profitepaper pakistantoday 23rd october, 2012
2
Tuesday, 23 October, 2012 KARACHI STAFF REPORT C ENTRAL banks of Pakistan and China have singed an agreement allowing the for- mer to conduct investment ac- tivities in the Chinese inter-bank bond market. The “agency agreement” on bond invest- ment was inked formally by Governor State Bank of Pakistan (SBP) Yaseen Anwar and his counterpart from the People’s Bank of China (PBoC), Dr. Zhou Xiaochuan, during a ceremony held at the PBoC head office in Beijing, said the SBP Monday. China’s inter-bank bond market is the largest renminbi (RMB) denominated bond market with its turnover peaking to RMB 21.4 trillion in 2011. The agreement repre- sents the manifestation of close collabora- tion between PBoC and the SBP that has been built over time, added the central bank. The agreement, it said, was also part of follow-up cooperation to the bilateral Cur- rency Swap Agreement between the central banks of the two friendly countries. The bank said access to the Chinese bond market would provide the necessary flexibil- ity to the SBP in diversifying and optimal management of foreign exchange reserves in order to meet the associated objectives. The PBoC is the monetary authority of China which issues RMB, the official currency of China. Yuan is the primary unit of renminbi which means the “people’s currency”. China opens inter-bank bond market for SBP ISLAMABAD APP The National Bank of Pakistan (NBP), Islamabad re- gion has established brisk resolution strategy to cope Auto Teller Machines (ATMs) faults and issues and the number of complaints as compared with the vol- ume of their operations are negligible, a senior offi- cial of the Bank told APP. “We have 24x7 check up of the ATMs through our Regional Data Centre’s surveillance and the er- rors are immediately taken up by the respective quarters for their ready solutions’, Tariq Zafar Iqbal Regional Head of the NBP said. He said that NBP’s regional management in Is- lamabad always responds to the customers’ calls and there have been witnesses of on the spot rectifica- tions and problem resolutions in this regard. “It is imperative that we must appreciate their service and dedication which has made it possible for the metropolitans to meet their demands in cash around the clock”, he remarked. Iqbal further said that the National Bank of Pak- istan is the flag-bearer of service in the financial sec- tor of the country. The scope of its service, he said was not limited to only domestic operations but it is also globally ap- preciated and acknowledged as one of the Region’s best banks as accredited through high ratings by the international financial rating agencies as well as by virtue of having won many international accolade and awards over the years. “Might it be the pension payments to the senior citizens or the government revenue collections and salary disbursements to the public sector, the NBP is committed to deliver the service with a passion for the Nation’s service,being the Nation’s Bank”. He explained that the NBP started its ATM serv- ice in Islamabad in June 1996 when it inaugurated its first ATM in Super Market Branch, F-6, Islam- abad. Over the years, the number of NBP’s ATM has increased to 21 in the metropolis. “These ATMs are spread over the length and breadth of the Federal Capital, including Melody, Super Market, Aabpara, G-9, Pak. Secretariat, i.e. B Block, D Block, S-Block and K-Block, G-10, Airport, A.I.O.U, Foreign Office, F-8 Markaz, Industrial Area, Marriott Hotel, Nilore, P.M. Secretariat and Aiwan- e-Sadder”,Iqbal remarked. He said that the NBP caters to around 150,000 accounts in Islamabad alone and the number of ATM transactions carried through NBP’s ATM surmount to nearly 90,000 in a month which is a huge number by all means, as evidenced by the data collected by the scribe. Tariq Zafar Iqbal added that the NBP has turned its entire network of branches to online op- erations across Pakistan. “It provides an opportunity to its clients to col- lect their cash at one touch of a button from any one link ATM. By virtue of NBP’s one link facility, the ATM card holders of all the Bank’s operating in Pak- istan can use NBP’s ATM facility”, he remarked. “It is certainly established that the volume and scale of ATM operations being handled by NBP Islamabad is really magnanimous as compared to all other com- mercial banks in the country”,he added. The Re- gional Head of NBP added that there have been occasional complaints of hard-ware problems, dis- penser issues, audit & consumer rolls errors