profitepaper pakistantoday 08th November, 2012
2
Thursday, 8 November, 2012 DOHA APP P AKISTAN and Qatar Wednesday agreed to collab- orate in energy and trade sec- tors and discussed ways to resolve formalities for import of Liquefied Natural Gas (LNG) to Pakistan. President Asif Ali Zardari and Qatar’s Prime Minister Sheikh Hamad bin Jas- sim bin Jabar Al Thani met here at the Emiri Diwan -the office of Qatar’s Prime Minister, and discussed ways to further promote trade and investment ties, to add substance to their bilateral relations. Both leaders discussed diverse issues including joint development of hy- dropower sector, identification of sources of financing, exploration of investment opportunities in energy sector and reha- bilitation of existing hydropower plants. Foreign Minister Hina Rabbani Khar later told APP that the meeting was sig- nificant as the leadership of two countries reiterated to enhance cooperation partic- ularly in development projects and in- vestment in energy sector. She said the talks focused on import of Liquefied Natural Gas (LNG) from Qatar to Pakistan and said the project was a natural win-win potential for both the countries. She said President Zardari expressed satisfaction that the Qatar Gas had signed a Pact with two Pakistan-based gas companies. The Pact has been signed between the Qatar Gas with two Pakistani gas companies - Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, for the supply of LNG upto 3.5 mtpa (million tons per annum). The Foreign Minister said President Zardari apprised Qatar’s Emir about Pakistan’s most generous in- centive regime through the petroleum ex- ploration and production policy 2012. Khar said the two sides stressed en- hancing airline linkages between the two countries by increasing frequency of flights of Pakistan International Airlines and the Qatar Airways, between Islam- abad and Doha. Pakistan also offered opening of branches of Qatari banks. Dr Asim Hussain, Advisor to Prime Minister on Petroleum and Natural Re- sources told APP that the meeting fo- cused on early finalization of formalities on LNG import. He said the two sides were keen to sort out the details at the earliest. He called upon the Qatari petro- leum and gas companies to take advan- tage of the new policy and invest in Pak- istan’s oil and gas exploration and production sector. On the finalization of transnational formalities to LNG import at the earliest, he said Pakistan was interested in im- porting 77 million tonnes per annum of LNG. The imported LNG will be initially provided to the power houses in Pakistan to generate 2,500 megawatt electricity. President Zardari urged Sheikh Hamad Bin Jassim to absorb Pakistani skilled and semi-skilled labour in Qatar and added that already 90,000 Pakistani expatriates were efficiently contributing to Qatar’s economy. He mentioned that more Pakistanis could effectively fulfil part of Qatar’s demand of two million workforce for its infrastructure projects for FIFA 2022 World Cup to be held in Doha. He also stressed the need for diversi- fying the trade potential between the two countries. He expressed satisfaction over the remittances from Qatar that had in- creased to US$ 354 mln in 2010 as com- pared to US$ 339.51 mln in 2009. The President mentioned that a high fee of Qatari visa was a deterrent to ex- port of manpower from Pakistan and hoped it would be reviewed. He proposed the visit of a ministerial-level delegation from Qatar to Pakistan to discuss modal- ities of export of manpower for Qatar’s future needs. The meeting was attended by Minis- ter for Foreign Affairs Hina Rabbani Khar and Advisor on Petroleum and Natural Resources Dr Asim Hussain, Members of National Assembly Munir Orakzai and Amer Ali Khan Magsi and Ambassador Sarfraz Ahmad Khanzada. Pakistan, Qatar agree on cooperation in energy, trade NBP quick off the blocks ISLAMABAD APP The National Bank of Pakistan (NBP), Islamabad region has established brisk resolution strategy to cope with the Auto Teller Machines (ATMs) faults and problems, bring the ATM-related com- plaints to nominal level, a senior official of the Bank told APP. “We have 24x7 check up of their ATMs through our Regional Data Cen- tre’s surveillance and the errors are im- mediately taken up by the respective quarters for their ready solutions’, Tariq Zafar Iqbal Regional Head of the NBP, said here Wednesday. He said that NBP’s regional man- agement in Islamabad always responds to the customers’ calls and there have been witnesses of on the spot rectifica- tions and problem resolutions in this re- gard. “It is imperative that we must appreciate their service and dedication