profit.com.pk Thursday, 31 May, 2012

IT’S SHOW TIME!

BRUSSELS/MADRIDREUTERS

Spanish government borrowing costslurched higher and the Madrid stockmarket hit a nine-year low with in-vestors rattled by the parlous state ofits banking sector fleeing to the rela-tive haven of German bonds.

EU Economic and Monetary Af-fairs Commissioner Olli Rehn saidBrussels was ready to give Spain anextra year until 2014 to bring itsdeficit down to the EU limit of 3 per-cent of gross domestic product ifMadrid presents a solid two-yearbudget plan for 2013-14, something ithas committed to do.

The concession, which Madrid hasnot publicly requested, was on condi-tion that Spain effectively reins inoverspending by its autonomous re-gions, makes further financial sectorreforms and recapitalizes its troubledbanks.

While the Commission is respon-sible for proposing laws, it is memberstates that decide whether to adoptthem.

EU paymaster Germany has so farfirmly opposed any collective Euro-pean banking resolution and guaran-tee system or any use of bailout fundswithout a country having to submit toa politically humiliating EU/IMF aus-terity program.

Rehn said there were no groundsfor giving Italy a similar extension tobalance its budget, due in 2013, sinceunlike Spain its economy is forecast tostart growing again next year.

In an economic policy documentwhich laid out some of the dramaticpolicy proposals which analysts sayare needed to tackle the debt crisis,the European Union's executive armsaid the vicious circle of weak banksand heavily indebted states lending toeach other must be broken and called

for a banking union in the euro zone.Commission President Jose

Manuel Barroso said tighter eurozone integration could include ajoint bank deposit guarantee schemeto prevent a bank run and euro areafinancial supervision, saying themood had changed since memberstates unanimously rejected a jointdeposit guarantee fund only monthsago.

"In the same vein, to sever the linkbetween banks and the sovereigns, di-rect recapitalization by the ESM (Eu-ropean Stability Mechanism) mightbe envisaged," the report said.

Permitting the ESM to lend di-rectly to banks would require achange to a treaty in the midst of rat-ification by member states that mightcome too late for Spain's needs. Span-ish premier Mariano Rajoy backs theidea but Rehn appeared cool to it.

"Direct disbursements to banksare not foreseen as such in the treaty,and therefore this is not an availableoption ... in terms of direct recapital-ization," Rehn told reporters.

Spain's banking woes - the resultof a burst property bubble aggravatedby recession - have combined withgrowing uncertainty about Greece'ssurvival in the euro zone to reigniteEurope's sovereign debt crisis. Thatdrove the euro to a two-year lowbelow $1.2450, while Europeanshares also fell after Italy had to payheavily to sell bonds.

Madrid said its bank rescue fundwould issue bonds to inject funds intonationalized lender Bankia, but thatlooks expensive with 10-year borrow-ing costs at 6.65 percent near theireuro era peak and close to levels atwhich Ireland and Greece were forcedto seek international bail-outs.

Investors unnerved by Spain'sdeepening financial crunch pushedItaly's funding costs sharply higher at

a bond sale, with 10-year yields top-ping 6 percent for the first time sinceJanuary.

hEIGhTENED ANXIETYIn a sign of heightened anxiety in

Washington, top U.S. Treasury officialLael Brainard was dispatched to holdtalks in Greece, Germany, Spain andFrance "to discuss their plans forachieving economic stability andgrowth in Europe", the Treasury De-partment said.

Barroso said Europe's G8 part-ners, at a summit in the United States10 days ago, had asked the euro zoneto go further with financial and eco-nomic integration.

A sudden economic deteriorationin Europe would pose a serious threatto the U.S. economy and hence toPresident Barack Obama's re-electionprospects in November.

Rajoy has insisted his governmenthas no intention of seeking anEU/IMF bailout either for its banks orfor the state.

But the abrupt resignation ofBank of Spain Governor Miguel AngelFernandez Ordonez on Tuesday, amonth before his term was due to end,added to doubts about the handling ofthe Bankia crisis and relations withEuropean institutions.

highlighting Spain's difficulty inmeeting fiscal targets while grippedby a deep recession, the outgoing cen-tral bank chief said tax revenue mayfall short of government estimatesand spending may be higher than ex-pected.

he recommended bringing for-ward a rise in value-added tax set for2013 if the deficit objective goes offtrack this year.

In its country report on Spain, theCommission said the latest bankingreform presented this month did notgo far enough and needed to bestrengthened to include provisioning

on mortgages and lending to smallbusinesses.

