Tuesday, 6 November, 2012

VIENTIANE: Russian Federation hasagreed to the Memorandum of Under-standing (MoU) approved by the Govern-ment of Pakistan regarding the expansionand modernisation of Pakistan Steel Mills.This was disclosed by Prime Minister ofRussian Federation, Dmitry Medvedevwhen he met Prime Minister, Raja PervezAshraf on the sidelines of 9th Asia-EuropeMeeting Summit (ASEM-9) here on Mon-day evening. In this connection, the PrimeMinister of Russian Federation signed adecree, signaling the approval of the MoUproposed by Pakistan.

Hailing this as good news for Pakistanand its relationship with the Russian Fed-eration, Prime Minister Raja PervezAshraf said that Pakistan Steel Mills wasa symbol of Pak-Russia friendship andhad special significance for Pakistan Peo-ples Party led government as it was initi-ated during the government of ShaheedZulfikar Ali Bhutto.

Prime Minister Raja Pervez Ashrafsaid that Russian Federation is an impor-tant country, with which Pakistan has goodrelations,and it has an important role inthe world. Russia being both a Europeanand an Asian country can serve as a linkbetween the two continents, he added.

The prime minister said that there

was a convergence between Pakistan andRussia on various regional and interna-tional issues. Referring to the recent visitof Russian Foreign Minister to Pakistan,he termed it as successful, where both thecountries were able to make a goodprogress in their relations. The inter-gov-ernmental group established for enhanc-ing ties between the two countries wouldfurther strengthen the relations, he added.

The prime minister extended an invi-tation to Russian Prime Minister to visitPakistan and expressed the hope that fre-quent exchanges of delegations and gov-ernment functionaries will furtherenhance the ties. Prime Minister DmitryMedvedev said that relations between thetwo countries have shown marked im-provement in the last few years and theyare in the right direction. The Russian Fed-eration is keen to expand these ties and isready to make investment in projects thatare mutually beneficial, he added.

Prime Minister Dmitry AnatolyevichMedvedev said that President Asif AliZardari had very useful meetings with theleadership of Russian Federation, whichlaid the foundation of good relations be-tween the two countries. He expressedthe confidence that in the near future boththe countries would be able to identify

projects which would serve as engine ofprogress and symbol of good relations.

Prime Mnister, Raja Pervez Ashraf ap-preciated the keenness of Russian Feder-ation and its leadership to makeinvestments in Pakistan and assured thatthe government of Pakistan will extend all

possible cooperation. The prime ministersaid that time has come that we shouldidentify a few specific projects after ascer-taining their feasibility and examiningthem in all respects and start work onthem, so that we can translate this rela-tionship into a meaningful partnership. APP

From Russia, with steel

VIENTIANE

APP

PRIME Minister Raja PervezAshraf on Monday said Pak-istan attaches great impor-tance to its relations withEuropean Union which would

be further strengthened with passage oftime. He was talking to President of Euro-pean Council, Van Rompuy, who called onthe Prime Minister here at his Villa on thesidelines of Asia Europe Meeting Summit(ASEM-9) and discussed matters of mutualinterests.

President of European Council congrat-ulated Raja Pervez Ashraf on his election tothe office of Prime Minister. The Presidentof EC briefed the Prime Minister about theefforts made by EU to grant trade conces-sions to Pakistan which was appreciated by

Prime Minister Ashraf which, he added,would strengthen economy of Pakistan.

The Prime Minister informed the Presi-dent EC about efforts made by Pakistan forimprovement of relations with India andAfghanistan. He said both Pakistan andIndia have taken initiatives to improve tiesand resumed the composite dialogueprocess which entails negotiations on alloutstanding issues with India. Highlight-ing efforts made by government to improve

human rights situation, the Prime Ministersaid that human rights constitutes an impor-tant part of Pakistan Peoples Party (PPP)manifesto.

“We have taken several measures to im-prove human rights situation in the countryincluding improvement of women’s lot andprotection of rights of minorities,” he said.

Prime Minister Ashraf said Pakistan is afrontline state in the war against terror andhas suffered both in men and material. Heexpressed his resolve that Pakistan wouldcontinue its fight till this menace is rootedout.Talking about Afghanistan, the PM said“We share long border with it and desire

peace in Afghanistan”.He said people of Pakistan generally and

PPP particularly have rendered great sacri-fices for democracy in the country. Late Zul-fiqar Ali Bhutto and Shaheed MohtarmaBenazir Bhutto sacrificed their lives for up-holding democratic rights of people andthousands went to jails for this cause.

The Prime Minister said, “Today all thedemocratic forces in Pakistan realize thatthe transition is going to be important”.

