profit.com.pk

We’re wrapping our cars around astronomical price hikes Page 02

Tuesday, 01 May, 2012

Commerce ministry has found a way to promote corruption…apparently

KARACHI

ISMAIL DILAWAR

At least 36 firms listed at coun-try’s stocks market are facingthe front and apex regulators’action for not paying the annual

listing fee and inducting their ordinaryshares into the Central Depositary System(CDS).

the regulatory action ranges fromsuspension of trading in the defaultingcompanies’ shares to their de-listing fromthe concerned exchange.

In recent months, the front regulatorsfrom Karachi Stock exchange (KSe) havequite frequently been moving under List-ing regulation No. 30(1)(2)(b)(c)(e) and(g) due to increasing defaults by the listedfirms, specially the small and mediumones.

“Majority of the defaulting companiesare of small or medium size which havelost interest in the stocks market which of-fers little or not incentives to them interms of present tax and regulatoryregime,” said a KSe official, wanting notto be named.

the official proposed that for suchfirms there should be a “small andmedium division” wherein they wouldhave facilities like low capital requirementetc. “the present reformed tax and regu-latory framework though suits the bigcompanies it offers little help to small andmedium firms to carry huge costs,” the of-ficial added.

Monday saw the KSe issuing warningnotices to at least 36 companies for theirfailure to pay listing fee, join the CDS ofCentral Depository Company and hold theAnnual General Meetings for last two con-secutive years.

Majority of the defaulting firms are

from the textile sector.the 19 firms put on notice for the non-

payment of listing fee and joining CDS in-clude (Colony) Sarhad textile Mills,Annoor textile Mills, Asim textile Mills,Bela Automotives, Central forest Prod-ucts, Dadabhoy Construction Industries,Globe textile Mills, Hamid textile Mills,Karim Cotton Mills, Khurshid SpinningMills, Mehr Dastgir textile Mills, MorafcoIndustries, redco textiles, S.S.Oil Mill,Saleem Denim Industries, Service fabrics,Service textile Industries, Sind fine tex-tile Mills and taj textile Mills.

Some 16 firms facing the regulators’ire for not paying the listing fee are:(Colony) thal textile Mills, Adil textileMills, Brothers textile Mills, DadabhoyCement Industries, Dadabhoy Sack, Datatextiles, elahi Cotton Mills, GenertechPakistan, Hajra textile Mills, first IBLModaraba, Kohinoor Industries, KohinoorPower Mills, Mukhtar textile Mills, NazirCotton Mills, Pakistan PVC and Saritow

Spinning Mills.three of the above Adil textile, Dad-

abhoy Sack and Nazir Cotton are thosewhose CDS eligibility has been revoked bythe CDC.

the KSe official said the KSe’s listingfee was nominal ranging from rs 25,000to rs 1 million for big companies like theOGDC and others.

Saleem Sugar Mills is the firm whichhas got trading in its shares suspended forits failure to hold AGMs for last two con-secutive years, pay the annual listing feesince July 1, 1997 and join the CDS.

Having had a 90-day deadline, endingon July 30, theses firms are required torectify the defaults or face the “necessaryaction” under the relevant regulations. “Itis hereby informed to all concerned thatthe following companies as a consequenceof defaults… have been advised to fulfillthe requirements of the said regulations,”warned Muhammad Ghufran, deputy gen-eral manager companies affairs at KSe.

KARACHI

GHULAM ABBAS

SHOwING serious concerns overthe fresh decision of Ministry ofCommerce to take the control ofQuality review Committee (QrC)

into its hand the memebrs of riceexporters Association of Pakistan (reAP)have said that the fresh move wouldpromote corruption and mismanagementin the committee besides creatingimmense problems to themthe Ministry of Commerce (MOC) vide anotification bearing number 4(10)/05-esuperseded public notice dated March3,1999 and taken fiscal and other controlof the QrC and placed it under the controlof Director General (DG) tradeDevelopment Authority of Pakistan(tDAP) as its chairman.However on the other hand the smallexporters who had concerns about theearleir status of QrC under reAP, havewelcomed the move while demanding thatthe ministry and tDAP should also ensurecomplete recovery of proceeds and correcttransfer of accounts of QrC withinspection fees collected since 1999,correct expenditure figures and tax