which has made it possible for the met- ropolitans to meet their demands in cash around the clock”, he remarked. Mr. Iqbal further said that the Na- tional Bank of Pakistan is the flag-bearer of service in the financial sector of the country. The scope of its service, he said was not limited to only domestic opera- tions but it is also globally appreciated and acknowledged as one of the Re- gion’s best banks as accredited through high ratings by the international finan- cial rating agencies as well as by virtue of having won many international acco- lade and awards over the years. “Might it be the pension payments to the senior citizens or the government revenue collections and salary disburse- ments to the public sector, the NBP is committed to deliver the service with a passion for the Nation’s service, being the Nation’s Bank”. He explained that the NBP started its ATM service in Islamabad in June 1996 when it inaugurated its first ATM in Super Market Branch, F-6, Islam- abad. Over the years, the number of NBP’s ATM has increased to 21 in the metropolis. “These ATMs are spread over the length and breadth of the Federal Capi- tal, including Melody, Super Market, Aabpara, G-9, Pak. Secretariat, i.e. B Block, D Block, S-Block and K-Block, G- 10, Airport, A.I.O.U, Foreign Office, F-8 Markaz, Industrial Area, Marriott Hotel, Nilore, P.M. Secretariat and Aiwan-e- Sadder”,Iqbal remarked. He said that the NBP caters to around 150,000 accounts in Islamabad alone and the number of ATM transactions carried through NBP’s ATM surmount to nearly 90,000 in a month which is a huge num- ber by all means, as evidenced by the data collected by the scribe. Tariq Zafar Iqbal added that the NBP has turned its entire network of branches to online operations across Pakistan. “It provides an opportunity to its clients to collect their cash at one touch of a button from any one link ATM. By virtue of NBP’s one link facility, the ATM card holders of all the Bank’s op- erating in Pakistan can use NBP’s ATM facility”, he remarked. “It is certainly established that the volume and scale of ATM operations being handled by NBP Islamabad is re- ally magnanimous as compared to all other commercial banks in the country”, he added. The Regional Head of NBP added that there have been occasional com- plaints of hard-ware problems, dis- penser issues, audit & consumer rolls errors and communication link break- downs. Government to release Rs100m for industrial uplift KARACHI: The development work in Koarngi industrial area is due to start very soon as the initial Rs100 million funds for the purpose would soon be released by the KMC, said Town Administrator Korangi A Sami Khan. This he stated while executing CPLC-Neighborhood Care project initiated by the industrialists of Sector 23 led by CEO Maple Pharma Shafiuddin Feroz. Khan said that the construction of Road 5000 would start very soon followed by carpeting of Road 2000. He said the town administration was awaiting funds from the Annual Development Plan following which several projects relating to infrastructural development would be taken up. Khan appreciated the initiative of Sector 23’s industries to establish CPLC-NC project for their security. Chairman KATI Zubair Chhaya said as the Governor Sindh was very keen to establish the projects in industrial areas, KATI was supporting and assisting its members to contribute in such projects so that the ever-increasing crime in KIA could be curbed. He said though KATI members were contributing towards CPLC-NC and various civic works in their areas but the KMC and town administration’s support was mandatory. The administrator said the industrialists were ready to pay the KMC’s infrastructure development tax provided the KMC take up development works and complete the ongoing projects. CEP Maple Pharma Shafiuddin Feroz said the industries were suffering due to crime incidents in the area where the infrastructure was extremely poor. He said industries in KIA were exporting goods worth hundreds of millions of dollars yet they were deprived of basic civic facilities. He urged the government to take up development works in KIA. STAFF REPORT ISLAMABAD APP The Federal Tax Ombudsman (FTO) has di- rected the Federal Board of Revenue (FBR) to revisit its assessment of Income Tax re- turns of Zeenat Drug Agency Narowal as its audit was not conducted as per law. “Invoke revisionary jurisdiction under Section 122A of the Ordinance to revisit the assessment made under Section 122(4) of the Ordinance, as per law; and submit compliance report within 30 days.” The FTO directed the FBR. According to FTO findings, the audit of a return