He also briefed the President EC on thesteps taken by the government to ensurefree, fair and impartial elections in the coun-try and hoped that EU would send its ob-servers to monitor the forthcoming generalelections in Pakistan. Prime Minister Ashrafsaid appointment of Chief Election Commis-sioner by consensus would go a long way inensuring free and impartial general elec-tions in Pakistan Recalling the visit of LadyAustin to Pakistan in June this year, VanRompuy said that European Union wouldcontinue its strategic dialogue with Pakistan.

Presdient EC said that the EU and Pak-istan are like-minded and both desire betterrelations and added that European Unionadmires the sacrifices made by Pakistan infighting terrorism. He said, “We admire youand your party for the sacrifices made fordemocracy in the country. We share valueswhich make our relations lasting.

Cement in quagmire

g Cement exports dip

20.59%, local dispatches up

marginally g Exports to

India decline by 37.5 percent

KARACHI

STAFF REPORT

Cement despatches for the month of Octoberdecreased by 5.87 percent primarily becauseof a drastic decline of 20.59 percent in ce-ment export, said the manufacturers onMonday.They said local despatches, however, showeda marginal growth of 0.19 percent.A spokesman of All Pakistan Cement Manu-facturers Association (APCMA) said duringthe month in review the industry despatched2.767 million tons of cement that was 5.87percent less than the despatches achieved inthe corresponding month of last year.Despaches in the same month of 2011 stoodat 2.939 million tons, the spokesman said.He said the local cement dispatches were2.086 million tons, marking an increase of0.19 percent compared to cement despatchedin October 2011 that were recorded at 2.082million tons.He said during the first four months of FY13the total cement despatches stood at 10.474million tons which was slightly higher thanthe total despatches of 10.436 million tonsachieved during corresponding period of lastyear. He said overall gain in despatches wasonly 0.37 percent. The capacity utilization ofthe industry during July-October 2012 pe-riod stood at 70.19 percent.The spokesman said cement exports contin-ued their downward trend in October 2012as well declining by massive 20.59 percentfrom the exports achieved in October 2011.Pakistan exports cement to Afghanistan,India and other destinations through sea.During the period from July-October 2012,exports to Afghanistan declined by 9.46 per-cent to 1.634 million tons. The exports toIndia contracted by 37.51 percent to 0.158million tons and exports to other destina-tions through sea were increased by 2.34percent to 1.161 million tons.Chairman APCMA Aizaz Mansoor Sheikhsaid the hype created on trade with Indiahad so far not been materialized and exportin that market was well below the expecta-tion of the cement sector.He said after opening of land route it was ex-pected that industry should be able to exportmore than five million tons cement to India.

Raja extols EU trade concessionsConcessions to help strengthen Pakistan’s economy: PM

ISLAMABAD

APP

The gold imports into the country fellin first quarter of current fiscal year by22.73 per cent against the same periodof last year.

The imports of gold during the pe-riod under review remained US$28.421 million against the imports ofUS $36.782 million during the sameperiod of previous year.

According the data of Pakistan Bu-reau of Statistics, the overall imports ofmetal group increased by 0.57 per centduring July September (2012-13)against the same period of last year.

The metal imports during the pe-riod under review remained $687.087million against imports of $683.194

million during same period of last year. Imports of iron and steel scrap reg-

istered a growth of 23.30 percent dur-ing July-September (2012-13).

Iron and steel scrap importsinto the country were recordedat $166.551 million duringfirst quarter of currentfiscal year against im-ports of $135.082 mil-lion duringJ u l y - S e p -t e m b e r(2011-12).

Imports of ironand steelshrank by3.84 percentby falling from

$331.788 million to

$319.048 million whereas the importsof aluminum wrought and worked de-creased by 9.30 percent by going downfrom $30.741 million to $27.881 mil-

lion. The imports of all other metal

and articles wererecorded at $145.186million during the pe-riod under review

against theimports of

$ 1 4 8 . 8 0 1million in

last yearposting a

n e g a t i v egrowth of 5.95 percent.

Meanwhile, during themonth of September 2012-13,

the gold imports into the country wit-nessed decrease of 41.56 percent whencompared to the imports of September2011 whereas the gold imports duringSeptember 2012 over August 2012 in-creased by 24.66 percent.

Gold imports in September 2012stood at $9.621 million against the im-ports of $16.462 million and $7.738million in September 2011 and August,2012 respectively.

It is pertinent to mention here thatoverall imports into the country duringthe period under review witnessed de-crease of 2.37 percent.

The imports into the country wererecorded at US$10.852 billion in

2012-13 against the imports ofUS$11.116 billion, the PBS data re-vealed.

