In the next two years, Thatta alone will attract

more than $2 billion investment in wind

sector. — AEDB CEO Arif Alauddin

NEWS DESK

ASIAn stocks fell, with the re-gional benchmark index post-ing the biggest weekly drop inseven months, as Cyprus strug-

gled to prevent a financial collapse, stokingconcern europe’s debt crisis is intensifying.

hSBC holdings Plc (5), europe’sbiggest lender, slid 1.9 percent in hongKong. BhP Billiton Ltd. (BhP), theworld’s biggest mining company, lost 6percent in Sydney as commodities fellamid concern europe’s crisis will hinderglobal growth. Toyota Motor Corp.(7203), the world’s largest carmaker, lost2.8 percent after Japan’s new centralbank governor stopped short of announc-ing new stimulus.

The MSCI Asia Pacific Index fell1.7 percent to 134.31 this week, thebiggest weekly decline since the periodended Aug. 31, amid concern that anunprecedented levy on bank deposits inCyprus may be a sign of deepening cri-sis in europe.

“nobody knows what’s going tohappen next,” said Grace Tam, hongKong-based global market strategist atJPMorgan Asset Management Ltd.,which oversees about $1.3 trillion glob-ally. “Cyprus can damp market senti-ment in the short term but it’s somethingwe’ve already seen happening in eu-rope, so we are not fairly concerned.”Relative value: The MSCI AsiaPacific Index (MXAP) rallied 3.8 percentthis year as improving economic datafrom the U.S. and speculation that Japanwill deploy more stimulus countered con-cern China will move to cool its propertymarket. Asia’s benchmark trades at 14.9

times average estimated earnings, com-pared with 14.1 for the Standard & Poor’s500 Index (SPX) and 12.7 for the Stoxxeurope 600 Index (SXXP), according todata compiled by Bloomberg.

The Topix Index, Japan’s broadestshare gauge, fell 1.2 percent this weekeven after reaching the highest closesince October 2008 on March 21. Aus-tralia’s S&P/ASX 200 Index dropped 3percent this week, the biggest weeklydrop since May. Singapore’s StraitsTimes Index slid 0.8 percent. SouthKorea’s Kospi Index (KOSPI) declined1.9 percent.

hong Kong’s hang Seng Index fell1.9 percent. The Shanghai CompositeIndex, which tracks the bigger ofChina’s stock exchanges, rose 2.2 per-cent as a private survey on March 21

showed Chinese manufacturing may ex-pand faster than estimated. India’s S&PBSe Sensex (SenSeX) dropped 3.6percent amid concern the withdrawal ofthe government’s biggest partner fromthe ruling alliance may jeopardize eco-nomic reforms.CypRus Bailout: Asian stocks fellafter the european Central Bank said itmay cut off Cyprus banks from emer-gency funds as the island nation strug-gles to stave off financial collapse afterlawmakers rejected a bank deposit levyas a condition for a euro-zone rescue.Cyprus’ attempt to secure a bailout fromRussia was rebuffed yesterday.

Resource stocks and companies that dobusiness in europe fell. hSBC slid 1.9 per-cent to hK$83.10. Samsung electronicsCo. (005930), a consumer-electronics ex-

porter, dropped 1.7 percent to 1.455 mil-lion won in Seoul.

BhP Billiton slid 6 percent toA$33.43, the biggest weekly declinesince the period ended May 18. Rio TintoGroup (RIO), Australia’s second-largestminer by market value, slumped 5.5 per-cent to A$57.92.BoJ GoveRnoR: Japanese shares fellafter new Bank of Japan Governorharuhiko Kuroda on March 21 failed tooutline any immediate increase to stim-ulus in his first press conference. he re-stated that he will do whatever it takes toachieve a 2 percent inflation target andthat he may bring forward open-endedasset purchases, though he made no con-crete commitments.

Toyota dropped 2.8 percent to 4,880yen. nissan Motor Co. (7201), Japan’sthird-largest carmaker by market value,lost 4 percent to 946 yen.

Japanese real estate stocks fell after thesector’s rating was cut at Morgan Stanley.Mitsubishi estate Co., the nation’s biggestdeveloper by market value, slumped 8.8percent to 2,549 yen. Mitsui Fudosan Co.,the largest property company by sales,slipped 4.7 percent to 2,596 yen.

Among shares that advanced, ChinaResources Power holdings Co. jumped 16percent to hK$23.50 in hong Kong. Theutility reported on March 18 that full-yearnet income rose 68 percent to hK$7.48 bil-lion ($964 million). That compared with anhK$6.8 billion average estimate by 14 an-alysts surveyed by Bloomberg.