and communication link break-downs. However, NBP, Islamabad has established brisk resolution strategy to cope with these issues and the number of complaints as compared with the volume of their operations are negligible. Meanwhile a private sector bank (Habib Bank Limited) Civic Center Branch Deputy General Man- ager Hamidullah Saif while highlighting the per- formance of ATMs of his bank claimed that due to special measures taken by the bank to operate ATMs and never received any complained about the ATMs install outside the bank.”We have an alert machine to rectify the promptly ATM error”, he remarked. “We have established shelters with guard facility outside of the bank and a 24 hrs stand by generator is also installed to operate the ATM in case of power failure to facilitate the customers”, he remarked. He added that HBL has ATM facility in Rawalpindi-Is- lamabad areas outside its 67 branches and the cus- tomers can draw upto Rs.25,000 at one time. NBP establishes brisk ATM flaw resolution strategy ISLAMABAD ONLINE All Pakistan CNG Association (APC- NGA) has rejected the proposed gas parity plan by the ministry of petro- leum and natural resources and urged Economic Coordination Committee (ECC) not to approve it. Addressing a press conference here on Monday, Chairman APCNGA Ghyas Piracha has said that CNG sec- tor is paying six times more than fer- tilizer sector however government is still targeting CNG sector and increas- ing the gas parity between petrol and CNG which would not be beneficial to the masses but only increase prices. He said that in the world many countries are promoting CNG as it is en- vironment friendly but our government is going against this mechanism. Gas is our local product therefore government should provide it on cheap rates. Paracha said that government is securing the in- terests of industrialists as captive power plants are using gas but government has not taken steps to stop it and favoring the interests of 113 influential families. He said that CNG sector is using 252 mmcfd gas which is decreasing with every passing day while government is giving wrong figure of gas utilization by this sector. He said that gas companies are billing on weekly basis and assured that extra amount paid in bills would be adjusted later however this plan has not been implemented so far. Ghyas Paracha said that ECC should take input from all stake holders before tak- ing any position in its today’s meeting. He said that government is selling gas to us at 1055 mmbtu which is much expensive in the world, adding that 750mmbtu is gas price while 263 is paying Cess while 618 is gas price by OGRA. Chairman APCNGA said on one hand government says that gas is not available in the coun- try while thousand kilometer pipeline is being laid to pro- vide 225 mmcfd gas to four fertilizer factories which is un- fair and increase the gas shortgall. Lots of wheat! ISLAMABAD: The country has a bumper harvest of wheat crop for the last 4 years, with an all time record production of 25.21 million tonnes in 2010-11, said a statement here on Monday. For the year 2011-12, the wheat crop is estimated at 23.52 million tonnes. Wheat is not only the major staple food grain but also the food security crop of Pakistan. Being a very sensitive commodity, a small change in its price and availability has a considerable impact on consumers, especially the poor sections of the community. Hence the Government is much concerned with its supply and demand situation so as to ensure the availability of this basic food security item for the masses. During the current year, the public sector wheat stocks were 9.30 million tonnes including current procurement of 5.79 million tonnes and last year carry-over stocks of 3.51 million tonnes. The public sector on the average annually releases 6.5 million tonnes to flour mills and other Agencies/Areas. Maintaining the Strategic Reserve of one million tonn, the country is left with 1.80 million tonnes surplus. Thus the country is quite comfortable in wheat supply during the current year. In view of sound supply position, the government has allowed the private sector to export wheat and its products. It is reported that the private traders have exported wheat and its products from the open market in recent months in the wake of rising prices in the world market. Major portion of these exports comes from wheat flour, accruing value addition receipts to the economy. The Government has also opened releases of wheat to the flour mills w.e.f September, 1 to help stabilize the domestic