Gold imports fall 22.73 percent

FTA helps increase trade betweenPakistan, Malaysia: Pervez Ashraf

VIENTIANE

NNI

Prime Minister, Raja Pervez Ashraf on Monday said Pakistan and Malaysiaenjoy close brotherly and cordial relations which are rooted in faith, cultureand traditions. He was talking to Malaysian Prime Minister, Dato Sri Moham-mad Najib Bin Tun Abdul Razak, who called him on the sidelines of 9th Asia-Europe Meeting Summit being held here in Laos Capital. Prime MinisterAshraf thanked the Malaysian government for their generous assistance to Pak-istan in the aftermath of natural disaster. He said Free Trade Agreement (FTA)between the two countries has resulted in increase of trade, however, therestill exists more scope of improvement.He appreciated Malaysian support to Pakistan for Full Dialogue PartnerStatus with ASEAN. He said Pakistan is in a position to meet the manpowerrequirement of Malaysia. Prime Minister Ashraf said Pakistan is gearing upfor general elections in the country as the government of Pakistan People’sParty (PPP) will be the first ever democratically elected government tocomplete its tenure.He also briefed his Malaysian counterpart about the steps being taken by hisgovernment to ensure free, fair and impartial elections in the country.The appointment of Chief Election Commissioner (CEC) through consensus byall political parties augurs well for democracy in the country, observed thePrime Minister. Prime Minister Najib said he had fond memories of his visit toPakistan as Minister for Defence and that he looks forward to visit Pakistan.He appreciated the efforts made by government of Pakistan for promoting sta-bility in the country.

g Russian PM signs decree approving expansion, modernisation of Pakistan Steel Mills

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02

Tuesday, 6 November, 2012

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERBata (Pak) XD 1410.75 1480.00 1480.00 1480.00 69.25 1,500Sanofi-Aventis Pak 314.88 330.62 330.62 330.62 15.74 1,100Pak Services 167.40 175.77 175.77 175.77 8.37 200Sapphire FiberXD 126.00 132.00 126.00 131.87 5.87 2,300Attock CementXDXB 109.18 114.63 109.50 114.27 5.09 150,000

Major LosersUniLever Pak 9985.30 10000.00 9700.00 9849.50 -135.80 380National FoodsXD 316.45 316.45 300.63 302.58 -13.87 19,200Pak Gum & Chemical 187.97 190.00 178.58 178.58 -9.39 19,000Murree BreweryXDXB 177.40 170.00 168.53 168.53 -8.87 2,800Gatron Ind.XD 121.00 114.95 114.95 114.95 -6.05 1,000

Volume Leaders

Fauji Cement 6.94 7.10 6.81 6.83 -0.11 15,653,000D.G.K.CementXD 53.19 54.05 53.19 53.79 0.60 11,166,000Engro Corporation 90.87 95.41 94.80 95.40 4.53 7,480,400P.T.C.L.A 17.62 17.95 16.90 17.30 -0.32 7,015,000Engro Foods Ltd. 72.12 74.20 72.70 73.02 0.90 5,896,500

Interbank RatesUS Dollar 95.9751UK Pound 153.3969Japanese Yen 1.1955Euro 122.8577

Dollar EastBUY SELL

US Dollar 95.60 96.20Euro 121.09 123.02Great Britain Pound 151.30 153.67Japanese Yen 1.1773 1.1957Canadian Dollar 94.80 96.79Hong Kong Dollar 12.12 12.36UAE Dirham 25.85 26.23Saudi Riyal 25.25 25.59Australian Dollar 97.76 100.75

Business

KARACHI: Rabya Chaudhry and Tapu Javeri recieved the best

dressed awards on the opening day of FPW. Sania Saeed

and Ayyan were selected as the best dressed celebrities on

the day 2. On the final day of FPW Nomi Ansari and Safinaz

Muneer bagged the Q Mobile Best Dressed celebrity Awards.

IMC crosses 500,000 vehicles

local production milestone

KARACHI: Indus Motor Company Limited (IMC)has successfully completed production of 500,000 ve-hicles in Pakistan. The event was celebrated by a rib-bon-cutting ceremony performed at the Indus Motorsplant by the Chief Guest, Dr. Abdul Hafeez Sheikh,Federal Minister for Finance, Guest of Honour, Mr.Yukitoshi Funo, Executive Vice President, ToyotaMotor Corporation, Japan, Mr. Junzo Shimizu, Chair-man Toyota Tsusho Corporation and senior manage-ment of Indus Motor Company. Speaking on theoccasion, Dr. Abdul Hafeez Sheikh said, “I congratu-late Indus Motors on this remarkable achievementand note with great pleasure the impressive progressthat Indus Motor Company has made as a flagshipcompany in the country’s auto sector. IMC has state-of-the-art production facilities which are a key assetfor the nation’s vibrant auto industry. The sector is al-ready contributing 1.5 % of total FBR collections andproviding employment to thousands. As a core sector,I firmly believe that we need to protect our auto in-dustry and take it to greater levels of productivity.”