Guangzhou R&F Properties Co.jumped 13 percent to hK$13.08 in hongKong after the homebuilder in the South-ern Chinese city posted full-year earningsthat beat estimates.

Asian stocks post biggestweekly decline in eight months

SECP, ACCA

advocate

corporatisationLAHORE

AGENCIES

Chairman Security and exchange Com-mission of Pakistan (SeCP) Muham-mad Ali said that corporatisationshould be facilitated in Pakistan for thesake of the country’s economic growth.he was speaking at a seminar, whichwas jointly organised by SeCP andACCA, and focused on promoting cor-poratisation.

“Only two percent of total businessesare corporatised in Pakistan as comparedto the United Kingdom, which has lessthan half of Pakistan’s population. The UKhas two million registered companiesagainst the 61,000 registered companies inPakistan,” said Ali.

he said the corporatisation is theneed of the hour. It is the answer tomany challenges faced by entrepreneursworking in a highly regulated bankingindustry and an environment with fairlyslow economic growth. head of ACCALahore, haroon A Jan, said that ACCAand SeCP are natural allies with respectto the cause of corporatisation.

“Formalisation helps governmentsachieve predictable revenues and the ac-counting profession is the natural routeto it,” he said. FCCA, Deputy Registrar,Corporatization and Compliance Depart-ment, SeCP, Ahmad Mobeen Khwajaand Additional Registrar, Corporatiza-tion and Compliance Department, SeCP,Liaqat Ali Dola explained the procedureto register with SeCP.

FCCA, Manager Corporate Report-ing, Allied Bank Limited Sheeraz Zafarsaid that the entrepreneurs would find ita lot easier to access funding sourcesafter registering with SeCP. It would alsoprotect their private assets in a much bet-ter way, he added.

01

BUSINESS

BSunday, 24 March, 2013

ISLAMABAD

ONLINE

T he Board of Directors of the OverseasPrivate Investment Corporation (OPIC)has approved a total of $288 million infinancing for two Wind Power Projects

poised to deliver much-needed electricity toPakistan and Peru.According to a statement issued on Saturday byAlternate energy development board (AeDB)it is stated that OPIC President and CeOelizabeth L. Littlefield said OPIC it would helpdiversify its energy production to includeimportant contributions from renewable energysources. “The wind power projects will enableboth countries to take advantage of theirmassive renewable energy potential to helpmeet unmet demand for electricity,” Littlefieldcontinued. “We are thrilled to partner withinnovative US companies to bring these highly-developmental projects to realization. “Theprovision of clean and reliable electricity is anessential building block of any economy,” sheadded. The OPIC credit facility would helpbuild a 50 MW wind power plant in Gharo-Ketti Bandar Wind Corridor, designed togenerate 133 Giga Watt hours of emission-freeelectricity annually. Using Ge Wind turbines, the Sapphire Wind

Power plant wouldhelp Pakistan

diversify itspower

generation beyond reliance on high-pricedfuel oil by tapping vast renewable energypotential, which the Corridor alone possessesgeneration capacity of over 132,000 MW–virtually equal to the world’s entire installedwind capacity for 2010.Private Sector has been triggered to invest inWind Power. Currently, 45 Wind PowerProjects of around 3200 MW capacity areunder process, said the CeO of AeDB ArifAllaudin. Two projects of 49.5 MW and 56MW (106 MW) belonging to M/s FFC energyLimited and M/s Zorlu enerji Pakistan havealready been completed at Jhampir whileanother three projects namely Three GorgesFirst Wind Farm Pakistan Ltd., FoundationWind energy-I Ltd and Foundation Windenergy –II Pvt. Ltd are under construction. Talking about the OPIC financing the CeOAeDB, Arif Alauddin stated that he has beentrying for opic funding for Pakistan projects forsome time, and is glad to see it coming now.OPIC is already funding a SSJD energy’s 12MW Baggass based Renewable energy Projectin Pakistan. In the Wind Sector, followingSapphire, Fina energy of Turkey is the nextproject in the OPIC pipeline for Pakistan. CeOAeDB also stated that Re has already becomethe sector attracting the largest investment ofany sector in the country. he expects that inthe next two years Thatta alone will attractmore than $ 2 Billion in Wind Sector. Thisamount is expected to increase as soon as thesolar tariff is announced.

