Friday, 6 July, 2012

ISLAMABAD

APP

With the implementation of variousprojects, the overall Industrial sector isprojected to grow at 4.1 percent duringthe ongoing fiscal year (2012-13) withmajor contribution of manufacturingsector, which will expand by 4.4 per-cent. The manufacturing sector wouldgrow by 4.4%, while 3.0% and 7.5%growth rates have been fixed for largescale Manufacturing and Small Scalemanufacturing respectively, officialsources said. The main growing indus-tries in 2012-13 would be chemicals,automobile, pharmaceuticals, electron-ics, leather products, paper & boards,cement and non-metallic minerals.

Similarly Textile sector is expectedto grow at a higher pace in 2012-13 as it

is expected that its products would be ex-ported in huge quantity to EuropeanUnion after approval of concessions byWTO to Pakistani textile products inFebruary 2012. The exporters are ex-pected to comply with different interna-tional obligations, like ISO Certifications,produce and export quality product andensure timely exports. The sources saidthat for promoting the industrial sectorduring the ongoing year, Rs 2,049 mil-lion have been allocated to manufactur-ing sectorn including Rs 775 million forMinistry of Industries, Rs 612 million forMinistry of Production and Rs 227 mil-lion for Ministry of Textile. Major man-ufacturing projects to be carried out areinclude, Establishment of ChromiteBeneficiation Plant at Muslim Bagh, Dis-trict Killa Saifullah, Balochistan (Rs 104million); Woman Business Development

Centre, Karachi (Rs 59 million); RedChilies Processing Centre, Sindh (Rs256 million) and Water Supply Schemefor Hub Industrial Estate phase-II (Rs247 million). In addition the fundswould also be utilized for the projectslike Meat Processing and ButchersTraining Centre, Multan (Rs 265 mil-lion) and establishment of Castor Oil Ex-traction Plant at Uthal District Lasbela(Rs 300 million). Similarly, the majorprojects of textile to be executed duringthe year include Pak-Korean GarmentsTechnology Training Institute, Karachi(Rs. 300 million); Lahore Garment CityCompany, Lahore (Rs 587 million);Faisalabad Garment City Company,Faisalabad (R. 499 million) and Provid-ing & Laying Dedicated 48 inch Diame-ter Mild Steel Water Pipeline for thePakistan Textile City Karachi (Rs 637m).

Govt sets meatyexport targetg Vies to produce 3.3mtonne meat in 2012-13

ISLAMABAD

APP

The government has set target of producingabout 3.3 million tons of meat during thecurrent financial year to fulfill the domesticdemand as well as for export purposes. Anofficial in the Ministry of National Food Se-curity and Research told APP here onThursday that meat production in thecountry was increased by 5.76 percent dur-ing last financial year. As many as 3.2 mil-lion ton meat was produced during the year2011-12 as against the set target of 3.0 mil-lion tons posting 5.76 percent increase inits production, he added. He said that beefproduction target has been set at 1.8 mil-lion ton and mutton production at 0.643million as against the last year's achieve-ments of 1.76 million tons and 0.629 mil-lion tons respectively. He said that beef andmutton production during the year 2011-12had registered a growth of 4.7 percent and3.4 percent respectively.

Ministry ignores OGRAsafety guidelines

ISLAMABAD

ONLINE

Ministry of Petroleum and Natural Re-sources has ignored the safety guidelinesof Oil and Gas Regularity Authority(OGRA) as it allowed launching 2.7 tonesLPG mobile filling stations in the country.Well informed sources in the ministry ofpetroleum and natural resources hastold online that to promote LPG in thecountry ministry of petroleum is utiliz-ing all available resources on immediatebasis and mobile LPG station is part ofthese efforts. In this regard, Advisor toPrime Minister for petroleum and Natu-ral resources Dr Asim Hussain inaugu-rated first LPG mobile filling station onApril 28. However, sources said that Oil and GasRegulatory Authority (OGRA) has showedits concerns over installation of mobilefilling station as this mobile filling stationis of 2.7 tones instead of 3.0 tones.Source told this LPG mobile plant shouldbe of three tones while LPG associationhas fully ignored this element and intro-ducing LPG mobile filling stations in thecountry which are not ideal and may resultinto loss of innocent human lives.Sources told that OGRA has showed itsconcerns that required standards per-taining to the mobile LPG filling stationshave not been adopted and authority hasalso informed LPG association that mo-bile filling below 3 tones would be dan-gerous for human lives.