P&G, No 3 on world’s Most

Attractive Employers listKARACHI: P&G has yet again secured a placeamongst the World’s Most Attractive Employers inUniversum’s annual survey for 2012. The companyranked 3rd overall among business students and heldsteady at #10 among students studying technical dis-ciplines such as engineering and the sciences.The #3 business ranking is the highest position P&Ghas ever held in the survey rising four places from itsprevious ranking. P&G jumped ahead of Ernst &Young and Price Waterhouse Coopers, two of the ‘Big4’ accounting firms that are known for their largecampus programs and who have historically been en-trenched in the top three spots. This ranking is basedon Universum’s global research on the preferences ofmore than 144,000 students. Universum is the globalleader in employer branding. It surveys thousands ofstudents and professionals to provide Ideal Employer™ research and strategic consulting services to morethan 1,200 clients worldwide.

G4S shares in Wackenhut

Pakistan bought out KARACHI: The shares of G4S, a FTSE 100 listedcompany, in Wackenhut Pakistan Private Limited(WPPL)has been bought completely by its Pakistanipartner. Ikram Sehgal, Chairman of Wackenhut, al-ready owned 50 per cent stake in the company. Theshare purchase has been registered with the Securityand Exchange Commission of Pakistan (SECP).IkramSehgal said that the buyout wasprimarily driven by thePakistan government’s decision not to allow any for-eign shareholding in private security agencies in thecountry. He declined to disclose other reasons whichprompted the buyout but said G4S had offered himmore than a fair price for his shares but that he haddeclined the generous offer, he again did not share thereasons why. Even though they will never acknowl-edge it, for G4S this is certainly a great setback.

PESHAWAR: Emirates recently inaugurated a new sales

office at Bacha Khan International Airport, Peshawar. Picture

shoes Mr Khalif Bardan (left) Emirates’ Vice President,

Pakistan along with officials from Civil Aviation Authority

(CAA) inaugurating the office.

PepsiCo Pakistan and TCF

volunteers plant trees.

LAHORE: A clean and salubrious neighbourhood canonly be possible through the plantation of trees whichnot only beautify our surroundings but also act in timeas lungs for us, purifying the air and giving freshstrength to our people. This was stated by Mr. Ja-hanzeb Khan, Country Manager PepsiCo (Pakistan &Afghanistan Beverages), while launching a tree-planta-

tion campaign in Sundar Industrial Estate on the sub-urbs of Lahore. The tree plantation drive by PepsiCoPakistan aptly titled as ‘GO GREEN – GROW GREEN’is aimed at engaging the community and multiplestakeholders from different walk of lives to understandand realise the value of clean neighbourhood and con-tribute to the cause by planting a saplings within theirhomes and neighbourhood. Speaking on the occasion,Jahanzeb Khan said that the idea behind the plantationdrive was also to “bring our internal and externalstakeholders together for one cause and to let themserve on the purpose to care the world we live in”. Inorder to avoid maximum losses in case of natural dis-asters, it is the need of time to enhance plantation inPakistan that would not only make the country lookmore attractive than before but will also be helpful incombating the disasters like floods, and earthquakethat are appearing more frequently as a result of theglobal climate change, he further added.

‘Make your day healthy, the juicy way’

LAHORE: Tetra Pak, world’s leading food process-ing and packaging company, has last week launched anew communication campaign to create awarenessabout the nutritional benefits of drinking safe andhealthy juices, especially as part of the breakfast meal.The objective of the campaign is to create consumerawareness about the value of complementing mealswith a healthy beverage in convenient and safeTetra Pak packaging. It also highlights the impor-tance of packaged juices as a vital component of abalanced diet. “Packaged juices have always been the product ofchoice for health conscious consumers who want tostay active and healthy. The six layered Tetra Pak car-tons protect nutritional value of the juice without theneed of any preservatives. Conveniently availablefrom grocery stores and other retail outlets, packagedjuices are the perfect dietary complement for allmeals, especially breakfast which is the most impor-tant meal of the day,” remarks Kashif Bhatti, Market-ing Director Tetra Pak Pakistan.