$288 MILLIONOPIC board approves

for wind power projects in Pakistan

We are thrilled to partnerwith innovative Us

companies to bring thesehighly-developmental

projects to realization. theprovision of clean and

reliable electricity is anessential building block of

any economyELIZABETH LITTLEFIELD

OPIC PresIdent

PRO 24-03-2013_Layout 1 3/24/2013 4:57 AM Page 1

BUSINESSSunday, 24 March, 2013

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERBata (Pak) 1300.00 1325.00 1325.00 1325.00 25.00 50Philip Morris Pak. 270.00 283.50 274.00 283.01 13.01 15,600MithchellsFruit 300.00 315.00 302.50 312.50 12.50 1,100Pak services 187.90 197.29 197.00 197.15 9.25 600sapphire textile 253.79 266.39 263.00 263.00 9.21 300

Major Loserssanofi-aventis Pak 380.00 361.00 361.00 361.00 -19.00 200Indus Motor CoXd 306.90 303.00 292.20 292.20 -14.70 800Fazal textile 255.51 242.74 242.74 242.74 -12.77 200sunrays textile 270.00 270.00 256.50 263.25 -6.75 5,500Colgate Palmolive 1750.00 1800.00 1740.00 1745.00 -5.00 450

Volume Leaders

Wateen telecom Ltd 3.21 3.77 3.15 3.59 0.38 16,233,500trG Pakistan Ltd. 7.28 7.68 7.28 7.46 0.18 15,115,500d.G.K.Cement 68.96 69.80 67.90 69.26 0.30 11,513,000engro Corporation 131.20 131.55 127.77 129.32 -1.88 11,329,700Maple Leaf Cement 17.78 18.38 17.75 18.10 0.32 11,113,000

Interbank RatesUsd PKr 98.2202GBP PKr 149.4028JPy PKr 1.0408eUrO PKr 126.9791

ForexBUY SELL

Us dollar 99.20 99.45 euro 127.83 128.06 Great Britain Pound 149.81 150.04 Japanese yen 1.0387 1.0495 Canadian dollar 95.73 97.43 Hong Kong dollar 12.51 12.77 Uae dirham 26.85 27.10 saudi riyal 26.33 26.55

KARACHI: Engro Foods’ brand ‘Tarang’ in collaboration with

GEO Films unveiled the music for its upcoming mega-project

– Tarang Housefull. The project, which has been gaining

popularity and has become the talk of the town for several

days now, is slated for release in April 2013. The music

launch was a star-studded ceremony with glimpses from the

hit tunes of yesteryears redone with a modern feel. Tarang

Housefull is the first of its kind campaign, which will highlight

six modernized remakes of super hit films including

‘Anjuman’, ‘Aaina’, ‘Armaan’, ‘Dil Mera Dhadkan Teri’, ‘Devar

Bhabhi’ and ‘Abhi Tou Mein Jawan Hoon’ with a modern twist,

making them relevant to today’s audiences. Tarang Housefull

fuses elements of today with those of the past to create a

series of re-imagined telefilms – a trend that is gaining

popularity the world over. The music of the films boast of

some of the leading voices from both Pakistan and across the

border including the likes of Rahat Fateh Ali Khan, Aamir

Zaki, Nabeel Shaukat (winners of the program Sur Keshtra),

Shreya Ghoshal, Sunidhi Chauhan and Shaan. The songs

have been remixed to give a flavor of the past with a dash of

modernity. Tarang Housefull is a star-studded project that

brings together some of the most celebrated and household

names from the Pakistani cinema and TV industry which

includes Shaan, Saima, Humaima Malik, Fawad Khan, Amna

Sheikh, , Bushra Ansari, Atiqa Odho, Saba Hameed, Sanam

Saeed, Imran Abbas and Sarah Loren amongst others.

Speaking about the initiative, Afnan Ahsan, CEO Engro Foods

said: “Tarang has committed itself to breathing back life into

Lollywood by taking up branded entertainment initiatives,

which not only provide quality family entertainment, but have

also been integral in reviving the Pakistani entertainment

industry. We are a brand that celebrates the colors and spirit

of Pakistani films by showcasing local actors and themes that

resonate with the masses”. PRESS RELEASE

CORPORATE CORNER

02

B

Only two percent of total businesses are

corporatised in Pakistan as compared to the United

Kingdom, which has less than half of Pakistan’s

population. — SECP Chairman Muhammad Ali

BAGHDAD

INP

PAKISTAn highly values its relationshipwith the Arab World including Iraq andactively engaged in exploring allpossible avenues to develop its cultural

and socio-economic ties with them, both onbilateral and regional level, said Shah M Jamal,Pakistan ambassador in Baghdad.“ We are imbued with spirit of Islamicbrotherhood and wish they should be helpinghand to each other in improving their livingconditions, in accordance with aspirations oftheir people”, he said while talking with thevisiting Pakistani media delegation.The delegation is here to participate in thetwo-day Arab’s cultural festival began onSaturday. Ambassador Jamal urged thePakistani business circles to visit here toexplore the opportunities of bilateralcooperation. “There is great scope of undertaking jointventures with the Iraqi counterparts in fieldslike health and education,” he said.he said there had been 300 percent increase inour bilateral trade ties with Iraq during the lastthree year. We are trying to enhancemomentum of all-round partnership in areas ofbilateral interest.he termed future prospects of their bilateralrelationship as quite bright. Pakistan

established diplomatic relations in 1947. Iraqwas the first Arab country to recognizePakistan. Prior to the outbreak of the secondGulf War, the government of Pakistanannounced it was opposed to any actionagainst Iraq.