market. APP Apple to launch Mini iPad ISLAMABAD: Apple Inc. has sent out invites for an event next Tuesday, where it’s expected to announce the release of a mini iPad. The invite, sent to reporters Tuesday, doesn’t hint at what will be revealed, beyond saying that “We’ve got a little more to show you.” The event will be held in San Jose, Calif. Media and analysts have said for months that Apple has an “iPad mini” in the works. The tablet is thought to be about half the size of the regular iPad and to start at $249 or $299. The regular iPad starts at $499 for the most recent models. Apple founder Steve Jobs derided the idea of a smaller tablet two years ago, but Amazon.com Inc. has had some success with its Kindle Fire, which is about half the size of the iPad and starts at $159. Analysts believe Apple wants to tackle that competition with its own similarly sized tablet. ONLINE Trade a la Kiev! Pakistan, Ukraine agree to boost bilateral economic ties ISLAMABAD ONLINE Pakistan and Ukraine have agreed to boost bilateral ties in the areas of economic, investment, trade and defence sectors. The Fifth Round of Bilateral Political Consultations between Pakistan and Ukraine which was held in Kyiv two sides reviewed the whole gamut of bilateral relations. Ayesha Riyaz, Additional Secretary (Europe), Ministry of Foreign Affairs led Pakistan delegation to the Consultations assisted by the Ambassador Ahmad Nawaz Saleem Mela. The host delegation was headed by Yevgen Myktenko, Special Representative of Ukraine for Middle East (including Pakistan) and Africa. Poliha Igor, Director General assisted him during the talks. During the meeting, Foreign Minister Gryshchenko stated that Ukraine was keen to further strengthen its relations with Pakistan particularly in the economic, trade & investment and defence sectors and he was keenly looking forward to the visit of Foreign Minister Ms. Hina Rabbani Khar to Ukraine. The Additional Secretary by appreciating the Foreign Minister’s views and conveyed Pakistan’s desire to significantly enhance its engagement with Ukraine in diverse areas. APCNGA rejects proposed gas parity plan PRO 23-10-2012_Layout 1 10/23/2012 3:29 AM Page 1
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profitepaper pakistantoday 23rd october, 2012
Transcript of profitepaper pakistantoday 23rd october, 2012
Tuesday, 23 October, 2012
KARACHI
STAFF REPORT
CENTRAL banks of Pakistanand China have singed anagreement allowing the for-mer to conduct investment ac-tivities in the Chinese
inter-bank bond market.The “agency agreement” on bond invest-
ment was inked formally by Governor StateBank of Pakistan (SBP) Yaseen Anwar andhis counterpart from the People’s Bank ofChina (PBoC), Dr. Zhou Xiaochuan, during aceremony held at the PBoC head office inBeijing, said the SBP Monday.
China’s inter-bank bond market is thelargest renminbi (RMB) denominated bond
market with its turnover peaking to RMB21.4 trillion in 2011. The agreement repre-sents the manifestation of close collabora-tion between PBoC and the SBP that hasbeen built over time, added the central bank.
The agreement, it said, was also part offollow-up cooperation to the bilateral Cur-rency Swap Agreement between the centralbanks of the two friendly countries.
The bank said access to the Chinese bondmarket would provide the necessary flexibil-ity to the SBP in diversifying and optimalmanagement of foreign exchange reserves inorder to meet the associated objectives.
The PBoC is the monetary authority ofChina which issues RMB, the official currencyof China. Yuan is the primary unit of renminbiwhich means the “people’s currency”.
China opens inter-bank bondmarket for SBP
ISLAMABAD
APP
The National Bank of Pakistan (NBP), Islamabad re-gion has established brisk resolution strategy to copeAuto Teller Machines (ATMs) faults and issues andthe number of complaints as compared with the vol-ume of their operations are negligible, a senior offi-cial of the Bank told APP.
“We have 24x7 check up of the ATMs throughour Regional Data Centre’s surveillance and the er-rors are immediately taken up by the respectivequarters for their ready solutions’, Tariq Zafar IqbalRegional Head of the NBP said.
He said that NBP’s regional management in Is-lamabad always responds to the customers’ calls andthere have been witnesses of on the spot rectifica-tions and problem resolutions in this regard.
“It is imperative that we must appreciate theirservice and dedication which has made it possiblefor the metropolitans to meet their demands in casharound the clock”, he remarked.