PM ups the ante onDiamir-Bhasha Dam work

ISLAMABAD

APP

Prime Minister Raja Pervez Ashraf onThursday directed that work on the multi-billion dollar Diamir-Bhasha Dam be expe-dited as it was a project of nationalimportance.Talking to Minister for Kashmir Affairs andGilgit-Baltistan Mian Manzoor Ahmad Wat-too here at the PM House, Raja PervezAshraf said that the government had ap-proved Rs. 41 billion as compensation forthe people affected due to the project.Manzoor Wattoo appreciated the Prime Min-ister for keen interest in taking measures tosolve the energy crisis, reduction in oilprices, issue of missing persons and resump-tion of NATO supply lines.The minister apprised the Prime Ministerabout the unanimous passage of the budgetin AJ&K Assembly. He also apprised himabout the progress on mega hydel projects,including Mangla Dam Raising Project.

Implementing planned projects, for achance, would indeed help industry

KARACHI

ISMAIL DILAWAR

THE apex regulators from Secu-rities and Exchange Commis-sion of Pakistan (SECP) are duehere at Karachi Stock Exchange

(KSE) Thursday next week to discuss,among other long pending issues, why vol-umes on the country’s largest bourse arestill dry. Thursday saw trading volumes atthe KSE nose-diving to 38.844 millionagainst 100.826 million of the previousday. This shows a huge dip of 62 millionshares or 61.4 percent. The stocks analystsbelieve that as the listed corporate entitieswere all set to announce their annual re-sults the risk-averse equity investors werelooking at the situation cautiously.

“(The) stocks closed lower amid thintrade as investors remained cautious aheadof corporate earning announcements,”viewed ashen Mehanti, senior analyst anddirector at Arif Habib Securities.

The analyst said the benchmark, 100-share index, traded in a narrow range de-spite improved Pak-US relations andexpectations for early release of $1.5 billionUS’s Coalition Support Fund. Other factorsthat supported the index to close above

days low, Mehanti said, were the record ce-ment dispatch data and positive senti-ments in fertilizer sector on constant GIDCon feedstock. According to KSE, a team ofSECP, led by Chairman Muhammad Ali,would arrive at Karachi bourse on Thurs-day, July 12, to hold meetings with theKSE’s Governing Board of Directors. Visit-ing on the invitation of the KSE, the SECPhas notified agenda of the meetings that in-cludes long-pending issues ranging fromreasons for low volumes to the provision ofinternet software to KSE members. As perSECP agenda, the meetings would discuss

as to why the market volumes are still dry,how to revive the MIS, how to ensure a suc-cessful SLB product, the functioning ofNCCPL as a Central Counter Party (Estab-lishment of Settlement Guarantee Fundand Shifting of RMS), the development ofderivative segment, debt market, establish-ment of Bond Pricing Agency, Revised Reg-ulatory Regime for Credit Rating Agency,enhancement of per default contributionfrom IPF, SIVIE Counter/Exchange, InterExchange Trades, establishment of Securi-ties Investor Protection Corporation, in-vestor protection (trade confirmations by

stock exchanges), activation of ETFs andoptions, introduction of Islamic productsand Shariah-compliant investment alter-natives, utilization of CIIPF for intra-daymargins, strengthening of surveillance ca-pacity of the stock exchanges and introduc-tion of SPAN margins, implementation ofthe Investor Education Plan, image build-ing, integration and demutualization ofstock exchanges, implementation of effec-tive inspection plan, broker-to-broker trad-ing on the same Exchange, Back OfficeSoftware, and the provision of internetsoftware to the stock members.

“The Chairman SECP has agreed thathe along with his team shall meet the offi-cials of the Exchange and Members of theGoverning Board of Directors… to discussand deliberate all matters of mutual inter-est for the development of capital marketand some market related pending issuesthat need discussion for their resolution,”Haroon Askari, deputy managing directorKSE, told the stock members.

The KSE has asked the members fortheir views and feedback on any other issueor areas of concern that they feel should bediscussed with the SECP in the said meet-ing. The members are to give the feedbacklatest by Monday, July 9.