It also warned that unless policiesare changed, Spain's debt will spiral to100 pct of GDP by 2020. Madrid hadone of the lowest debt ratios in theeuro zone before the crisis at about 35percent of GDP.

GREECE IN BACKGROUNDLess than three weeks before a

crucial second general election thatmay determine whether Greece staysin the 17-nation currency area, Greekswere warned by their biggest bankthat they face economic catastrophe ifthey leave the euro.

Living standards would plummet,incomes would be slashed by morethan half, and inflation and unem-ployment would skyrocket, the Na-tional Bank of Greece said.

The outcome of the election wasthrown into doubt on Wednesdaywhen a poll suggested the anti-bailoutSYRIZA party would win, contradict-ing six previous forecasts.

The worries about Spain andGreece have hit efforts by other trou-ble euro zone countries to emergefrom their own debt woes.

The Irish vote in a referendum ona European budget discipline treatyon Thursday which is seen as a pre-condition for receiving furtherEU/IMF aid.

Opinion polls forecast a solid winfor the "Yes" camp, but Ireland'shopes of returning to bond marketslate next year as a reward for textbookimplementation of an austerity pro-gram have been clouded by wider un-certainty in the euro zone.

Safe-haven German bond yieldshit a record low as worries aboutSpanish banks intensified whileSpain's benchmark IBEX stock index,which is down 28 percent this year,fell 2 percent after hitting a new nine-year low earlier in the session.

Oh Mon Dieu! Page 02

EU throws Spain two potential lifelines

ISLAMABADAPP

ThE Economic Survey ofPakistan for the outgoingyear 2011-12 will belaunched here on May 31(Thursday). Federal Min-

ister for Finance Dr. Abdul hafeezShaikh will launch the pre-budgetdocument, highlighting the overallperformance of economy during theout-going fiscal year, providing a re-alistic feedback and basis for plan-ning.

The survey covers the develop-ment of all the important sectors ofeconomy, including growth and in-vestment, agriculture, manufactur-ing, mining, fiscal development,money and credit, capital marketsand inflation and debt and liabilities.

The survey also highlights theperformance of education, health andnutrition, besides showing the overall

population, labour forceand employment,poverty, transport andcommunication.

It also assessesthe issues of environ-ment, contingent lia-bilities, taxexpenditure as well aseconomic and socialindicators. Meanwhile,the government has ap-proved Rs.873 bil-lion for PublicSector De-velopmentP r o -g r a m m e(PSDP)

2012-13, with 360 as Fed-eral component.

The growth for thenext fiscal year hasbeen projected at 4.3percent where as esti-mated growth rate forthe ongoing yearwould be 3.7 percent.The Consumer Price

Index Inflation is ex-pected to be around 11percent during the yearas against 13.7 percent

during the previousyear.

O f f i -cial

in the Ministry of Finance told APPthat all arrangements have been fi-nalized to launch the Economic Sur-vey 2011-12 on Thursday at theP-block auditorium at about 3 pm.Meanwhile, the Federal Budget forthe upcoming fiscal year 2012-13 isscheduled to be presented before thetwo houses of the parliament simul-taneously on June 1, Friday.

Federal Minister for Finance, Dr.Abdul hafeez Shaikh has already in-dicateded that the budget would bepeople friendly, growth and employ-ment oriented and would have no"unpleasant surprise" for the taxpay-ers.

he has also indicated that thegovernment would not put any addi-tional burden of taxes on the existingtaxpayers during the upcomingbudget for the fiscal year 2012-13 in-stead efforts would be made to bringnon-filers under the tax net for theprosperity of the country.

I know what you did last summerg Economic Survey 2011-12 to be launched todayg The disparity between last summer’s aims and the achievements to be highlighted

Asia unites to solve riceprice puzzleg Asian Rice Trade Forum from June 19

ISLAMABADONLINE

In a bid to seek to serve as a platform for pro-moting coherent and coordinated policy ac-tions on rice trade, a two-day Asian RiceTrade Forum will be kicked off from June 19,2012 in Cambodia.The theme of the Forum is managing the risksof extreme rice price volatility caused by pol-icy shocks and supply distortions broughtabout by climate change, through coherentand coordinated policy actions.The Forum is convened, on a pilot basis, bythe ASEAN Food Security Reserve Board(AFSRB), in coordination with the ASEANSecretariat and the Asian Development Bank(ADB).