Iqbal further said that the National Bank of Pak-istan is the flag-bearer of service in the financial sec-tor of the country.
The scope of its service, he said was not limited
to only domestic operations but it is also globally ap-preciated and acknowledged as one of the Region’sbest banks as accredited through high ratings by theinternational financial rating agencies as well as byvirtue of having won many international accoladeand awards over the years. “Might it be the pensionpayments to the senior citizens or the governmentrevenue collections and salary disbursements to thepublic sector, the NBP is committed to deliver theservice with a passion for the Nation’s service,beingthe Nation’s Bank”.
He explained that the NBP started its ATM serv-ice in Islamabad in June 1996 when it inauguratedits first ATM in Super Market Branch, F-6, Islam-abad. Over the years, the number of NBP’s ATM hasincreased to 21 in the metropolis.
“These ATMs are spread over the length andbreadth of the Federal Capital, including Melody,Super Market, Aabpara, G-9, Pak. Secretariat, i.e. BBlock, D Block, S-Block and K-Block, G-10, Airport,A.I.O.U, Foreign Office, F-8 Markaz, Industrial Area,Marriott Hotel, Nilore, P.M. Secretariat and Aiwan-e-Sadder”,Iqbal remarked.
He said that the NBP caters to around 150,000accounts in Islamabad alone and the number of ATMtransactions carried through NBP’s ATM surmount
to nearly 90,000 in a month which is a huge numberby all means, as evidenced by the data collected bythe scribe. Tariq Zafar Iqbal added that the NBP hasturned its entire network of branches to online op-erations across Pakistan.
“It provides an opportunity to its clients to col-lect their cash at one touch of a button from any onelink ATM. By virtue of NBP’s one link facility, theATM card holders of all the Bank’s operating in Pak-istan can use NBP’s ATM facility”, he remarked. “Itis certainly established that the volume and scale ofATM operations being handled by NBP Islamabad isreally magnanimous as compared to all other com-mercial banks in the country”,he added. The Re-gional Head of NBP added that there have beenoccasional complaints of hard-ware problems, dis-penser issues, audit & consumer rolls errors andcommunication link break-downs.
However, NBP, Islamabad has established briskresolution strategy to cope with these issues and thenumber of complaints as compared with the volumeof their operations are negligible.
Meanwhile a private sector bank (Habib BankLimited) Civic Center Branch Deputy General Man-ager Hamidullah Saif while highlighting the per-formance of ATMs of his bank claimed that due to
special measures taken by the bank to operate ATMsand never received any complained about the ATMsinstall outside the bank.”We have an alert machineto rectify the promptly ATM error”, he remarked.
“We have established shelters with guard facilityoutside of the bank and a 24 hrs stand by generatoris also installed to operate the ATM in case of powerfailure to facilitate the customers”, he remarked. Headded that HBL has ATM facility in Rawalpindi-Is-lamabad areas outside its 67 branches and the cus-tomers can draw upto Rs.25,000 at one time.
NBP establishes brisk ATM flaw resolution strategy
ISLAMABAD
ONLINE
All Pakistan CNG Association (APC-NGA) has rejected the proposed gasparity plan by the ministry of petro-leum and natural resources and urgedEconomic Coordination Committee(ECC) not to approve it.
Addressing a press conferencehere on Monday, Chairman APCNGAGhyas Piracha has said that CNG sec-tor is paying six times more than fer-tilizer sector however government isstill targeting CNG sector and increas-ing the gas parity between petrol andCNG which would not be beneficial tothe masses but only increase prices.
He said that in the world manycountries are promoting CNG as it is en-vironment friendly but our governmentis going against this mechanism. Gas isour local product therefore governmentshould provide it on cheap rates. Parachasaid that government is securing the in-terests of industrialists as captive powerplants are using gas but government has
not taken steps to stop it and favoring theinterests of 113 influential families.