KSE volumes tracethe apex of aridityg Apex regulators due at KSE to ascertain why trading volumes are still dry

KARACHI

STAFF REPORT

The federal government has extended its sovereign guar-antee for another two years for the National InvestmentTrust Limited (NITL) which during FY12 repaid Rs 5.0billion to one of the lenders of NIT State Enterprise Fund(NIT-SEF) from its internally-generated cash.

The official extension came after the partial repay-ment of financing which has reduced the GovernmentGuarantee from Rs 20 billion to Rs 12.2 billion.

“Government of Pakistan has approved to extend itsguarantee for another 2 years,” COO NIT ManzorrAhmed told a briefing here while unveiling the Trust’sresults for FY12.

Flanked by NIT Chairman and Managing DirectorWazir Ali Khoja, the COO said the country’s largest assetmanagement company posted a dividend of Rs 3.50 perunit for the unit holders of NI(U)T for the said year com-pared to Rs 4.0 per unit for last year.

In a detailed presentation, Ahmed said the reviewperiod saw outstanding results along with remarkable

payouts for all Funds under NIT’s management.He said the payment of dividend at Rs. 3.50 per unit

would involve a huge cash payout of Rs 4,798 millionamong its unit holders.

Ahmed said the Fund had registered a healthygrowth of 69.6% in realized capital gains which in-creased to Rs 1.439 billion from Rs 848 million of pre-vious year. The dividend income earned, he said, alsoincreased by 25% to Rs 2.421 billion in FY12 against Rs1.931 billion in FY11.

During FY12, NI(U)T Fund has earned a net income(excluding unrealized figures) of Rs 5.664 billion trans-lating into an earnings per unit of Rs 4.13.

The NAV per unit of NI(U)T increased from Rs.28.14 (Ex Dividend) to Rs 30.27, thus generating a totalreturn of around 7.6% against the benchmark (KSE-100) return of 10.45%.NIT STaTe eNTerprISe FuNd: About the resultsof NIT-SEF, the COO said NITL had declared a bonus of9.30% on the face value of Rs 50/- for the unit holders ofNIT-SEF. He said in FY12 the Fund realized capital gainsof Rs 1.658 billion compared to Rs 1.252 billion last year

showing a growth of 32%, whereas, the dividend incomeearned by the Fund stood at Rs 1.259 billion against Rs1.342 billion earned during the previous year.NIT–equITy MarkeT OppOrTuNITy FuNd:The NIT Board has declared a bonus of Rs 6.75 per unitfor its unit holders for the year in review.

During the period under review, the Fund’s netprofit (without impairment) grew by 42.2% YoY to Rs831 million against Rs 584 million in the correspondingperiod of last year, translating into an earning per unitof Rs 17.50 and Rs 12.44, respectively.

The Fund has realized a capital gains of Rs 433 mil-lion in FY12 as compared to the capital gains of Rs 226million realized in FY11, thus depicting a YoY growth of91.6%. Similarly, the dividend income earned by theFund increased by 14.8% to Rs. 357 million in FY12against Rs. 311 million in FY11.

NIT-EMOF has outperformed its benchmark by asizeable margin of 7.59% during FY12 where the NAV ofthe Fund increased by 18.04% against the benchmarkKSE-100 increase of 10.45%.

The COO said another 10% redemption of unit hold-

ing was offered and a redemption amount of Rs 551 mil-lion was paid to unit holders. Thus, so far unit holdershad been offered 50% redemptions of their respectiveunit holding since inception of the Fund.NIT GOverNMeNT BONd FuNd: NIT declared aper unit distribution of Rs 1.1094 for unit holders of NIT-GBF compared to the per unit distribution of Rs 1.0201for last year. During FY12, the Fund earned a net incomeof Rs 315 million compared to Rs. 305 million in FY11.Net income translates into per unit earning of Rs. 1.21as compared to Rs. 1.03 per unit last year.NIT INcOMe FuNd: For NIT-IF, the NIT declared

a per unit distribution of Rs 1.1065 compared to FY11’sper unit distribution of Rs 1.0581. The Fund earned a netincome of Rs. 283 million as compared to Rs. 207 mil-lion earned in the previous year.

Earlier, MD NIT Wazir Ali Khoja said the resultswere being announced after the Trust’s Board of Di-rectors approved the annual accounts of all Funds.Khoja said as of 30th June (2012) NIT was managingfive Funds with net assets under management ofaround Rs 74.152 billion.

