchedits latest device the NOIR A2 Smartphone. The A2 was revealed toe themedia and the public in a press confer-ence held at pearl continental in Lahore.
Samsung launches
new smart TV for 2012
LAHORE: Samsung Electronics Com-pany Limited a globally renowned tech-nology leader has announced the launceof its new series of Smart TV for 2012 inPakistan.
CORPORATE CORNER
Euro stronger in Asia despite Greece worries
TOKYO: The euro inched up against other currencies in Asiantrade Thursday although concern over Greece’s financial rehabili-tation kept the embattled currency under pressure. The eurofetched $1.2297 and 97.24 yen in Tokyo morning trade, comparedwith $1.2285 and 96.91 yen in New York late Wednesday. Thedollar firmed to 79.13 yen from 78.87 yen a day earlier when USinflation and industrial production data pointed to continued butmodest improvement for the world’s biggest economy. Despitethe euro’s rise Thursday, concerns about Athens spiked again fol-lowing a report in the Financial Times that Greece will call for atwo-year extension to its tough austerity programme. AFP
LAHORE
ONLINE
LA H O R EChamber ofC o m m e r c eand Industry(LCCI) Thurs-day became
the first chamber in theSAARC region having an In-ternational Mediation Centreby the name of LCCI DisputeResolution Centre in collabo-ration with International Fi-nance Corporation (IFC), amember of World BankGroup.
/The LCCI Dispute Reso-lution Centre, first of its kindin the private sector, wasjointly inaugurated by theLCCI President Irfan QaiserSheikh and Mr Magdi MAmin, IFC Manager Invest-ment Climate Advisory forMiddle East and NorthAfrica. Saima Zuberi and Is-fandyar Ali Khan of IFC werealso present. LCCI Vice Pres-ident Saeeda Nazar, formerPresidents Mian MohammadAshraf, Iftikhar Ali Malik,Anjum Nisar, former SeniorVice President SohailLashari, former Vice Presi-dent Shafqat Saeed Pirachaand Executive Committeemember Fahimur RehmanSaigol also spoke on the occa-sion.
Speaking on the occasion,the LCCI President IrfanQaiser Sheikh said that theLCCI Dispute ResolutionCentre has been establishedto facilitate the businessmenfor the settlement of theircases through mediation aslitigation is not only lengthy
process but costly as well.The LCCI President said
that the Lahore Chamber ofCommerce and Industrywould be contacting all thechambers and sector-specificorganizations to inform themabout the establishment ofthis international standardfacility. The LCCI Presidentthanked the IFC for providingan unrelenting support forthe establishment of first ofits kind Mediation Center inthe private sector.
“This is a landmark proj-ect not just in Pakistan butalso in the region. It’s a giantleap forward in terms ofbuilding a world-class plat-form at the Lahore Chamberfor efficiently resolving busi-ness disputes.” “We haveopened this facility for resolv-ing business disputes throughmediation for collective ben-efit of LCCI members and thebusiness community at large.
“We also plan to commu-nicate with the regional andinternational business com-munity through their relevantgovernment officials, leadingchambers, sector associa-tions, banks, multilateral de-velopment institutions anddiplomatic missions inform-ing them of the availability ofa world-class mediation cen-ter at Lahore Chambers forresolving business disputes.”Irfan Qaiser Sheikh said thatLCCI Dispute ResolutionCentre was only the begin-ning of systematic effortsneeded for making consistentimprovement in investmentclimate in the country.
The LCCI former Presi-dents Mian Mohammad
Ashraf, Iftikhar Ali Malik andMian Anjum Nisar said thatthe establishment of an inter-national standard mediationcentre would not only im-prove investment climate inthe country but it would alsosend a very positive signalabroad. They said that a largenumber of foreign investorscould not put their money inPakistan only because of ab-sence of an institutionalizedmediation mechanism. Theysaid that such a mediationmechanism was need of thehour and is a big success ofthe private sector.
The LCCI former SeniorVice President Sohail Lashariand former Vice PresidentShafqat Saeed Piracha con-gratulated the Lahore Cham-ber of Commerce andIndustry for taking a giantleap and termed the estab-lishment of Mediation centreis another feather in LCCIcap. They however stressedneed for knowledge sharingabout best dispute resolutionpractices.
The LCCI Vice PresidentSaeeda Nazar appreciated theIFC for selecting the LahoreChamber of Commerce for es-tablishment of this interna-tional standard alternativedispute resolution facility.She hoped that the businesscommunity would active usethe dispute resolution centrefor settling their contractualviolation. In the end, theLCCI President Irfan QaiserSheikh and Mr Magdi Aminalso signed a contract agree-ment after amendment forthe establishment of the Me-diation Centre.
LCCI needs a refereeIFC establishes mediation center at LCCI
Asian markets mostlyrise, yen boosts Tokyo
HONG KONG
AGENCIES
Asian markets mostly climbed on Thurs-day, with Tokyo leading advances as theyen weakened against the dollar owing todimming expectations of fresh monetaryeasing by the US Federal Reserve.With few catalysts to drive action duringthe holiday season trade was light, al-though shares were kept buoyant by lin-gering hopes for a restart of sovereignbond-buying by the European CentralBank and new stimulus in China.Tokyo rose 1.36 percent by the break,Hong Kong added 0.34 percent and Syd-ney gained 0.66 percent, while Seoul wasflat and Shanghai slipped 0.10 percent.Exporters on Japan’s Nikkei were themain beneficiaries of the weakening yen,which eased to a four-week low against thedollar.The dollar bought 79.16 yen in early Asiantrade, up from 78.87 yen in New York lateWednesday.“The current dollar/yen level is a big sup-port for local shares, since large manufac-turers forecast the dollar to average 78.95yen this fiscal year,” Masayuki Doshida,Rakuten Securities senior market analystin Japan, told Dow Jones Newswires.A weaker yen makes exporters’ goods lessexpensive overseas.Car makers Honda and Mazda advanced1.7 percent and 3.3 percent respectively,while electronics giant Panasonic was 4.1percent higher and Nippon Steel was up3.1 percent. Also on forex markets the euro bought$1.2293 and 97.32 yen compared with$1.2285 and 96.91 yen in New York.Wall Street provided very little directionfor Asian traders.In the United States new data showed in-flation was flat and that national industrialproduction grew 0.6 percent month onmonth in July, mainly driven by the autosector. Manufacturing in the New Yorkarea posted a surprise drop however.The National Association of Home-builders’ activity index rose by two pointsto 37 — still low, but the highest level sinceearly 2007, indicating greater optimismamong companies that build housing.
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