NINETY-FOUR!g US dollar reaches new height, alltime high against rupee

KARACHIONLINE

On Wednesday, the reeling rupee has yetagain hit a record all time low against US dol-lar in the inter-bank market.US dollar reached as high as Rs.94, which isan all-time high in history of the country.Forex dealers were of the view that it gainedstrength against rupee due to a rising demandof USD by the exporters. Currency savants said if USD is not stopped inits tracks now the imports would go dearer fu-elling inflation big time.

Gold slips to Rs 47,314KARACHI

APP

Gold slipped by 171 to close at Rs 47,314 per10 grams in the local market Wednesday as itsinternational price dipped to $ 1,549 anounce, market sources said.According to Karachi Saraf Association offi-cial, tola (11.664grams) price also decreased by Rs 200 toclose at Rs 55,200. Silver closed lower at Rs814.28 per 10 grams.

Magnificent seveng PIA cuts 12 departments into 7for more efficient operation

KARACHISTAFF REPORT

The Pakistan International Airline (PIA) hascarried out reorganization of its departmentsfor better coordination, smooth functioningand efficient operations.The total number of departments has been re-duced from 12 to seven, said the national flag-carrier in a statement issued Wednesday.It said various departments, which were de-pendent on each other for their functions,have been merged.The decision was taken by in a meetingheaded by Chairman PIA Rao Qamar Sule-man. The meeting comprised the Airlines’senior management officials, heads of Em-ployees Union (Collective Bargaining Agent),societies and associations who fully supportedand concurred with the new arrangement.All PIA personnel and employees have beenabsorbed and accommodated.There will be no lay-offs as a result of this re-organization. The reorganization would bepresented and discussed in the next Board ofDirectors meeting.

PRO 31-05-2012_Layout 1 5/31/2012 12:44 AM Page 1

news02Thursday, 31 May, 2012

KARACHISTAFF REPORT

The central bank on Wednesday advised the ex-change companies to strengthen their complianceculture and ensure adherence to the prescribedrules and regulations of the State Bank of Pakistan(SBP).

This was state by Kazi Abdul Muktadir, execu-tive director SBP, while opening an awareness pro-gram on Corporate Governance for the board ofdirectors and chief executives of the exchange firmshere at the SBP.

The executive director said the program wouldgo a long way towards capacity building of the ex-change firms and enhance their effectiveness aswell as credibility.

Also, Kazi briefed the participants about thebackground under which the exchange firms wereestablished and opportunities available for them tograduate towards larger sized companies.

Director Development Finance Institutions andExchange Companies Inspection Department, SBP

Shaukat Zaman and other senior officers of the SBPand Financial Monitoring Unit (FMU) also spokeon the occasion.

The program was held under the auspices ofthe SBP’s DFIs&Exchange Companies InspectionDepartment to create awareness on corporate gov-ernance, internal controls, Management Informa-tion System (MIS), Know Your Customer(KYC)/Anti Money Laundering (AML) for betterunderstanding to further improve their complianceculture.

More than 80 directors and CEOs of the ex-change firms of both A and B categories represent-ing 27 companies, having their head offices inSindh and Balochistan, participated in the pro-gram.

Chairman Exchange Companies Association ofPakistan (ECAP) Malik Muhammad Bostan andPresident ECAP haji haroon among others at-tended the awareness program. Bostan thanked theSBP for organizing this important awareness pro-gram and offered to extend his all out support forsuch initiatives of the central bank.

Asks money exchangers to augment compliance culture

KARACHISTAFF REPORT

The central bank on Wednesday notified certainregulatory changes in the relevant rules with anaim to standardize the recording and reporting ofcredit Murabaha transactions carried out by the Is-lamic banks. The State Bank, through issuing a cir-cular to all Islamic banks and

The conventional banks having Shariah-com-plaint branches, noted that the practice of record-ing and reporting of credit Murabaha transactionswas not standardized across the industry.

The regulator said the cases wherein IBI pur-chases the goods on supplier’s credit and sells thesame on credit under Murabaha, the transactionshall be booked as on-balance sheet item by appro-priately recording ‘Payable to supplier’ and ‘Receiv-able from customers against Murabaha’ for the saidcredit purchase and credit sale respectively.

It said the CRR/SLR and capital adequacy re-quirements on the said liability and financing, re-spectively, shall be applicable as per prevailing SBP

instructions, issued from time to time.Thirdly, the banks’ profit on the said transac-

tion would be recognized as per the provisions ofIFAS-1, it added. Theses instructions, the SBP said,were in line with the spirit of the IFAS-1.

“Unlike normal Murabaha transactionswherein IBIs purchase the goods on cash and sellthe same on credit, under credit Murabaha trans-actions, the IBIs purchase as well as sell the goodson credit as the suppliers allow credit for a certainperiod on the sale of goods,” it said.