not formally selected by the competent authority is contrary to law and tantamount to maladministration under Section 2(3) of the FTO Ordinance. The protracted delay in finalization of audit was also tantamount to maladmin- istration, it added. According to details, Muhammad Umer Farooq, Proprietor Zeenat Drug Agency Katchery Road Narowal had made complaint against ille- gal assessment under section 122(4) of the Income Tax Ordinance 2001 (the Or- dinance) in FTO on 10 August 2012. The Complainant’s income tax Return for Tax Year 2007 was selected for audit by the Commissioner IR, Audit Division, RTO, Sialkot, vide letter No.1223 dated 27.06.2008. The Complainant revised the Return for Tax Year 2007 twice, however, the assessing officer continued with the original audit proceedings, as if no revision of Return had taken place. The audit was concluded on 28.06.2012, after a lapse of 4 odd years and the complainant’s total Income for Tax Year 2007 was determined at Rs3,657,737 as against declared Rs272,513 and an ad- ditional tax liability of Rs914,434 was raised. The Complainant assailed the treat- ment accorded by the department as harsh, illegal, oppressive and whimsical and took strong exception to the conduct of audit with reference to the original Re- turn, ignoring the revised returns. He said that when the revised Returns were admitted by the department and taken on record, for the audit proceedings to continue legally a fresh audit selection order was required to be made after each revision. The complainant has also pointed out that stay against arbitrary se- lection of his return was granted by the LHC but the department continued the audit proceedings after expiry of six months on the ground that this being a revenue matter stay could continue only for a six-month period. The complainant further drew the attention to the fact that the department having accepted declared turnover and gross profit as per the sec- ond revised return was not justified to make arbitrary additions in the manner done by the assessing officer. FTO directs FBR to revisit drug agency’s IT returns Establishes brisk resolution strategy to cope with ATM flaws PRO 08-11-2012_Layout 1 11/8/2012 12:10 AM Page 1
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profitepaper pakistantoday 08th November, 2012
Transcript of profitepaper pakistantoday 08th November, 2012
Thursday, 8 November, 2012
DOHA
APP
PAKISTAN and QatarWednesday agreed to collab-orate in energy and trade sec-tors and discussed ways toresolve formalities for import
of Liquefied Natural Gas (LNG) to Pakistan.President Asif Ali Zardari and Qatar’s
Prime Minister Sheikh Hamad bin Jas-sim bin Jabar Al Thani met here at theEmiri Diwan -the office of Qatar’s PrimeMinister, and discussed ways to furtherpromote trade and investment ties, toadd substance to their bilateral relations.
Both leaders discussed diverse issuesincluding joint development of hy-dropower sector, identification of sourcesof financing, exploration of investmentopportunities in energy sector and reha-bilitation of existing hydropower plants.
Foreign Minister Hina Rabbani Kharlater told APP that the meeting was sig-nificant as the leadership of two countriesreiterated to enhance cooperation partic-ularly in development projects and in-vestment in energy sector.
She said the talks focused on importof Liquefied Natural Gas (LNG) from
Qatar to Pakistan and said the projectwas a natural win-win potential for boththe countries. She said President Zardariexpressed satisfaction that the
Qatar Gas had signed a Pact with twoPakistan-based gas companies. The Pacthas been signed between the Qatar Gaswith two Pakistani gas companies - SuiSouthern Gas Company Limited and SuiNorthern Gas Pipelines Limited, for thesupply of LNG upto 3.5 mtpa (milliontons per annum). The Foreign Ministersaid President Zardari apprised Qatar’sEmir about Pakistan’s most generous in-centive regime through the petroleum ex-ploration and production policy 2012.
Khar said the two sides stressed en-hancing airline linkages between the twocountries by increasing frequency offlights of Pakistan International Airlinesand the Qatar Airways, between Islam-abad and Doha. Pakistan also offeredopening of branches of Qatari banks.
Dr Asim Hussain, Advisor to PrimeMinister on Petroleum and Natural Re-sources told APP that the meeting fo-cused on early finalization of formalitieson LNG import. He said the two sideswere keen to sort out the details at theearliest. He called upon the Qatari petro-
leum and gas companies to take advan-tage of the new policy and invest in Pak-istan’s oil and gas exploration andproduction sector.