He said that CNG sector is using 252mmcfd gas which is decreasing withevery passing day while government isgiving wrong figure of gas utilization bythis sector. He said that gas companiesare billing on weekly basis and assuredthat extra amount paid in bills would beadjusted later however this plan has notbeen implemented so far. GhyasParacha said that ECC should takeinput from all stake holders before tak-ing any position in its today’s meeting.
He said that government is sellinggas to us at 1055 mmbtu which is muchexpensive in the world, adding that750mmbtu is gas price while 263 ispaying Cess while 618 is gas price byOGRA. Chairman APCNGA said onone hand government says thatgas is not available in the coun-try while thousand kilometerpipeline is being laid to pro-vide 225 mmcfd gas to fourfertilizer factories which is un-fair and increase the gas shortgall.
Lots of wheat! ISLAMABAD: The country has a bumper harvest of wheat crop for the last 4 years, with an all time record production of25.21 million tonnes in 2010-11, said a statement here on Monday. For the year 2011-12, the wheat crop is estimated at 23.52million tonnes. Wheat is not only the major staple food grain but also the food security crop of Pakistan. Being a very
sensitive commodity, a small change in its price and availability has a considerable impact on consumers, especially the poorsections of the community. Hence the Government is much concerned with its supply and demand situation so as to ensure the
availability of this basic food security item for the masses. During the current year, the public sector wheat stocks were 9.30 milliontonnes including current procurement of 5.79 million tonnes and last year carry-over stocks of 3.51 million tonnes. The public sector
on the average annually releases 6.5 million tonnes to flour mills and other Agencies/Areas. Maintaining the Strategic Reserve of onemillion tonn, the country is left with 1.80 million tonnes surplus. Thus the country is quite comfortable in wheat supply during the current
year. In view of sound supply position, the government has allowed the private sector to export wheat and its products. It is reported that theprivate traders have exported wheat and its products from the open market in recent months in the wake of rising prices in the world market.
Major portion of these exports comes from wheat flour, accruing value addition receipts to the economy. The Government has also openedreleases of wheat to the flour mills w.e.f September, 1 to help stabilize the domestic market. APP
Apple to launch Mini iPad ISLAMABAD: Apple Inc. has sent out invites for an event nextTuesday, where it’s expected to announce the release of a mini iPad.The invite, sent to reporters Tuesday, doesn’t hint at what will berevealed, beyond saying that “We’ve got a little more to show you.”The event will be held in San Jose, Calif. Media and analysts havesaid for months that Apple has an “iPad mini” in the works. The
tablet is thought to be about half the size of theregular iPad and to start at $249 or $299. The
regular iPad starts at $499 for the most recentmodels. Apple founder Steve Jobs derided the
idea of a smaller tablet two years ago, butAmazon.com Inc. has had some success with its
Kindle Fire, which is about half the size of theiPad and starts at $159. Analysts believe
Apple wants to tackle that competition withits own similarly sized tablet. ONLINE
Trade a la Kiev!Pakistan, Ukraine agree to boostbilateral economic ties
ISLAMABAD
ONLINE
Pakistan and Ukraine have agreed to boostbilateral ties in the areas of economic,investment, trade and defence sectors. TheFifth Round of Bilateral PoliticalConsultations between Pakistan and Ukrainewhich was held in Kyiv two sides reviewedthe whole gamut of bilateral relations.Ayesha Riyaz, Additional Secretary (Europe),Ministry of Foreign Affairs led Pakistandelegation to the Consultations assisted bythe Ambassador Ahmad Nawaz Saleem Mela.The host delegation was headed by YevgenMyktenko, Special Representative of Ukrainefor Middle East (including Pakistan) andAfrica. Poliha Igor, Director General assistedhim during the talks. During the meeting,Foreign Minister Gryshchenko stated thatUkraine was keen to further strengthen itsrelations with Pakistan particularly in theeconomic, trade & investment and defencesectors and he was keenly looking forward tothe visit of Foreign Minister Ms. HinaRabbani Khar to Ukraine. The AdditionalSecretary by appreciating the ForeignMinister’s views and conveyed Pakistan’sdesire to significantly enhance itsengagement with Ukraine in diverse areas.