While normal Murabaha transactions arerecorded and reported as per IFAS-1, the practiceof recording and reporting of credit Murabahatransactions is not standardized across the indus-try. “Therefore, in order to bring standardization inrecording and reporting of credit Murabaha trans-actions,” the above instructions were issued, thecentral bank said. These instructions are applicablewith immediate effect.

Murabaha is an Islamic banking product thatdenotes an approved mode of finance for the Is-lamic Banking Institutions.

Moves to standardise treatment of credit Murabaha

SBP HAD A BUSY DAY

BRUSSELSREUTERS

hollande wants to shift Europe's strat-egy towards growth and ease the pace ofGerman-led austerity some economistsblame for suffocating nationaleconomies, but France's ability to meetits goals is crucial to the euro zone'scredibility with investors.

France is supposed to cut its budgetdeficit to 3 percent of gross domesticproduct in 2013, but the Commission'slatest forecasts suggest it will be someway off that goal, with a shortfall of 4.2percent, down from 4.4 percent in 2012.

Economists polled by Reuters thinknext year's deficit could actually rise to4.6 percent.

"The distance to the 3 percent ofGDP threshold remains significant," theCommission said in its annual assess-ment of France's economic performance,saying budget consolidation was one ofFrance's biggest policy challenges. "Cor-recting the excessive deficit by 2013 mayrequire additional efforts."

"The French authorities need tospecify the measures necessary to ensurethat the excessive deficit is corrected by2013," it dded.

France is the euro zone's secondlargest economy and, along with Ger-many, central to European integration

and the EU's global standing. Any sug-gestion that it is plagued by economicdifficulties like those of indebted Spain,Greece and Ireland could complicate ef-forts to resolve the euro zone debt crisis.

"The high level of public debt posesa threat to the sustainability of public fi-nances, and the recent rise in bondspreads suggests that markets are con-cerned about the country's fiscal posi-tion," the Commission report said.NO SPENDING SPLURGE: hollande

says he has inherited worse-than-ex-pected public finances from his conser-vative predecessor Nicholas Sarkozy andhas ordered an audit of the state ac-counts for the end of June.

But even if the audit were to confirmcurrent forecasts, the Commission saidFrance would need to limit spending in-creases, keeping these under the level ofeconomic growth, which the EU's exec-utive sees at 0.5 percent this year and 1.3percent in 2013.

That would squeeze hollande's cam-paign promises to hire 60,000 schoolstaff and create 150,000 state-aided jobsin a country with one of the world'shighest levels of public spending.

EU Economic and Monetary AffairsCommissioner Olli Rehn said he ex-pected hollande to announce new meas-ures to tackle the deficit once the auditwas complete.

"It is... important for France to takeeffective action in order to meet its fiscaltargets to bring the fiscal deficit to belowthree percent. It is fully achievable,"Rehn told a news conference.

"I expect that France will, shortlyfollowing the review conducted by theCour des Comptes, present concretemeasures in order to ensure it respectsits commitments," Rehn said, referringto the French court of auditors.

With the Commission's growth fore-casts below those of the French authori-ties for next year, the report said suchmeasures should be cuts in governmentspending and tax reforms.

"In terms of fiscal revenue, the num-ber and cost of tax expenditures is to befurther reduced," the Commission re-port said. "Moreover, despite measuresto reduce taxes on labor, further effortsare needed to develop a tax system thatis more conducive to sustainable eco-nomic growth."