On the finalization of transnationalformalities to LNG import at the earliest,he said Pakistan was interested in im-porting 77 million tonnes per annum ofLNG. The imported LNG will be initiallyprovided to the power houses in Pakistanto generate 2,500 megawatt electricity.
President Zardari urged SheikhHamad Bin Jassim to absorb Pakistaniskilled and semi-skilled labour in Qatar
and added that already 90,000 Pakistaniexpatriates were efficiently contributing toQatar’s economy. He mentioned that morePakistanis could effectively fulfil part ofQatar’s demand of two million workforcefor its infrastructure projects for FIFA2022 World Cup to be held in Doha.
He also stressed the need for diversi-fying the trade potential between the twocountries. He expressed satisfaction overthe remittances from Qatar that had in-creased to US$ 354 mln in 2010 as com-pared to US$ 339.51 mln in 2009.
The President mentioned that a high
fee of Qatari visa was a deterrent to ex-port of manpower from Pakistan andhoped it would be reviewed. He proposedthe visit of a ministerial-level delegationfrom Qatar to Pakistan to discuss modal-ities of export of manpower for Qatar’sfuture needs.
The meeting was attended by Minis-ter for Foreign Affairs Hina Rabbani Kharand Advisor on Petroleum and NaturalResources Dr Asim Hussain, Members ofNational Assembly Munir Orakzai andAmer Ali Khan Magsi and AmbassadorSarfraz Ahmad Khanzada.
Pakistan, Qatar agreeon cooperation inenergy, trade
NBP quick off the blocks
ISLAMABAD
APP
The National Bank of Pakistan (NBP),Islamabad region has established briskresolution strategy to cope with the AutoTeller Machines (ATMs) faults andproblems, bring the ATM-related com-plaints to nominal level, a senior officialof the Bank told APP.
“We have 24x7 check up of theirATMs through our Regional Data Cen-tre’s surveillance and the errors are im-mediately taken up by the respectivequarters for their ready solutions’, TariqZafar Iqbal Regional Head of the NBP,said here Wednesday.
He said that NBP’s regional man-agement in Islamabad always respondsto the customers’ calls and there havebeen witnesses of on the spot rectifica-tions and problem resolutions in this re-gard. “It is imperative that we mustappreciate their service and dedicationwhich has made it possible for the met-ropolitans to meet their demands incash around the clock”, he remarked.
Mr. Iqbal further said that the Na-tional Bank of Pakistan is the flag-bearerof service in the financial sector of thecountry. The scope of its service, he saidwas not limited to only domestic opera-tions but it is also globally appreciatedand acknowledged as one of the Re-
gion’s best banks as accredited throughhigh ratings by the international finan-cial rating agencies as well as by virtueof having won many international acco-lade and awards over the years.
“Might it be the pension paymentsto the senior citizens or the governmentrevenue collections and salary disburse-ments to the public sector, the NBP iscommitted to deliver the service with apassion for the Nation’s service, beingthe Nation’s Bank”.
He explained that the NBP startedits ATM service in Islamabad in June1996 when it inaugurated its first ATMin Super Market Branch, F-6, Islam-abad. Over the years, the number ofNBP’s ATM has increased to 21 in themetropolis.
“These ATMs are spread over thelength and breadth of the Federal Capi-tal, including Melody, Super Market,Aabpara, G-9, Pak. Secretariat, i.e. B
Block, D Block, S-Block and K-Block, G-10, Airport, A.I.O.U, Foreign Office, F-8Markaz, Industrial Area, Marriott Hotel,Nilore, P.M. Secretariat and Aiwan-e-Sadder”,Iqbal remarked.
He said that the NBP caters to around150,000 accounts in Islamabad alone andthe number of ATM transactions carriedthrough NBP’s ATM surmount to nearly90,000 in a month which is a huge num-ber by all means, as evidenced by the datacollected by the scribe. Tariq Zafar Iqbaladded that the NBP has turned its entirenetwork of branches to online operationsacross Pakistan.
“It provides an opportunity to itsclients to collect their cash at one touchof a button from any one link ATM. Byvirtue of NBP’s one link facility, theATM card holders of all the Bank’s op-erating in Pakistan can use NBP’s ATMfacility”, he remarked.