liabilities from the reAP before issuingclearance certificate to them. Sources inreAP claimed saidthat the QrC under theministry would provide oppertunities tothe vested intererst group in ministry andtDAP to demand kick backs and bribes forgetting the quality certificates. Besides thegeniun exporters would also face delays intrade actvities due to the hectic andlenghty documentation and filing systemin government offices. It was the reAPwhich has pushed the country’s exportsfrom $ 400 million to over $ 2 billion sincethe association was controlling the QrC.Being private organization, the associationwas strictly monitoring the quality issue ofrice for exports. the counter parts of theorganization were also praising the role ofreAP for maintaining standards andquality of the country’s rice, they claimed.However on the other hand the Union ofSmall and Medium enterprises(UNISAMe), in a statement has invitedthe attention of tariq Iqbal Puri, Chiefexecutive Officer (CeO) tradeDevelopment Authority of Pakistan(tDAP) to ensure complete recovery ofproceeds and correct transfer of accountsof QrC. According to President NISAMe itis very important to reconcile the accounts

of the QrC from 1999 onwards till dateand secure the documents of propertypurchased with QrC funds before relievingthe former management and invited theattention of the Auditor General ofPakistan to have the accounts checked.“Basically the collection of inspection feesby a body not qualified to inspect the riceconsignments shipped to globaldestinations nor collect fees in this manneris beyond comprehension and in fact amockery of the system of inspection,nevertheless due to patronage of thesuccessive governments and the obstinacyof the ministers who were misguided bythe big exporters who wanted to controlthe rice business they let the body existdespite court rulings and strong objectionsfrom Pakistan Standard Quality ControlAuthority (PSQCA)” it said. the SindhHigh Court (SHC) had declared that noexporter will be compelled to becomemember of reAP but despite the order ofthe SHC no exporter can export ricewithout being a member of reAP which istruly contempt of court. It is pertinent tonote that no body can carry out pre-shipment inspection (PSI) of cargo withoutpermission from PSQCA who issues thelicense on the basis of qualification

compliance and the most important pointis the fact that pre-shipment inspection(PSI) is always carried out by a third partyand never by the parties involved.UNISAMe strongly objects to PSI by QrCand urges the MOC to discontinue thepractice of PSI by QrC immediately. theMOC has reconstituted the composition ofthe QrC and the notification states thecomposition and scope but it is againbased on defective perceptions as the bodycannot comprise of anybody who is anexporter himself as it gives rise to conflictof interest. the big exporters get theircargo inspected very easily but the SMerice exporters have to undergo the ordealand their shipments are being delayed dueto this exercise, the QrC will again playinto the hands of the big boys as no SMerepresentative is on the body. the questionis how can the PSQCA allows the QrC tofunction and how the MOC is promotingthe PSI by a body which isunconstitutional in its character and theglobal buyers are making fun of the systemby stating that this is self inspection by theshippers themselves.It said now that the notification has beenissued for the transfer of funds to tDAPand onward inspection fees to be collected

by tDAP. It is desired that tDAP shouldwaive the inspection fees,( if it wishes tocontinue with this so called PSI) as it isalready recovering export developmentsurcharge at the rate of quarter percentfrom every exporter and not offeringanything in return. Under suchcircumstances it simply cannot be giventhe responsibility of managing the QrCwhich undertakes PSI of Basmati riceexports. the small and medium sized riceexporters have taken serious exception toPSI conducted by QrC, managed by reap,and have decided to take up the matterwith the Ministry of Commerce (MOC),export Promotion Bureau (ePB), tradingCorporation of Pakistan (tCP) andMinistry of food, Agriculture andLivestock (Minfal). the Ministry ofCommerce, the stament further said, hasalmost realised the fact that PSI of Basmatirice conducted by QrC was unfair, unjust,and was giving rise to conflict of interest,and has sent a reference to ePB beforedissolving the committee managed byreAP. the SMe rice exporters are eagerlyawaiting the final action of dissolution ofthe troublesome committee and haveappealed to the policy makers to act fast inthe best interests of rice exporters.

Skewed towardsthe big daddiesg Small, medium size firms lose interest in heavy weight-friendly stock market

g REAP believes Quality Review Committee under MoC would promote corruption, mismanagement g Oh and they also want inspection of QRC accounts

KARACHI

STAFF REPORT

After a break of at leasteight years Pakistan andUnited States of Americawould be signing a Bilateral

Investment treaty (BIt) duringPresident Asif Ali Zardari’s visit tothe United States this year, saidSaleem H. Mandviwala, Minister ofState & Chairman Board ofInvestment while talking to KarachiChamber of Commerce & Industry(KCCI) members here at Aiwan-e-tijarat on Monday. Pakistan was the first one to sign thebilateral investment treaty withGermany in 1959 and as of today 47Bilateral Investment treaties hadalready been signed with differentcountries, BIt between Pakistan &the United States which dragged foreight years is resumed in 2012 forconclusion. He further said that the purpose ofthe bilateral investment agreementsis to create a binding frameworkbetween the contracting states forprotection and promotion ofinvestments made in order to gaininvestor’s confidence. the host statetake the responsibility for safety ofthe investor and their property in itsterritory under provisions ofdomestic and international Law. OurInvestment Promotion and ProtectionAct of 1976 give protection to investorand their property in Pakistan.responding to reservations of thebusiness community of Karachi,Saleem H. Mandviwala maintainedthat input of all stakeholders weretaken in formulating BIt & termed itas a positive step taken by the twocountries. Negating concerns that thetreaty would reduce status ofPakistan, he reassured that (‘afterchange of BIt language by USA’)there was no negative aspect for