APCNGA rejects proposed gas parity plan
PRO 23-10-2012_Layout 1 10/23/2012 3:29 AM Page 1
02
Friday, 19 October, 2012
Major Gainers
COMPAnY OPEn HIGH LOW CLOSE CHAnGE TURnOvERUnilever Food 3570.00 3690.00 3690.00 3690.00 120.00 20Bata (Pak) Limited 1311.97 1377.56 1377.00 1377.56 65.59 1,100Colgate Palmolive 1319.70 1370.00 1350.00 1370.00 50.30 150National FoodsXD 342.73 359.86 351.00 359.86 17.13 22,500Indus DyeingXD 445.53 460.00 460.00 460.00 14.47 100
Major LosersUniLever Pak 10000.00 10000.00 9700.00 9709.20 -290.80 920Mithchells Fruit 385.35 399.00 370.05 379.70 -5.65 300Siemens Pakistan 749.99 745.00 745.00 745.00 -4.99 150Packages Ltd. 159.71 162.00 151.73 155.30 -4.41 722,500Fazal Cloth MillSPOT 106.00 106.00 102.00 102.00 -4.00 1,000
Volume Leaders
K.E.S.C. 5.53 6.53 5.60 6.25 0.72 19,792,000Jah.Sidd. Co. 14.29 15.25 14.75 14.93 0.64 15,667,500Azgard Nine 6.73 7.03 6.71 6.78 0.05 9,209,000Engro Foods Ltd. 72.08 73.80 69.75 70.50 -1.58 8,468,500D.G.K.CementXD 52.33 52.80 51.00 51.22 -1.11 6,405,500
Interbank RatesUS Dollar 95.3951UK Pound 153.0519Japanese Yen 1.1951Euro 124.5860
Dollar EastBUY SELL
US Dollar 95.20 95.60Euro 122.65 124.43Great Britain Pound 150.39 152.54Japanese Yen 1.1725 1.1892Canadian Dollar 94.20 96.05Hong Kong Dollar 12.00 12.24UAE Dirham 25.63 25.97Saudi Riyal 25.06 25.33Australian Dollar 96.47 99.30
Business
ISLAMABAD
APP
BUSINESS community of Is-lamabad Chamber of Com-merce and Industry (ICCI)here on Monday urged thegovernment for creating
conducive business environment to de-velop the industrial sector of the country.
A delegation of Islamabad Chamberof Commerce and Industry (ICCI) led byits President, Zafar Bakhtawari visitedAttock Chamber of Commerce and Indus-try (ACCI).
Addressing the business communityPresident ICCI Zafar Bakhtawari said thatunity of the nation in general and businessand industrial community in particular isvital for socio-economic development ofthe country.
He said that close collaboration amongall the chambers of commerce and indus-try will give a boost to economic activities.
ICCI President said that the economyof Pakistan was facing multiple challenges.
He stressed that government for ad-dressing these problems on priority basisfor creating better business environmentin the country.
ICCI President said that facilitatingthe growth of private enterprises would
create multiple benefits for the economyas it will improve productivity, trade, ex-ports, employment and revenue genera-tion for the country.
Khalid Saeed, President ACCI andTariq Mehmood, former President ACCIcongratulated Mr.Bakhtawari on his ap-pointment as President of ICCI. They saidthat business community of Attock reallyvalue the contribution of Zubair.
Soneri Bank announces thirdquarterly results 2012KARACHI: Soneri Bank Limited posted a pre-taxprofit of Rs. 1,635.33 million for the nine-monthperiod which ended on 30 September, 2012. TheBoard in its 126th meeting approved the Bank’sthird quarterly financial statements. On this occa-sion the Chairman, Mr. AlauddinFeerasta, appre-ciated the Bank’s continued positive performancein almost all areas of its operations and expressedsatisfaction on the overall scale of growth. TheBank’s total revenue as at September 30, 2012amounted to Rs. 4,851.51 million, which reflectsan impressive growth of 36.61% from the previousyear’s comparatives. The pre-tax profit of theBank, after registering a growth of 54.70%,amounted to Rs. 1,635.33 million. Whereas thepost-tax profit of the Bank for the third quarterclosed at Rs. 1,082.37 million.