Another two years for NITg ‘Well-performing’ NIT gets another 2-year government guarantee extension

g Projects' implementation to help industry grow 4.1pc

PRO 06-07-2012_Layout 1 7/6/2012 4:13 AM Page 1

02Friday, 6 July, 2012

The Corporate Make-up

introduced by Nina Lotia

karacHI: Nina Lotia- a pioneer in shaping thebeauty and imaging industry of Pakistan, launched“The Corporate Make-up” today in collaborationwith Anila Weldon at the event “Tech-Know Mom”.This was an exclusive corporate training session forthe working woman who wants to take her businessidea to the next level.

Wasim replaces Peracha

as wi-tribe CEO

karacHI: Qtel Group Thursday announced theappointment of Wasim Ahmad as the new CEO forwi-tribe Pakistan. Ahmad takes over from the outgo-ing CEO Mustafa Peracha who has led wi-tribe from astartup operation to a solid number two broadbandprovider in Pakistan and the largest WiMax operator.

MCB best, most stable

bank of 2011: CFA

karacHI: The CFA Association Pakistan has de-clared the MCB Bank as the best large bank for secondconsecutive year and most stable bank of the year forthird time in a row. Ninth Annual Excellence Awardsby the CFA Association for the year 2011 recognizedthe MCB Bank as the top performer in large banks cat-egory and also awarded the bank for its stability.

Greenvalley introduces

special UK imported items

raWaLpINdI: Greenvalley premium supermar-ket located at the high street shopping destination‘The Mall of Lahore’ has introduced new lines of freshimports from UK. The imported items include a wide

variety of products scattered amongst the high de-mand frozen categories of Ice Cream, Desserts, Del-icatessen, Vegetables and Exotic Fruits, Seafood andSnacks. Most of the products have been introducedfor the first time in Pakistan.

ZONG extends its support to

Shandur Polo Festival 2012

karacHI: the fastest growing network of Pakistan,has once again proved itself to be a true friend of thenation by supporting the Shandur Polo Festivalwhich will be held from July 7 to 9. The telecom gianthas stepped up to provide support for this one of itskind sports event held on Shandur Pass, the highestpolo ground in the world at 3,700 meters.

Triple dynamite with

Qubee in July

karacHI: One of Pakistan’s leading broadbandservice providers’, Qubee has launch yet anotherexplosive promotion in July 2012, named as theTriple Dynamite offer. The campaign provides allnew & existing customers with three times the vol-ume of their chosen package. It should be notedhere, the broadband service providers traditionallyoffer double volumes to their customers, however,this is the first time that a service provider has

changed the practice and offered triple volume.On the occasion, the Chief Executive Officer of

Qubee, Mr. Jamal Nasir Khan said “Qubee is a cus-tomer-centric organization with a focus on reward-ing users for their loyalty. Therefore, this summer,we have offered all new sign-ups to Qubee withtriple volume in July & August, whereas for ourloyal customer base we have already given themtriple volume on their current package free-of-cost”

‘The Smart School’ launched

LaHOre: “The City School” today announcedthe launch of “The Smart School” - a SchoolFranchise Project based on e-learning and holis-tic educational development for tomorrow’s gen-eration bringing, not only, progressiveentrepreneurs but also futuristic educationistson board. Speaking on the occasion, Mr. Je-hangirFiroz, COO, The City School said, “Wetake great pride in introducing our new schoolfranchise - The Smart School - in Pakistan. Withthe launch of this new project, we aim to pro-mote e-learning educational model in Pakistanat a macro level. The City School has built a pos-itive name for itself over the years in the sphereof education by imparting quality education thatequips students to meet the challenges of themodern world. We want the same level of com-petency and commitment to become the hall-mark of our new project, “The Smart School.”