Pakistan was under pressure by the public tovote against the war although some had beenconsidering a vote for the war. After the warended however Pakistan had indicated that itwas willing to send troops to Iraq for

peacekeeping, if the Iraqi people wanted it.Both countries are members of theOrganisation of Islamic Cooperation andsupport the Palestinian cause. Pakistan hasstrongly supported Iraq’s territorial integrityand does not support Kurdish separatism. Therelations between Iraq and Pakistan havealways been cordial and special. The Iraqipeople look forward to see a stable andprosperous Pakistan.Despite having good relations with Iraq,Pakistan is lagging behind other countries thathave started to capture the markets. A largenumber of foreign companies are alsoparticipating in the mammoth process of thereconstruction of Iraq. Pakistan has manythings to offer. It could export to Iraq cement,rice, wheat, pharmaceutical products, fruitsand sugar. Unfortunately, business communityis exporting many Pak products to Iraqindirectly: via Amman, Turkey and Kuwaitinstead of direct trade that would be to theadvantage of the two peoples. Pakistani high skilled engineers could help inrepairing and constructing oil refineries ofIraq. They could also help in the activation ofshipyard; thereby improve Iraq’s sea trade. Asa great Arab and Muslim country withcivilization dating back to 7000 BC, Pakistancivil society should employ their expertise,technology and skilled work force in thereconstruction of Iraq.

300 percent increase in tradebetween Pakistan and Iraq: envoy

KARACHI: Consul General of the Republic of Korea

Chang-hee Lee inaugurating Basant Bahar at Pearl

Continental Hotel. Hotel GM Azeem Qureshi is also seen

in picture. STAFF PHOTO

KARACHI: Pakistan Korea Business and Friendship Forum

Chairman Ahsan Mukhtar Zubairi and President Iqbal

Mangrami hosted a lunch in honour of the newly appointed

Consul General of the Republic of Korea Chang-hee Lee.

Picture shows Kashifur Rehman, Junaid, Sohail Shams,

Kaleem Farooqui and Khalilur Rehman with the chief guest. PR

Tarang unveils music of ‘Tarang Housefull’– Hit filmoun kaa Super Hit jorr!

ISLAMABAD

ONLINE

Pakistani Mango commercial shipmentsare expected to reach Japan in the comingsummer, said CeO harvest Tradings,Ahmad Jawad on Saturday. As the Japanese government has alreadyapproved the quality of Pakistani mangoeswhich are superior in taste and have thepotential of giving a tough competition toIndian mangoes which are already there inthat market.Jawad said the VhT plants will beinstalled in Karachi and Multan and areexpected to be imported from Japan byMarch 2013. With the investment of at least Rs 250million, the concerned authorities herehave already approved procurement of theplant especially for Multan district, the hubof mangoes.These plants will process at least 15,000kilogram or 15 tonesmango daily.Vapour heatTreatmentSystem useshotsaturatedwater

vapour to heat the fruit slowly, treatingpossible fruit flies.In this regard country may export around$4-5 million mangoes to Japan subject toinstallation on time and meet the laid downrequirements.“Though the plant can be used formultipurpose, but it is being imported forprocessing the highly valued mango. Theplant, which will facilitate export of fruitsand vegetables, especially Mangoes, toJapan and it will also be used for theexport of mangoes to Australia, Korea andnew Zealand.Jawad further mentioned in the absence ofrequired VhT plant, Pakistani mango isnot being exported to Japan despite liftinga 16-year-old ban on the import of fruitfrom Pakistan.In 2011, the government had introducedMango in Japanese market on experimentalbasis and limited quantity of mangoes hadbeen sent to Japan for promotionalpurposes as test shipment soon after theforeign government allowed it after

processing through a smaller VhTplant provided by Tokyo in 1999.

VhT is a technology required to bemastered to enter the prestigious

foreign markets According to TDAP’s bidissued in February 2012, the

successful bidderwould be

responsiblefor

commissioningof complete

plant; responsiblefor operation and

maintenance for sixmonths; training of local staff;

supply of spare parts and ensure thewarranty/guarantee for the plant; he added.

SHAH M JAMALenvOy tO Iraq

There is great scope ofundertaking joint

ventures with the Iraqicounterparts in fields

like health andeducation

Bright chances of Mangoexport to Japanese marketthis summer: Jawad

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