LG unveils new IPS monitor series
LAHORE: LG Electronics (LG) announced thelaunch of its premium IPS7 series of monitors.The IPS7 series, with CINEMA SCREEN Design,delivers lifelike color representation and consis-tency across a wider viewing angle, thanks to LG’sown IPS technology. With LG’s state-of-the-artCINEMA SCREEN Design, the monitor is opti-mized to provide a flawless entertainment experi-ence while boasting a sophisticated, modernappearance. The addition of Mobile High-Defini-tion Link (MHL), makes it easy to connect exter-nal devices such as smartphones for viewing onthe larger screen.
Warid launches LBC offers forMultan, Hyderabad regionsKARACHI: Warid introduces an exciting region-based offer for Multan and Hyderabad customersThis offer allows Warid users to make unlimitedFREE CALLS (24 hours a day) from specified
locations to any Warid number in Pakistan. Inaddition to this, subscribers can also make calls to allother networks and landline numbers (24 hours aday) at the cheapest call rates. Managing FamilyBusinesses: a joint venture of IBA and SPJMIRKARACHI: The Institute of Business Administration(IBA), Karachi and Bharatiya Vidya Bhavan’s S. P.Jain Institute of Management and Research(SPJIMR), Mumbai, announced today the initiationof first joint Executive Education program for familybusinesses in Pakistan.
Qatar Airways introduces newpayment options for bookingsKARACHI: Qatar Airways has announced the in-troduction of an enhanced booking feature wherecustomers can pay for reservations made onwww.qatarairways.com/pk at any Qatar Airwayslocal office. The new solution offers greater flexi-bility to passengers who can now create bookingsonline and pay for these bookings in cash at alocal Qatar Airways reservations and ticketing of-fice. Payment must be completed within 24 hoursof creating the booking on www.qatarairways.com.Qatar Airways does not charge any additionalbooking fees when bookings are made through itswebsite and payment is made at their local office(subject to terms and conditions).
Arsalan, Yahseer present ‘UrbanSlick’ at Fashion Pakistan WeekKARACHI: Arsalan &Yahseer’s showcase at Pak-istan Fashion Week wasinspired by the designers’love of leather as an inte-gral part of a man’swardrobe in the winter.Based in a theme that cele-brates the spirit of theUrban Ghetto, Arsalan &Yahseer’s collections’name is, “Urban Slick”where the spirit of theircreations are based in pureleather, synthetic leatherand leatherette with minimalist details. Urban Slickengaged a colour palette of black, brown, beige,white, electric blue, grey, red, and maroon.
Emirates offers special fares for Eid LAHORE: Emirates, International Airline of UnitedArab Emirates and one of the world’s fastest growingairlines, is offering exceptional discounts in celebrationof Eid, for Economy Class and Business Class passen-
gers within Pakistan. Emirates always looks at ways ofrewarding its loyal customers and bringing families to-gether. With commitment to provide convenience to itscustomers, Emirates has introduced special fares onreturn flights to ten destinations in UAE, Asia, Europe,Australia and North America, including some of themost popular destinations such as Dubai, London,New York, Melbourne, Dallas and Houston.
Boeing, Samsung to explore joint technologyresearch and development
LAHORE: October 22, 2012 – Boeing [NYSE:BA] and Samsung Electronics Co., Ltd., [OTN:SSNLF] announced today that they will exploreworking together to research and develop tech-nologies that improve in-flight entertainment andcommunications, as well as enhance factory pro-ductivity. A signed memorandum of understand-ing between the world’s largest aerospacecompany and the global leader in digital mediaand digital convergence technologies will helpbroaden and deepen the Korean industrial ties toBoeing aircraft production. Boeing and SamsungElectronics will initially start the development ofadvanced display and wireless networking tech-nologies that offer more capabilities for passengerentertainment and ground-to-air communica-tions, but are lighter and require less power.