Pakistan anywhere in the treaty &both countries’ interest would beequally protected without anydiscrimination. He said that matterslike ftA; travel advisory etc. could bediscussed after signing of the treaty.President KCCI Mian Abrar Ahmadappreciated the stance of Minister ofState/Chairman Board of Investmentto take the KCCI into confidencebeing the largest Chamber in Pakistan& the 8th largest in the world. Hesaid that breaking the stalemate thatexisted for over 5-years is a greatachievement in the economic historyof two countries. Chairman BMG Siraj Kassam teliemphasized on incorporating allother related matters in the treaty.former President KCCI Majyd Azizurged to add mediation clauses in thetreaty.Chairman Sindh Board of InvestmentMuhammud Zubair Motiwalainsinuated that Pak-USA BIt was apositive step to bring closer both thecountries and would also lead to ftAand MfN with US. He appreciatedthe efforts of Board of Investment tobring the consensus of all thestakeholders on the concerns relatedto the Pak-US BIt. He assured thatthe business community is satisfiedbecause the mutual benefits of boththe countries were taken intoconsideration before the finalstepping towards the treaty. He alsoemphasized to discuss the matters oftravel advisory, law & order, securityissues and perception of Pakistanamong the US investors. He alsoinvited the US investors to invest inthe coal infrastructure & othermining projects in Pakistan. In hisconcluding note he informed that thebusiness community of Pakistanwelcomed the signing of BIt with USand waiting for the market access toour products in the US through theMfN and ftA.

BOI to sign Pak-US BITduring president’s US visit

PRO 01-05-2012_Layout 1 5/1/2012 12:33 AM Page 1

news02Tuesday, 01 May, 2012

LAHORE

IMRAN ADNAN

DeSPIte liberal import regimefor reconditioned cars, automanufactures in the countryhave increased locally

manufactured cars prices from 26 percent to 69 per cent during the last fouryears, Pakistan today learnt on Monday.the manufacturers claim that Pak rupeedepreciation against Japanese yen andUS dollar is the basic reason of massiveprice increase. In addition, inflation, highenergy and labour costs compelledmanufacturers increase passengervehicle prices, manufacturers underline.Official documents made available toPakistan today indicate that in a recentNational Assemble session MNA Shaikhrohale Asghar asked the Senior Ministerfor Industries Chaudhry Pervaiz elahi topresent the model-wise details of priceincrease since 2008. In response thequery, Ministry of Industry compiledmodel-wise price statistic of all locallymanufactured passenger vehicles, whichindicates that manufacturers increasedcars prices up to 69.14 per cent. theMinistry of Industries data shows thatIndus Motor Company’s Daihatsu CuoreCX witnessed the highest increase of69.13 per cent, while the lowest increaseof 26.19 per cent was witnessed in theprice of Honda Civic i-VteC Mt.Manufacturer wise price data shows thatPak Suzuki Motors Company hadincreased its all products price by nearly50 per cent during the last four years.Data shows that Suzuki Mehran VX wasavailable at rs352,000, which was nowbeing sold at rs520,000 after an increaseof rs168,000 or 47.73 per cent. Similarly,Mehran VXr rs572,000 after an increaseof rs174,000, Mehran VX CNGrs591,000 after an increase ofrs193,000, Mehran VXr CNGrs640,000 after an increase ofrs196,000, Alto VXr rs737,000 after anincrease of rs232,000 and Alto VXr CNGrs821,000 after an increase of rs267,000or 48.19 per cent. Official data shows thatSuzuki Cultus VXr CNG is available atrs1,015,000 after an increase ofrs338,000, Liana rXI Mt rs1,332,000after an increase of rs496,000, Liana rXI