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVER

Unilever Food 2564.69 2690.99 2650.00 2687.18 122.49 48UniLever Pak 7150.00 7247.99 7115.00 7245.00 95.00 10Colgate Palmolive 970.00 1018.00 990.00 1018.00 48.00 889Sanofi-Aventis Pak 176.52 185.34 183.99 185.34 8.82 1,129Pak Gum & Chemical 124.06 130.26 124.50 130.26 6.20 1,537

Major Losers

Siemens Pakistan 711.49 680.00 680.00 680.00 -31.49 73Bata (Pak) Limited 660.00 662.00 631.00 633.40 -26.60 113Philip Morris Pak. 150.48 154.00 143.00 145.44 -5.04 8,294National Refinery 243.61 244.00 241.00 241.15 -2.46 23,344Exide (PAK) 175.00 177.73 172.14 172.84 -2.16 6,586

Volume Leaders

D.G.K.Cement 41.06 41.85 41.21 41.72 0.66 6,723,928Lafarge Pakistan 4.56 4.64 4.43 4.50 -0.06 2,446,880Jah.Sidd. Co. 13.33 13.45 13.06 13.10 -0.23 2,058,711Fatima Fertilizer Co 25.05 25.45 24.90 25.26 0.21 1,759,519Bank AL-Habib 28.69 28.80 28.50 28.55 -0.14 1,756,769

Interbank RatesUS Dollar 94.3775UK Pound 147.0212Japanese Yen 1.1845Euro 118.0002

Dollar EastBUY SELL

US Dollar 94.30 95.50Euro 115.76 117.59Great Britain Pound 145.14 147.39Japanese Yen 1.1658 1.1838Canadian Dollar 92.04 93.98Hong Kong Dollar 11.98 12.20UAE Dirham 25.52 25.89Saudi Riyal 25.02 25.36Australian Dollar 95.88 98.83

Business

KARACHI

STAFF REPORT

pAKISTAN Stocks closed lower amidthin trade as investors remained cau-tious ahead of corporate earning an-nouncements. Index traded in

narrow range despite improved Pak-US rela-tions and expectations for early release of$1.5bn US coalition support funds, said, AhsanMehanti, Director at Arif Habib InvestmentsLimited.

The Karachi Stock Exchange (KSE) 100-share index declined 7.19 points or 0.05 percentto close at 14, 170.91 points as compared to 14,178.10 points of the previous session. The KSE30-share index shed 6.67 points to close at 12,310.44 points as compared with 12, 303.77points.

The market turnover remains negative andtraded 38.844 million shares after opening at100.826 million shares. The overall market cap-italization declined 0.01 percent and traded Rs3.608 trillion as against Rs 3.610 trillion. Los-ers outnumbered gainers 114 to 129, while 84stocks were unchanged.

Mehanti added “Record cement dispatchdata and positive sentiments in fertilizer sector

on constant GIDC on feedstock supported theindex to close above days low.” The KMI 30-share was up by 54.69 points to close at 24,503.33 points from its opening at 24, 448.64points. The KSE all-share index closed with aloss of 3.56 points to 9, 958.25 points as against9, 961.81 points.

The D.K.G Cement was the volume leaderin the share market with 6.723 million sharesas it closed at Rs 41.72 after opening at Rs41.06. Lafarge Pakistan traded 2.446 millionshares as it closed at Rs 4.50 after opening Rs4.56. Jahangir Siddiqui Company traded 2.058million shares as it closed at Rs 13.10 from itsopening at Rs 13.33. Fatima Fertilizer Companytraded 1.759 million shares and closed at Rs25.26 as against its opening at Rs 25.05. BankAl-Habib traded 1.756 million shares as itclosed at Rs 28.55 as compared to its openingat Rs 28.69.

On the future market, the turnover de-creased by over five million shares 5.206 mil-lion against 10.010 million shares ofWednesday. The Unilever Food and UnileverPakistan XD, up Rs 122.49 and Rs 95.00, ledhighest price gainers while, Siemens Pakistanand Bata Pakistan Limited down Rs 31.49 andRs 26.60 respectively, led the losers.

TOKYO

AGENCIES

A rally in Asian shares fizzled out on Thursday asmarkets marked time before the European CentralBank's policy decision later in the day, with theeuro staying pressured by widespread expectationsof a rate cut to support fragile euro zone growth.

Safe-haven U.S. dollar outperformed with itsindex measured against key currencies gaining 0.5percent. "Until markets see how the ECB intendsto respond to the debt problem through meansother than interest rate cuts, it would be difficultto take positions on the euro," said Masashi Mu-rata, senior currency strategist at Brown BrothersHarriman in Tokyo.