Rs 13.7 billion allocated forDiamer Basha Dam ProjectLAHORE: The 4500 MW-Diamer Basha DamProject is being implemented on priority, as theFederal Government has allocated about Rs.13.78billion for the project during the fiscal year 2012-13. The Pakistan Water and Power DevelopmentAuthority (WAPDA) Chairman Raghib Shah ex-pressed these views while talking to GilgitBaltistan Works Minister Bashir Ahmed, HealthMinister Haji Gulber Khan and Taxation & Miner-als Minister Muhammad Naseer Khan, who calledon him today. The Chairman said that as many as14 local contracts had already been awarded andconstruction work on WAPDA offices, colonies,contractors’ camp, road infrastructure etc. in theproject area was in full swing.
ADB BoD visits WAPDA House;discusses water, power projects
LAHORE: A seven-member delegation of the AsianDevelopment Bank (ADB) Board of Directors, headedby the Executive Director Maurin Sitorus, called onthe Pakistan Water & Power Development Authority(WAPDA) Chairman Raghib Shah here at WAPDAHouse today to discuss matters relating to the proj-ects being implemented by WAPDA in water and hy-dropower sectors. ADB Country Director Werner E.Liepach and WAPDA Member (Power) MuhammadQasim Khan were also present on the occasion.
Korea to support BISP
ISLAMABAD: The Republic of Korea is looking for-ward to increased cooperation with Pakistan in vari-ous social sector endeavors. In this regard, KoreanInternational Cooperation Agency (KOCIA) is willingto work with Benazir Income Support Programme(BISP) in the field of Vocational & Technical Trainingalong with Waseela-e-Taleem (Right to Education)under the Programme’s net. This was stated by therepresentatives of KOICA during their meeting withFederal Minister and Chairperson BISP, MadameFarzana Raja in BISP Secretariat. The Korean delega-tion was consisting of Jeon Jun Ho and Yoen Je-Howhereas Secretary BISP, Mr. Sher Khan was alsopresent in the meeting. KOICA representatives de-clared the performance of BISP as ideal as the Pro-gramme provides so many benefits in one package.
Abbott posts 17% growth inEPS for nine monthsKARACHI: The Abbott Laboratories (Pakistan)reported earnings per share of Rs 15.42 for thenine months ended September 30, 2012. Thisshows an increase of 17 percent over the corre-sponding period last year, observed the company’sBoard of Directors in its Oct 18 meeting. The nine-month profit after tax of Rs 1.51 billion was 17 per-cent above profit of Rs 1.3 billion for thecorresponding period last year.
CORPORATE CORNER
ICCI turns
environmentalist
BOK earns Rs 1.181 billionprofit before tax bySeptemberPESHAWAR: The Bank of Khyber (BOK) earnedRs. 1.181 Billion profit before tax for the periodended 30th September 2012, this was disclosed byMr. Bilal Mustafa while reviewing Operational Per-formance of the bank this morning at a seniormanagement committee meeting held at BoK headOffice this morning. The meeting was attended byAll Group and Divisional Heads. Mr. Bilal Mustafalauded the growth in all operational areas of theBOK during 3rd quarter of the current financialyear, and expressed his confidence over the fieldstaff and Head office supporting team, adding thatwe have to work with more devotion and dedica-tion to achieve the various operational targets forthe year 2012.
PTCL Internship Programme ISLAMABAD: To impart practical exposure andlearning opportunities, Pakistan Telecommunica-tion Company Limited (PTCL) has opened its doorsto the educated youth of the country through a spe-cial One-year Paid Internship Program. As part ofPTCL’s Corporate Social Responsibility (CSR) ini-tiatives, PTCL One-Year Paid Internship Program isa systematic and transparent effort. 50,000 pluscandidates across Pakistan applied for the pro-gramme that offers an attractive stipend of Rs12,000 per month. “PTCL, being a socially respon-sible entity strongly believes in giving back to thecommunity in which it operates”, commented Pres-ident & CEO PTCL, Walid Irshaid. “This paid in-ternship program would play an important role incapacity building of our human resource in thelarger interest of the country.
All for creating better business environment
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