Mt CNG rs1,411,000 after an increase ofrs511,000 and Suzuki Swift DX and SwiftDLX are being sold at rs1,096,000 andrs1,176,000, respectively. Ministry ofIndustries compiled data highlights thatIndus Motors Company increased itsproducts prices from 46.48 per cent to69.14 per cent. It indicates that Corolla Xliwas being sold at rs930,000 which wasnow available at rs1,474,000 after anincrease of rs544,000 or 58.49 per cent.Corolla Xli (ecotec), which wasintroduced in 2011 is available atrs1,599,000, while toyota Corolla Gli is

available at rs1,604,000 after an increaseof rs584,000 and Corolla Gli (ecotec)rs1,729,000. while the diesel variants oftoyota Corolla Diesel 2.0.D was beingsold at rs1,095,000, which is nowavailable at rs1,604,000 after an increaseof rs509,000 and Corolla Diesel 2.0.DSL rs1,809,000 after an increase ofrs629,000 or 53.31 per cent. In addition,toyota introduced two new variants of itshigh-end products, Altis in 1.6 litreengine in 2011. Altis 1.6 Mt is being soldat rs1,839,000 and Altis 1.6 At atrs1,929,000. Atlas Honda company

followed the suit by increasing it pricesup to 61.63 per cent. Data shows thatCivic i-VteC Mt is being sold atrs1,778,000 after an increase ofrs369,000, Civic i-VteC Ptrs1,898,000 after an increase ofrs449,000, Civic VtI Oriel Mtrs1,970,000 after an increase ofrS421,000, Civic VtI Oriel Ptrs2,048,000 after an increase ofrs459,000, City Mt rs1,409,000 afteran increase of rs510,000 and City Atrs1,550,000 after an increase ofrs591,000 or 61.63 per cent.

LAHORE

STAFF REPORT

tHe Lahore Chamber of Com-merce and Industry Mondaystrongly reacted to SNGPL’s fail-

ure to honor its commitment regardingfive days a week supply of gas to the in-dustry in Punjab and urged the authori-ties to fulfill their promise.

In a statement issued here, the LCCIPresident Irfan Qaiser Sheikh said thatit was beyond the understanding of thebusiness community that instead of en-

suring of supply of gas to the industry inPunjab five days a week, a notificationwas issued that gas will be supplied forfour days only. He said that in the last125 days, the gas to the industry wasavailable only for 36 days and if the sit-uation remains the same the govern-ment should be ready for moreindustrial closures.

the LCCI president said that thesame is the case with the electricity asover 10 hours loadshedding is a routinefor the industry. He said that the LahoreChamber of Commerce and Industry had

already pointed out to the government toreset its priorities as its casual approachtowards the energy supply is not onlycreating law and order situation in theprovince but it has also jacked up thegraph of unemployment while the exportorders are fast shifting to neighbouringcountries. “the rise in number of unem-ployed would definitely give air to anti-government sentiments and this singlestep would throw millions of industrialworkers out of jobs.” “It is not the indus-try only that would be suffering mas-sively but the government would also bean ultimate loser on many counts.”

the LCCI President urged the gov-ernment to immediately restore five-daygas supply to the industry in Punjab toavert industrial closures and resultantmassive lay offs. “How can the industryafford to pay the all-time high mark upwhen there in no gas for the industry.”

the LCCI President said that there isa global phenomenon that industry isgiven top priority whereas in Pakistan itcomes to the least and other sectors aregiven priority. He said that around 40per cent of the industrial units in Punjabrun on gas and gas suspension means noproduction by almost half of the industryand a loss of millions of rupees to the ex-

chequer. the ‘discriminatory attitude’ ofthe government was not only denting itsgoodwill and reputation but had also puta question mark on its ability to manageand govern things. He said that the unitsin Sindh were getting an almost uninter-rupted supply except a two- to-threehour loadshedding. Pointing out that thegas suspension a death knell for export-based industry and productivity, theLCCI President sought the Prime Minis-ter’s intervention and help for a regularsupply of gas to the industry in Punjab.

How the industry would be able tomanage export orders worth millionsof dollars when there is no gas? whatabout the thousands of daily wagerswho have only one source of income?And above all, he added, how the gov-ernment would convince both the localand foreign investors for investmentwhen it is unable to manage the supplyof gas to existing industrial units. Hesaid that the decision has sent a verynegative signal to the foreign buyers.“Instead of coming up with some sortof relief package, the industry is beingpushed to the wall. the gas suspensionfor four days a week is tantamount tothrottling the industry to death.” theshortage of gas is not the only issue its

improper distribution also remains acause of worry. the Lahore Chamberhad sent an SOS call to the federal gov-ernment on continuous energy disrup-tions as the gas and electricity were aprerequisite for the smooth function-ing during winter. the governmentshould divert all new-found gas to thenetwork of Sui Northern Gas PipelineLimited network.

expeditious import of 500 millioncubic feet gas per day LNG would con-siderably overcome the gas shortage forthe industry. Despite competitive qualityand price, Pakistan exporters were un-able to make delivery on time, theyadded. He said that it seemed that someelements in the Gas department werehatching conspiracies against the gov-ernment to defame it. He said that thebusinessmen were unable to understandthat why the business community wasnot taken into confidence over industry-related issues and if the SNGPL was fac-ing some supply related issues they mustbring them to the notice of real stake-holders well ahead of time. “It wouldhave taken about two years to set up asystem for LNG supply, had the govern-ment been accepted LCCI proposal acouple years ago.