“It is certainly established that thevolume and scale of ATM operationsbeing handled by NBP Islamabad is re-ally magnanimous as compared to allother commercial banks in the country”,he added.
The Regional Head of NBP addedthat there have been occasional com-plaints of hard-ware problems, dis-penser issues, audit & consumer rollserrors and communication link break-downs.
Government to release Rs100m for industrial uplift KARACHI: The development work in Koarngi industrial area is due to start very soon as the initial Rs100 million funds for thepurpose would soon be released by the KMC, said Town Administrator Korangi A Sami Khan. This he stated while executingCPLC-Neighborhood Care project initiated by the industrialists of Sector 23 led by CEO Maple Pharma Shafiuddin Feroz. Khansaid that the construction of Road 5000 would start very soon followed by carpeting of Road 2000. He said the townadministration was awaiting funds from the Annual Development Plan following which several projects relating toinfrastructural development would be taken up. Khan appreciated the initiative of Sector 23’s industries to establish CPLC-NCproject for their security. Chairman KATI Zubair Chhaya said as the Governor Sindh was very keen to establish the projects inindustrial areas, KATI was supporting and assisting its members to contribute in such projects so that the ever-increasing crimein KIA could be curbed. He said though KATI members were contributing towards CPLC-NC and various civic works in theirareas but the KMC and town administration’s support was mandatory. The administrator said the industrialists were ready topay the KMC’s infrastructure development tax provided the KMC take up development works and complete the ongoingprojects. CEP Maple Pharma Shafiuddin Feroz said the industries were suffering due to crime incidents in the area where theinfrastructure was extremely poor. He said industries in KIA were exporting goods worth hundreds of millions of dollars yetthey were deprived of basic civic facilities. He urged the government to take up development works in KIA. STAFF REPORT
ISLAMABAD
APP
The Federal Tax Ombudsman (FTO) has di-rected the Federal Board of Revenue (FBR)to revisit its assessment of Income Tax re-turns of Zeenat Drug Agency Narowal as itsaudit was not conducted as per law.
“Invoke revisionary jurisdiction underSection 122A of the Ordinance to revisitthe assessment made under Section122(4) of the Ordinance, as per law; andsubmit compliance report within 30days.” The FTO directed the FBR.
According to FTO findings, the auditof a return not formally selected by thecompetent authority is contrary to lawand tantamount to maladministrationunder Section 2(3) of the FTO Ordinance.
The protracted delay in finalization ofaudit was also tantamount to maladmin-istration, it added. According to details,Muhammad Umer Farooq, ProprietorZeenat Drug Agency Katchery RoadNarowal had made complaint against ille-gal assessment under section 122(4) ofthe Income Tax Ordinance 2001 (the Or-dinance) in FTO on 10 August 2012.
The Complainant’s income tax Returnfor Tax Year 2007 was selected for audit bythe Commissioner IR, Audit Division, RTO,Sialkot, vide letter No.1223 dated27.06.2008. The Complainant revised theReturn for Tax Year 2007 twice, however,
the assessing officer continued with theoriginal audit proceedings, as if no revisionof Return had taken place.
The audit was concluded on28.06.2012, after a lapse of 4 odd yearsand the complainant’s total Income for TaxYear 2007 was determined at Rs3,657,737as against declared Rs272,513 and an ad-ditional tax liability of Rs914,434 wasraised. The Complainant assailed the treat-ment accorded by the department asharsh, illegal, oppressive and whimsicaland took strong exception to the conductof audit with reference to the original Re-turn, ignoring the revised returns.
He said that when the revised Returnswere admitted by the department andtaken on record, for the audit proceedingsto continue legally a fresh audit selectionorder was required to be made after eachrevision. The complainant has alsopointed out that stay against arbitrary se-lection of his return was granted by theLHC but the department continued theaudit proceedings after expiry of sixmonths on the ground that this being arevenue matter stay could continue onlyfor a six-month period. The complainantfurther drew the attention to the fact thatthe department having accepted declaredturnover and gross profit as per the sec-ond revised return was not justified tomake arbitrary additions in the mannerdone by the assessing officer.