MSCI's broadest index of Asia-Pacific sharesoutside Japan fell 0.5 percent after hitting a seven-week high on Wednesday. U.S. markets wereclosed on Wednesday for the Independence Dayholiday. Japan's Nikkei average eased 0.1 percent,after closing at a two-month high on Wednesday.

A Reuters poll of economists showed a ma-jority expect the ECB to cut its main interest rateby 25 basis points to 0.75 percent on Thursday,while money market traders are evenly split onwhether the central bank will cut the depositrate, a separate survey showed. There is alsospeculation the ECB could restart its purchases

of troubled euro zone bonds under its securitiesmarkets programme (SMP) to push down eurozone borrowing costs or take another round oflong-term refinancing operation (LTRO) to in-ject additional funds into the financial system."The focus for today's ECB meeting is whether itwill take steps other than cutting interest rates,namely restarting SMP or LTRO," added BrownBrothers Harriman's Murata.

The euro steadied around $1.2525, stuck ina recent $1.24-$1.27 range against the U.S. dol-lar. Against riskier currencies, the euro held nearrecord lows, standing at A$1.2214 against theAussie, close to its all-time trough of A$1.2124hit in early February, and at NZ$1.5609 againstthe kiwi, just above its lifetime low of NZ$1.5541hit on Wednesday. "We suggest that selling theEUR and buying a relatively 'high beta' currency,such as the AUD, would perform well in light ofa more aggressive ECB response to the prob-lems" in Europe, Barclays Capital analysts saidin research note.

Also on Thursday, the Bank of England is ex-pected to launch a third round of monetary stim-ulus at its policy meeting. Surveys on Wednesdaysuggested all of Europe's biggest economies werein recession or heading there and there was littlesign things will improve soon, backing views foreasing by Europe's major central banks this week

Corporate earningbears, diplomatic bullssettle on a 7-pt plunge

Apple preparing to launchsmaller tablet: report

NEW YORK

AGENCIES

Apple is preparing to launch a smaller tablet computerin the coming months in a bid to maintain its edge inan increasingly crowded market, the Wall Street Jour-nal reported Thursday. The Journal cited unnamed sources as saying that com-ponent parts manufacturers had been ordered to gearup for mass production of the tablets in September, in-dicating the launch may be drawing near.It said the new tablet's screen would likely be smallerthan eight inches (20 centimeters), compared to the9.7-inch (25-centimeter) screen on Apple's market-leading iPad, launched in 2010. The newspaper citedone source as saying that Apple was working withscreen-makers LG Display of South Korea and Taiwan'sAU Optronics. Apple has dominated the market fortablet computers since the release of the iPad but facesincreasing competition as Samsung, Amazon, Microsoftand Google roll out competing devices.

Moody’supgrades Nissancredit rating

TOKYO

AGENCIES

Moody's on Thursday upgraded itsrating on Nissan Motor, citing itsprofitability and global market posi-tion after the automaker bucked atrend of falling profits amongJapanese car giants. The global rat-ings agency said it upped its creditrating on the firm, part-owned byFrance's Renault, by one notch to A3with a stable outlook, its seventh-best ranking on scale of 19. "The up-grade reflects Moody's expectationthat Nissan's new product cadence,its continuing focus on cost controls,and its commitment to buildingglobal brand value will enable (Nis-san) to sustain the strong perform-ance," in its latest fiscal year,Moody's said in statement.

ECB cuts key ratequarter point torecord low 0.75%

FRANKFURT

AGENCIES

The European Central Bank cut itskey interest rates to all-time lowsThursday in a bid to keep up the pos-itive momentum after EU leadersmade some progress in solving thedebt crisis at a summit last week. TheECB's policy-setting governing coun-cil voted to lower the rate for its mainrefinancing operations by a quarterof a percentage point to 0.75 percentat the regular monthly meeting here.

European stockindex futuressignal flat start

LONDON

AGENCIES

European stock index futurespointed to a flat open on Thursday asinvestors consolidated recent gainsahead of widely anticipated movesfrom the European Central Bank andthe Bank of England to stimulate theeconomy. At 0601 GMT, futures forthe Euro STOXX 50 were flat, whilecontracts for Germany's DAX wereup 0.1 percent and France's CAC fu-tures were down 0.1 percent.

Shares ease from rally, eurostressed before ECB decision

CORPORATE CORNER

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