NOT EASY BUYING A CAR THESE DAYS

‘You said five,now give us five’

SuzukiModel Mar-08 Mar-12 difference Per cenTMehran VX 352,000 520,000 168,000 47.73Mehran VXR 398,000 572,000 174,000 43.72Mehran VX CNG 398,000 591,000 193,000 48.49Mehran VXR CNG 444,000 640,000 196,000 44.14Alto VXR 505,000 737,000 232,000 45.94Alto VXR CNG 554,000 821,000 267,000 48.19Cultus VXR 945,000 - - Cultus VXR CNG 677,000 1,015,000 338,000 49.93Liana RXI MT 836,000 1,332,000 496,000 59.33Liana RXI MT CNG 900,000 1,411,000 511,000 56.78Swift DX - 1,096,000 - Introduced in 2010Swift DLX - 1,176,000 - Introduced in 2010

ToyoTa

Corolla Xli 930,000 1,474,000 544,000 58.49Corolla Xli (Ecotec - 1,599,000 - Introduced in 2011Corolla Gli 1,020,000 1,604,000 584,000 57.25Corolla Gli (Ecotec) - 1,729,000 - Introduced in 2011Corolla Diesel 2.0.D 1,095,000 1,604,000 509,000 46.48Corolla Diesel 2.0.D SL 1,180,000 1,809,000 629,000 53.31Altis 1.8 MT 1,300,000 - - DiscontinuedAltis 1.8 AT 1,390,000 - - DiscontinuedAltis 1.6 MT - 1,839,000 - Introduced in 2011Altis 1.6 AT - 1,929,000 - Introduced in 2011Cuore CX 499,000 844,000 345,000 69.14

Honda

Civic i-VTEC MT 1,409,000 1,778,000 369,000 26.19Civic i-VTEC PT 1,449,000 1,898,000 449,000 30.99Civic VTI Oriel MT 1,549,000 1,970,000 421,000 27.18Civic VTI Oriel PT 1,589,000 2,048,000 459,000 28.89City MT 899,000 1,409,000 510,000 56.73City AT 959,000 1,550,000 591,000 61.63

We’re wrapping our carsaround astronomical price hikesg Up to 69pc hike is car pricesg Rupee depreciation

against yen, dollar toutedas the primary cause

g LCCI retorts strongly to govt’s failure to honour gas supplycommitment g Says govt is ‘too casual’ in handling just about anything

A HIGH-FIVE THAT NEVER WAS

Not a particularlyopportune momentfor a bluffg OICCI says investment by

foreign firms muchhigher than SBP reports

KARACHI

STAFF REPORT

wHILe the inflow of freshforeign Direct Investment(fDI) into the country is in-

deed very low and well below the coun-try‘s potential, it does not accuratelyreflect the total level of investment bythe foreign investors in Pakistan. Hu-mayun Bashir, President Overseas In-vestors Chamber of Commerce andIndustry (OICCI), stated this whilecommenting on an item in the StateBank’s 3rd Quarterly 2012 report thatreports that the fDI in Pakistan hasdeclined substantially. the SBP reportdoes not take into account the amountof profits retained in the country andploughed back by the foreign compa-nies operating in Pakistan for new in-vestment in acquiring plant andmachinery, equipment, software,warehouse facilities and other tangibleand intangible investments. Moreover,the accumulated profit and free re-serves are also used by these compa-nies to partially settle the outstandingloans or for increasing their paid upcapital, where needed. this sameamount would have been counted asforeign direct investment if the invest-ing companies/banks would have gonethrough the process of remitting it outof the country as dividend, after payingapplicable taxes thereon, and then re-mitted the same amount inward intothe country for new investment. Bashirsaid OICCI was presently conducting aquick survey among its members todetermine the level of investmentmade during 2010 and 2011 by thesemember companies out of their re-tained profits which otherwise wouldhave been remitted abroad. Based onthe data currently available from about45 percent of its 187 members, such in-vestment during 2011 was roughly $ 1billion. He OICCI chief indicated thatOICCI would like to work closely withthe SBP, Board of Investment (BOI)and Ministry of finance to ensure thatsuch indirect foreign investmentshould also be recorded in fDI statis-tics in appropriate manner. He was op-timistic that such indirect foreigninvestment will get a boost as soon asthe fBr issues necessary clarificationon investment made under the “taxcredit for equity investment scheme”announced in last year’s budget (2011-2012) under Income tax Ordinance’ssection 65 (d) and 65 ( e).