FTO directs FBR to revisit drugagency’s IT returns
Establishes brisk resolution strategy to cope with ATM flaws
PRO 08-11-2012_Layout 1 11/8/2012 12:10 AM Page 1
02
Thursday, 8 November, 2012
Major Gainers
COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERUniLever Pak 9600.50 9799.00 9774.99 9774.99 174.49 40Unilever Food 3690.00 3775.00 3775.00 3775.00 85.00 40Colgate Palmolive 1268.00 1300.00 1250.00 1300.00 32.00 4,000Siemens Pakistan 745.00 769.00 769.00 769.00 24.00 50Island TextileXD 443.10 465.25 445.00 465.25 22.15 400
Major LosersNestle Pakistan Ltd. 4560.00 4699.99 4332.01 4699.99 139.99 40Rafhan Maize Prod. 3760.00 3572.01 3572.00 3572.00 -188.00 40Bata (Pak) XD 1406.00 1380.00 1335.70 1380.00 -26.00 100Pak Gum & Chemical 169.66 162.05 161.18 161.18 -8.48 4,000ZIL Limited XD 108.11 102.80 102.80 108.11 0.00 100
Volume Leaders
D.G.K.CementXD 53.20 53.57 52.11 52.68 -0.52 12,306,000Engro Foods Ltd. 76.60 80.43 77.51 80.43 3.83 10,803,500Maple Leaf Cement 9.98 10.61 9.70 10.17 0.19 10,168,000Fauji Cement 6.68 6.81 6.56 6.60 -0.08 8,294,500Bank Al-Falah 15.62 15.97 15.40 15.92 0.30 7,162,000
Interbank RatesUS Dollar 95.9451UK Pound 153.6369Japanese Yen 1.1942Euro 123.1935
Dollar EastBUY SELL
US Dollar 95.90 96.40Euro 120.84 123.19Great Britain Pound 151.37 154.28Japanese Yen 1.1819 1.2045Canadian Dollar 94.62 96.95Hong Kong Dollar 12.14 12.40UAE Dirham 25.85 26.32Saudi Riyal 25.25 25.68Australian Dollar 98.18 101.52
Business
TAG Heuer’s latest brandambassador: Cameron Diaz
KARACHI: Internationally-renowned actressCameron Diaz takes on an exciting new role : thatof TAG Heuer ambassador and muse for the newLINK LADY collection. This new range isdedicated to beautiful and rebellious womenaround the world. The new look and feel of TAGHeuer’s latest ladies’ collection reflects Ms. Diaz’personal style: “I want a watch that is more thanjust a timepiece, it should be like my favorite pieceof jewelry,” says Diaz. “The new Link Lady ismodern yet timeless, sexy and elegant and I’mequally comfortable wearing it on the red carpetor in my day-to-day life.” The glossy new jeweledLink Lady is seductively curvy and sophisticated,yet faithful to the iconic Link design and TAGHeuer savoir-faire. PRESS RElEASE
HBL declared ‘Strongest Bank in Pakistan’KARACHI: Habib Bank Limited (HBL), Pakistan’slargest commercial bank, was declared the“Strongest Bank in Pakistan” by The Asian Bankermagazine. The announcement was made at aceremony in Osaka, Japan.The award was judged against a stringent criteriaincluding Scale of Operations, Balance SheetGrowth, Risk Management, Profitability, AssetQuality and Liquidity. Mr. Jamil Iqbal, Head-GlobalCompliance and Mr. Faiq Sadiq, Head-PaymentServices represented HBL on the occasion. “We areprivileged to have received this honour and are
grateful to our customers for their confidence andtrust in us.”, said Mr. Jamil Iqbal. PRESS RElEASE
Etihad Airways presentsFashion Week’s ‘Most InspiringDesigner’ award
KARACHI: Etihad Airways has teamed up withFashion Pakistan to present “Pakistan’s MostInspiring Designer” award to Zaheer Abbas. Zaheerwowed fashion aficionados at the recent FashionPakistan Week, held in Karachi. Zaheer, who wasalso named as the “Best Emerging Talent inFashion” at the prestigious Lux Style Awards, waschosen in an online poll posted on the EtihadAirways’ Facebook page and the votes receivedfrom the members of the Fashion Pakistan Council.One lucky Etihad Airways Facebook fan, KamranHashim, also won 15,000 Etihad Guest Miles bytaking part in the poll. Zaheer is best known for hislove for light fabrics such as chiffon, airysilhouettes and attention to detail. PRESS RElEASE
Women’s involvement must forsustainable development: CDAISLAMABAD: Member Planning and DesignCDA Syed Mustafain Kazmi on Wednesday saidthat burden of this poverty on women must bereduced to ensure their empowerment which willtrigger the national development.Country can onlyprogress if women are not neglected for whichtheir empowerment is of paramount importance,he said.He was speaking to women entrepreneurs