CORPORATE CORNER

KARACHI

STAFF REPORT

MICROSOFT re-cently an-nounced theavailability ofWindows 8 for

its customers in Pakistan and aroundthe world. Now consumers and busi-nesses worldwide would be able toexperience all that Windows 8 has tooffer: a beautiful new UI, a widerange of apps with the grand openingof the Windows Store, available onmore than 1,000 Windows 8 certi-fied PCs and tablets.

Windows 8 would be availablefor download to upgrade existingPCs in over 140 markets and 37 lan-guages at the Window’s website andat retail locations around the worldincluding Pakistan. Over 250,000

PCs are available at more than1,000 retail stores, including Hy-perstar, Metro, E4U, Makro andCompsi.

“With the launch of Windows 8,Microsoft is unveiling a reimaginedWindows to the world,” said SherifMorsi: Windows Business Group

Lead, Microsoft North Africa, EastMediterranean and Pakistan.“Whether you want a tablet or a PC,whether you want to consume or cre-ate, whether you want to work orplay – Windows 8 delivers a person-alized experience that fits yourunique style and needs.”

Windows 8 will be available intwo versions at retail, Windows 8and Windows 8 Pro. For the busi-ness customers, Windows 8 Enter-prise offers new possibilities inmobile productivity with featureslike Windows To Go, DirectAccess,and BranchCache, as well as en-hanced end-to-end security with fea-tures including BitLocker andAppLocker.

Launching at the same time is anew member of the Windows familydesigned for ARM-based tablets,Windows RT, which will be availablepre-installed on new devices. Win-dows 8 features the new fast andfluid Start screen that gives peopleone-click access to the apps and con-tent they care most about, the en-tirely new Internet Explorer 10 thatis perfect for touch, and built-incloud capabilities with SkyDrive.

SSGC Managing Director Siddiqui resignsKARACHI: Azim Iqbal Siddiqui, the managing director of Sui South-ern Gas Company (SSGC), has tendered his resignation from the officeon what an offical statement said personal grounds. Siddiqui is goingto be replaced, as has been decided by the company’s Board of Direc-tors, by DMD (Corporate Services) Zuhair Siddiqui from November 8.Zuhair has been serving the company for the last 10 years at varioussenior management positions. Siddiqui’s resignation was placed be-fore the company’s Board of Directors in an emergent meeting of theBoard held under the chairmanship of Salim Abbas Jilani on SaturdayNovember 3 at the SSGC’s head office. After detailed deliberations, theBoard accepted Siddiqui’s resignation that would take effect from Nov8. The Board of Directors paid glowing tributes for the selfless servicesrendered by Siddiqui for the company during his marathon associa-tion that spanned over 35 illustrious years. The Board unanimously re-solved that Siddiqui had a highly commendable career that was lacedwith colossal display of commitment, proven leadership abilities, sheeradherence to transparency and above all with an exemplary sense ofbelonging to the company. STAFF REPORT

ICCI puts the jigsaw pieces together

ISLAMABAD

INP

President ICCI Zafar Bakhtawarihas said political stability is a pre-requisite for economic growth anddevelopment of the country in theprevailing global scenario to offsetthe future fiscal challenges. Thereshould have been plan for practic-ing good governance for sustainingand maintaining a sound politicaland socio-economic system in thecountry, he maintained.

He urged the leaders of all thepolitical parties to help strengthendemocratic system in the nationalinterest by burying their politicaldifferences and said that politicalstability was a key factor worldwidefor economic development and

restoring confidence of foreign andlocal investors.

ICCI President said that repre-sentation of traders in the CDAboard of directors is essential thathelp in creating a bridge betweenthe citizens and the civic agency tounderstand the rapidly increasingproblems of the city and givingtheir input in the policy making anddecision-making process of megaprojects. Mr.Bakhtawari also high-lighted the problem of balancedrent control because non-existenceof a balanced rent law in the federalcapital was the main cause of risingrent disputes between tenants andlandlords.

He lauded the dynamic role ofSenator Syed Zafar Ali Shah fordemocracy, supremacy of judiciary

and implementation of rule of lawinPakistan. He informed the Sena-tor,who visited ICCI about variousproblems faced by business com-munity. Senator Syed Zafar AliShah assured his support for solv-ing the problems of business com-munity and said that he wouldprovide his full support in execu-tion of balanced rent control actand expressed hope that it wouldsoon be made into a law.

Mr.Munawar Mughal, formerPresident ICCI thanked SenatorSyed Zafar Ali Shah for visitingICCI and said that it was high timethat mainstream political partiesmust demonstrate their responsi-bility, tolerance and uphold the de-cent democratic values and normsin their ranks.

Microsoft launchesWindows 8 in Pakistan

Says political stability would ensure economic development

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