PRO 01-05-2012_Layout 1 5/1/2012 12:33 AM Page 2

news

Tuesday, 01 May, 2012

03

KARACHI

STAFF REPORT

MONDAY, first day of theweek, saw thin tradingactivities at the Karachistocks market with the

benchmark index shedding 52.39 pointsdue to the investors’ concern for internaland external negatives.the KSe 100-share index closed lowerby 0.37 percent at 13,990.38 pointsagainst 14,042.77 points of friday lastweeks. the index hit the intraday highand low of 14,064.73 and 13,891.49points, respectively.“(the) stocks closed lower post quarterend earnings announcements at KSeamid consolidation in stocks across theboard,” viewed Ashen Mehanti, adirector at Arif Habib Securities.the senior market analyst said that thebenchmark moved in a narrow rangeamid thin trade as the trading volumesat the ready-counter was recorded at164.070 million, compared to 196.158million of last session.the trading value also dropped to rs3.863 billion from the previous rs 5.653

billion. the market capitalization alsodepleted to rs 3.574 trillion from 3.587trillion of friday.In total 369 scrips were traded of which149 ended up in positive, 156 in negativeand 64 as unchanged.“Concerns loomed over gas shortfall forfertilizer, textile and power sectors,” theanalyst said.Other factors that, Mehanti said, playedas a catalyst in Monday’s bearishsentiments at the KSe include risingcircular debt issues in energy sector,political uncertainty, deterioratingsecurity situation in the city and limitedforeign interest after uncertain globalstocks on eurozone debt crises.Jahangir Siddiqui Company appeared asa volume leader with 16.270 million ofits shares traded. the company bore a0.99-paisa loss in terms of share pricingthat stood at rs 15.92 and rs 14.93 atthe session’s opening and closing,respectively.the future market nosedived to 7.443million shares from 24.011 million of thelast week. the day marked 31 scripsappearing as loser 63 as gainers and zeroas unchanged.

Let’s keep aneye on madcows !

LAHORE

STAFF REPORT

tHe government should impose complete banon animal imports from the USA after theconfirmation of “mad cow” disease in

California. former CeO of the Punjab Agriculture andMeat Company Dr Hamid Jalil made these remarks ina statement here on Monday.He said that that after the confirmation of mad cowdisease in California farms by the United StatesDepartment of Agriculture (USDA), it is mandatory tostop import of live animals from such country, asprescribed under the OIe rules/guidelines.Dr Hamid Jalil demanded that the federalgovernment and all provincial governments mustnotify ban on import of live cattle from the USA tosave Pakistan from this dangerous disease. He saidthat an emergent program might be initiated toidentify and register all farms where the importedHolstein cattle have been kept. Provincial governments must start a surveillance program to test/screen out all cattleimported from USA.He disclosed that some of the corporate dairy farms inPunjab and Sindh have imported Holstein cattle fromthe USA and North America. whereas, under therules/guidelines of world organisation for the trade ofanimals and products (OIe-france), if any countryimports cattle from such country having incident ofmad cow disease can also be banned for exportinglivestock and its products.

KSE trembles on investors’ concern formultiple negatives

Wateen, PITB sign contract to bring coursebooks and past papers online for students

LAHORE: wateen telecom, Pakistan’s leading con-verged communication service provider signed a Mem-orandum of Understanding with the Punjab It Boardfor enabling e-learning in the province. Chief MinisterPunjab, Mian Shahbaz Sharif and Naeem Zamindar,CeO wateen telecom signed the agreement at the PItBe-Government exhibition held at Arfa technology Parkearlier today. with the agreement, wateen telecom willprovision an e-learning portal for graduate and post-graduate students to access and gain vital educationalcontent from. the online portal will include text books,past papers, solved past papers and tips for students onpreparing for examinations. this project aims at provid-ing free access to education with just the click of a buttonand promises to leap-frog the country to economicprogress and prosperity with a skilled and educatedworkforce. In order for students to access this portal inuniversities and colleges, wateen intends to provide thefacility of wi-fi Hotspots. PRESS RELEASE