representing Islamabad Women’s Chamber ofCommerce and Industry (IWCCI) and AbbottabadWomen Chamber of Commerce and Industry(AWCCI). PRESS RElEASE
Happilac explores Afghanistan
KABUL: Happilac paints further explores theAfghanistan’s market through participation andpromotion at “Made in Pakistan Exhibition,according to a statement on Thursday. HappilacPaints partook the success of the expo“Made inPakistan Exhibition” held from 18-21 Oct 2012 atIntercontinental Kabul. The expo offered attendeesand exhibitors the opportunity to network andconnect with others industries in Pakistan. Differenttraders & construction companies showed their keeninterest in Happilac Products, which were displayedexclusively on a stall. Commerce minister, PresidentChamber of Commerce and Ambassador of Pakistanalso visited the Happilac stall. PRESS RElEASE
US government appreciates BISP
ISLAMABAD: Foreign Donors along with the USGovernment through USAID has continuouslysupported Benazir Income Support Programme(BISP) due to its transparency and advancedsystems employed in its operations. There is aneed to extend the social protection net andoperations of BISP in the coming future. This wassaid by Mr. Richard A. Albright, US Coordinator
for Economic and Development Assistance andCraig P. Kim, US Special Assistant for Economicand Development Assistance during their meetingwith Federal Minister and Chairperson BISPMadame Farzana Raja here in BISP Secretariat.Mr. Richard A. Albright further said that by virtueof nationwide poverty census, BISP has collectedcomprehensive data of millions of families inPakistan. This data should be shared withprovincial governments, NGO and INGOs so thatvarious social sector projects could be launched inthe country. US Embassy delegation appreciatedWaseela-e-Taleem (Right to Education)Programme launched by BISP, terming it a vitalProgramme in education sector of the country.The delegation ensured Madame Farzana Raja ofcontinuous US support in various projects beingintroduced. PRESS RElEASE
Ufone holds ‘Friends ofEnvironment’ competition
ISLAMABAD: Country’s fast expanding cellularnetwork Ufone arranged “Ufone-Friends of theEnvironment” competition to engage and instillhealthy environmental practices amongst theChildren of SOS villages. Children who took partin the competition were aged between 7 and 14.The activity was planned with an objective toeducate the children and by association educatethe future generations. During the last fewdecades planet earth has witnessed majorenvironmental changes and experts attributeseveral reasons for this change including fast-paced industrialization and large scale cutting oftrees. A total of 10 SOS villages were involved inthis project. A panel which consisted of topmanagement at Ufone judged the artworksubmitted by each village. This way not anyindividual child alone was a winner but the wholevillage reaped the benefit. PRESS RElEASE
CORPORATE CORNER
KARACHI
STAFF REPORT
Karachi Chamber of Commerceand Industry President Muham-mad Haroon Agar Wednesdaysaid Pakistan does not need aidbut trade and access to the US
markets. Exchanging views with the delegationof USAID in Pakistan headed by
Alan L. Davis, Director Economic Growth,USAID Islamabad, Agar said besides grantingeconomic aid and assistances, the US may con-sider increasing investment in Pakistan as it waslargest trading and investment partner of Pak-istan. He apprised that Pakistan had lost pre-cious lives of its citizens and faced losses ofbillions of dollars in war against terrorism.
USA should reciprocate its cooperationthrough shifting its support from conventionalaid to market access, investment, technologytransfer, education and training, scientific re-search, power generation and infrastructural de-velopment. He appreciated the USAID assistancein various programmes of economic growth, agri-culture, energy, education and health. He was ofthe view that besides funding in dams projects,USAID may consider funding in projects of TharCoal and other alternate energy solution.