PTCL holds fun-filled family gala for its employeesISLAMABAD: As part of an ongoing employee en-gagement drive, Pakistan telecommunication Com-pany Limited (PtCL) held a fun-filled family gala forits employees at the headquarters building in Islam-abad at the conclusion of its painting extravaganza on“energy Conservation for future Generations”.renowned artists Mr. Jamal Shah, Mr. Abbass Shahand Mrs. Nahida raza attended the event as guests ofhonor and judges for 1st, 2nd, 3rd prizes and one bestpainting selected from amongst hundreds of paint-ings. the family gala was also attended by PtCL Pres-ident & CeO, Mr. walid Irshaid, Senior executiveVice President Hr, Mr. Syed Mazhar Hussain andother senior officials. Live music and poetry perform-ances, as well as an on-the-spot painting competitionbrought much excitement to the event. PRESS RELEASE

Philips raises awareness on management of asthmaKARACHI: Philips respironics is the leadingprovider of innovative solutions in the field of respira-tory diseases management. In Pakistan, the companyis working towards encouraging better managementof asthma through leveraging world Asthma Day on 1May, 2012. world Asthma Day is organized by theGlobal Initiative for Healthcare and aims to raiseawareness about asthma and improve asthma careworldwide. Philips wholly supports this year’s asthma-day theme, “You Can Control Your Asthma” encour-aging patients to control their disease with properdiagnosis, education and treatment. Across Asia,Philips will conduct physician education workshops tohelp doctors better understand the new global tech-niques and guidelines for proper asthma manage-ment. “Asthma does not need to disrupt our daily lives.Asthma sufferers should gain awareness and under-standing about managing asthma and that is Philips’goal in Pakistan and elsewhere. PRESS RELEASE

Honda Atlas resumes production of Honda CityKARACHI: Honda Atlas (Pakistan) Limited resumedthe production of Honda City after it was halted due tomassive flooding in thailand. this resumption of pro-duction is marked with another innovation by Honda asit comes with the launch of new range of Honda Cityunder the banner of Honda City Aspire. the new HondaCity Aspire inherits the same great look but it definitelyhas a lot more swagger added to it. the Honda City As-pire offers everything that you may aspire and muchmore. the already enticing interior now has an addedblaze with an impressive built-in navigation screen andmultimedia system that gels in elegantly with silver-on-black panel. the chic side mirror indicators add thatextra zing to the sporty look. PRESS RELEASE

Chinese investors delegation visits PBIT

LAHORE: A delegation of entrepreneurs and represen-tatives of Shenzhen Chamber of e-commerce, China vis-ited Punjab Board of Investment & trade (PBIt) todayand met senior officials. Chief executive Officer PBIt,Dr. Sajid Yoosufani briefed the delegates about the in-vestment opportunities in Punjab and assured the Chi-nese brethren of PBIt’s full support in setting up theirbusiness in Punjab. Dr. Sajid Yoosufani replied to the del-egates queries related to cost of doing business in Punjab(Labor cost and tax policies) and said that Punjab offersinvestment friendly policies where 100% foreign equityand remittances of capital, profits and dividends are al-lowed and only 5% custom duty is imposed on partswhich are not available in Pakistan. PRESS RELEASE

TDAP to hold seminar on India-Pakistan tradeLAHORE: trade Development Authority of Pak-istan (tDAP) Lahore is organising a seminar on‘awareness campaign on trade potential betweenPakistan and India on thursday at Lahore Chamberof Commerce and Industry (LCCI). former Ambas-sador of Pakistan (wtO) Geneva, Switzerland, DrManzoor Ahmed will address the seminar. the sem-inar is aimed at educating the business communityabout the challenges and opportunities resultingfrom the new trade regime between India and Pak-istan. exporters interested in trade with India willbe participating in the seminar. STAFF REPORT

NBP meets target of 1250 online branches KARACHI: In a major achievement, National Bankof Pakistan has converted its 1250 branches online outof its countrywide network of 1270 branches. In ashort span of 10 months NBP’s It Division was able tomeet this uphill task set by Bank’s management. It isworth mentioning here that NBP is present in the re-motest areas of the country, where no other financialinstitution exists mainly due to commercial viability.with 98% branch network going online, people livingin such remote areas will benefit the most. throughonline facility NBP customers holding an account atany online branch can deposit and withdraw cash fromany of the 1000 online branches through inter branchtransaction (IBt); Debit / AtM card can be issued toall customers of online branches; centralized accountopening, Know Your Customer (KYC) and better con-trol and compliance. PRESS RELEASE

Aik Hunar Aik Nagar mesmerises LondonLAHORE: Aik Hunar Aik Nagar – AHAN organized‘Handmade Pakistan exhibition’ at High Commissionfor Pakistan, London, United Kingdom. this eventmarked the first occasion when AHAN exhibited ruralhandmade products of Pakistan under its brand name‘Handmade by AHAN’ in UK. the products on displayin the exhibition represented just a small segment ofthe vast range of ‘Handmade by AHAN’. Productrange included regional hand embroidery, Ajrak,Patch work (rilli), accessories (Apparels, HomeDécor), Lacquer Art, Silver Jewelry and leather. thiswas the first time that AHAN, a public limited com-pany operating as subsidiary of Pakistan IndustrialDevelopment Corporation under Ministry of Produc-tion, displayed rural craft of Pakistan in UK withhopes of opening further avenues for export of suchproducts overseas benefiting poor rural artisans andcraft person of the country. the CeO of AHAN alsoadded that AHAN plans to arrange and participate inmore exhibitions overseas in future. STAFF REPORT

Fatburger comes to Lahore!LAHORE: BIL foods on Monday announced theopening of fatburger, a North American multina-tional chain of gourmet burgers in Lahore. firstflagship restaurant of fatburger will be located at16, C-2, MM Alam road over an area of 4 kanals. Itsdesign is prepared by Lee Designs of Hong Kongand it will be one of its kind in Pakistan having acovered area of 20,000 sq. feet with a seating capac-ity of around 200. fatburger is renowned for its 100percent pure lean beef burgers. the signing cere-mony between BIL foods and fatburgers took placeat the royal Palm and was followed by a rock con-cert by Ali Azmat. STAFF REPORT

PTCL extends creative customer outreach LAHORE: to extend the reach of its innovativeproducts and services to its valuable customers, Pak-istan telecommunication Company Limited (PtCL)recently conducted a creative “town marketing cam-paign” in Lahore. Part of PtCL’s customer engage-ment drive, the campaign was a creative blend ofmarketing initiatives, kiosk activities, sales campsand outdoor branding at wahdat road, G1 MarketJohar town, Samanabad, Pak Arab Housing Society,Davis road, Shahdara, Model town Link road, MMAlam road Gulberg, Karim Block AIt, faisal town,Neela Gumbad Anarkali, Dharampura,Gulberg Cen-ter, Liberty Main Market, Icchra, Jalal Sons Gulberg,rahat Bakers Cantt, Dharampura Lala Book Depot,Sawera Store Shadman, Liberty Main Market, Al-fateh Store Liberty, Al-fateh Store DHA, CSD Shopthe Mall and CSD Shop Cavalry Ground. regularlyconducted in major cities of the country, PtCL townmarketing campaigns provide customers with a first-hand experience of its latest products and services,as well as offer on-spot sales. STAFF REPORT

CORPORATE CORNER

Major Gainers

Company Open High Low Close Change Turnover

Unilever Food 2132.62 2239.25 2101.00 2239.25 106.63 147Pak Gum & ChemXD 122.79 128.92 118.10 128.92 6.13 9,028Pak Oilfields 387.69 399.99 385.05 392.26 4.57 1,291,340Shezan Inter. 146.05 151.00 148.00 150.32 4.27 50,008Pak Suzuki MotorXD 79.23 83.19 78.50 83.19 3.96 234,709

Major losers

Nestle Pakistan Ltd. 4304.04 4369.00 4088.84 4091.26 -212.78 328UniLever Pak Ltd 6250.91 6399.00 6000.00 6215.30 -35.61 501Wyeth Pak Ltd.XD 740.00 750.00 703.50 708.74 -31.26 1,058Millat Tractors 515.18 520.00 503.00 503.39 -11.79 18,066Bata (Pak) XD 675.57 690.00 651.00 664.49 -11.08 157

Volume leaders

Jah.Sidd. Co. 17.92 18.92 16.92 16.92 -1.00 37,990,244IGI Inv.Bank 3.55 3.90 3.15 3.24 -0.31 17,105,553P.T.C.L.A 13.37 13.75 12.62 12.71 -0.66 17,078,709Fauji Cement 6.52 6.70 6.20 6.28 -0.24 16,166,093D.G.K.Cement 42.29 43.25 40.18 40.25 -2.04 14,752,782

interbank ratesUS Dollar 90.8135UK Pound 147.0089Japanese Yen 1.1225euro 119.9919

dollar eastBuy Sell

US Dollar 91.20 91.80Euro 120.00 121.03Great Britain Pound 146.82 148.04Japanese Yen 1.1196 1.1288Canadian Dollar 91.97 93.24Hong Kong Dollar 11.60 11.76UAE Dirham 24.76 24.94Saudi Riyal 24.26 24.43Australian Dollar 93.71 95.94

LAHORE: Student of University of Central Punjab’sAgha Moosa Raza is receiving award from PrimeMinister Yousaf Raza Gilani on his outstandingperformance in MBA. PRESS RELEASE

PRO 01-05-2012_Layout 1 5/1/2012 12:33 AM Page 3