Similar coal is being used in various powerplants around the world and one in U.K. York-shire, he told. USA allowed civil nuclear energy toUAE and India. Similar treatment be accorded toPakistan to overcome energy crisis, he conversed.He also suggested that in Economic Growth andAgriculture, USAID can make programmes to ed-ucate farmers and rural population to add valueto agricultural and dairy products.
USAID can make Micro-Financing pro-grammes to eliminate poverty and promoteMicro-Entrepreneurs. Similar programmes canbe developed for SMEs. He also proposed fund-ing of US Special Economic Zone on the patternof Japan Special Economic Zone planned in
Karachi. He was of the view that USAID can in-vest in revenue generating projects of NationalInterest on BOT– Build, Operate and Transferbasis in Metro railway in Karachi, Mass transit,Low Cost Housing, Town Planning, education,medical, mining, constructing new small damsand other projects.
To promote SMEs he also suggested for in-stitutional capacity building of SMEDA and sup-port to SME Bank. He assured USAID team inPakistan Karachi Chamber’s best support andcooperation. Alan L. Davis, Director EconomicGrowth, USAID Islamabad recognized the vi-brant role of Karachi Chamber of Commerce &Industry for promotion of commercial and in-dustrial activities and sought support of KCCI invarious USAID programmes in Pakistan.
He informed that owing to importance ofeconomic development, USAID’s economicgrowth program seeks to secure a self-sustain-ing future for Pakistan by nurturing competitiveenterprises, efficient market environments, ef-fective government policies, and business op-portunities for women. He said that USAIDworks with governmental and other partners tostrengthen Pakistan’s agricultural sector, so itcan meet domestic food needs while generatingexport revenues. These initiatives are spurringbroad-based economic growth and improvingthe earning power of people throughout thecountry. Geoffrey Minott, Deputy for EconomicGrowth & Agriculture USAID Islamabad in-formed that USAID Pakistan Trade Project ac-tive since 2009 supports the Government ofPakistan and private sector stakeholders.
Dear Uncle Sam,Trade not aidYours repetitively,KCCI
Dollar down, markets up in Asia after Obama winHONG KONG: The dollar slipped in Asian trade Wednesday, while share markets rose after PresidentBarack Obama was re-elected in a knife-edge US presidential election. As a hard-fought campaign camedown to the wire Obama was declared winner after picking up crucial swing states, wiping away uncertaintythat had pervaded markets for the past few days. But in afternoon foreign exchange trade the greenbackslipped against the euro and yen as dealers bet that under Obama the Federal Reserve would continue withthe loose monetary policy that has seen it flood markets with billions of dollars. The European singlecurrency bought $1.2861 in Tokyo, well up from $1.2788 earlier Wednesday and $1.2814 in New York lateTuesday. The greenback was also at 80.05 yen compared with 80.34 yen in New York. The greenback wasalso broadly lower against other Asia-Pacific currencies, including the Australian, Taiwan and Singaporedollars, and the Indian rupee. AGENCIES
FFC connects first50MW wind farmto national grid
KARACHI
STAFF REPORT
FFC Energy Limited (FFCEL) hasdeveloped the country’s first 50megawatt wind power project at Jhimpir,District Thatta, in Sindh. Establishedwith an investment of US$134 million,the grid interconnection facilities for thisproject were energized on 30th October,2012, whereby the wind farm is nowconnected with the National Grid. Thismajor milestone was achieved by thecoordinated efforts of CPPA/NTDC,HESCO & FFCEL. The project is thusready to play a revolutionary role instrengthening Pakistan’s wind-powersector. Brig (R) Tariq Izaz, ProjectDirector, said, “All 33 individual WTGsand ultimately the commissioning of thewhole wind farm is planned tocommence from 7th November, 2012 andFFCEL expects to begin commercialoperations by mid December, 2012.However, FFCEL will endeavor for earlycompletion of WTG commissioningactivities, ahead of above schedule, bydeploying more resources, whereverpossible.” Since its inception in 2009,this project has shown rapid progress.Erection of all 33 Wind TurbineGenerators was successfully completedby July 2012. By Mid August 2012, allcivil, mechanical and electrical worksrelated to grid interconnection facility,HV switchyard, MV substation and MVcollection system were completed.
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