Oh Mon Dieu! Expecting LouisVuitton from a shoestring budget?g PRGMEA says Rs42b

budgetary allocation notenough for textile sector

KARACHISTAFF REPORT

Shehzad Salim Central Chairman Pak-istan Readymade Garments Manufactur-ers and Exporters Association(PRGMEA) said the Ministry of TextileIndustry had requested a budgetary allo-cation of Rs 42 billion for the next fiscalyear 2012-13 from the Finance Ministry.Even if this amount is sanctioned, Rs28billion would go towards payment ofoutstanding claims of the exportersagainst various schemes (DLTL, R&D,etc.) leaving only Rs 14 billion for thedevelopment and up-gradation works ofthe textile sector.Salim said in last budget, the textileministry had asked for approximatelyRs30 to Rs 35 billion out of which onlyRs 7.5 billion were allocated and only Rs6 billion were paid, the balance amounthas lapsed.The PREGMEA chief pointed out thatrelief to the textile sector means relief tothe people of Pakistan as the textile sec-tor employs 38%, 16.5 million, of coun-try’s total workforce. Out of this, thegarment industry employs around 6 mil-lion people. If relief is provided to thissector, it will result in more job creationfor the poor unskilled workers.Salim dispelled the impression thatmoney allocated for the textile sectorgoes into the pockets of industrialists,instead he said it would directly benefitthe workers employed in the sector.Keeping the factories going is of primeimportance as this results in continuedemployment.In this regard, he explained that theMinistry of Textile Industry has chalkedout several development programs forthe sector which will result in up-grada-tion and modernization of textile ma-chinery, which will help create new jobs.Also, several programs for vocationaland technical training have been envis-aged, due to which unskilled workerswill become skilled workers and earnmore for their families.he expressed hope that the FinanceMinister, Dr. Abdul hafeez Shaikh willprovide the required funds to the textilesector as it directly benefits the lower in-come section of the economy.

g France risks missing 2013 deficit goal, EU Commission says

KARACHIZAIN ALI

Karachi Chamber of Commerce & Industry’s (KCCI) Act-ing President Younus Muhammad Bashir has demandedto control the recent waves of unbridled street crimes,criminal activities, extortion, kidnapping for ransom,terrorism in the markets and commercial centers ofKarachi. he demanded the Chief Minister Sindh for im-mediate directives to law enforcing agencies the controlthe bad law and order situation and release of two busi-nessmen brothers who were kidnapping two days ago

from automobile spare parts market situated at M. A.Jinnah Road. In a meeting with delegation of PakistanAutomobiles Spare Parts Importers & Dealers Associa-tion (PASPIDA) Acting President assured support ofKCCI on all law and order issues. he said that the ram-pant street crimes cannot shake the determination of thebusiness and industrial community to strengthen theeconomy. The business and industrial community stands unitedagainst bhatta mafia, criminal elements and kidnap-pers and would not accept any unrest from the law-breakers, he maintained. he stated that to control thebad law and order situation, the KCCI was in regularcontact with Federal Interior Minister and the ChiefMinister Sindh. he assured the cooperation seekingdelegation of Pakistan Automobiles Spare Parts Im-porters & Dealers Association being led by KhalidMahmood Magoon entire support and said that SOSletter would be sent to Chief Minister and the delega-tion of KCCI and the businesses community ofKarachi headed by Chairman Businessmen GroupSiraj Kassam Teli will meet the Chief Minister soon toapprise him about the gravity of situation and lawless-ness in the old city market areas, particularly in JodiaBazar and automobile spare parts markets at TibetCentre. M. A. Jinnah Road.

Dear criminals,Shoo!Yours agitatedlyKCCI

China wants to make haywhile the sun shines

ISLAMABADONLINE

Pakistan and China have discussed investment oppor-tunities in energy sector and various proposals for “ongrid” and “off grid” solar energy solution. A five mem-ber Chinese delegation of Suntech energy lead by Dr.Zhengrong Shi had a meeting with Federal Ministerfor Water and Power, Syed Naveed Qamar here onWednesday and offered to invest in the solar energysector in the country. The delegation expressed theirexpertise in the manufacturing of solar panels and re-lated equipment’s and said that they have business in13 countries and their modules are installed in over 80countries with highest efficiency such as USA andLatin America. Dr. Shi extended support to reduceelectricity demand supply gap. Qamar said that Pak-istan has average 280 to 300 sunny days and also haspower deficit of 4000 MW which will grow further dueto increasing power demand in future.

PRO 31-05-2012_Layout 1 5/31/2012 12:44 AM Page 2

news

Thursday, 31 May, 2012

03

DOUBLE-TONNE SOUTHWARDS

PTCL wins prestigious ESRI SpecialAchievement in GIS Award 2012ISLAMABAD: Pakistan Telecommunication Com-pany Limited (PTCL) has been honored by the pres-tigious U.S.-based Environment Systems ResearchInstitute (ESRI) with the “ESRI Special Achievementin GIS Award 2012” for its outstanding achievementsand organizational performance in geographic infor-mation systems (GIS) and programs.

“PTCL’s GIS program stood out from amongstmore than 100,000 others worldwide for its out-standing use of GIS technology in the existing net-work,” said Founder & President ESRI, Jack Dangeron the occasion. “We have selected PTCL for thisyear’s award on the basis of its innovative applica-tions of GIS technology in Pakistan.”

PTCL has been recognized by ESRI for its expertdeployment of GIS in Islamabad region based onESRI’s ArcGIS platform with telecom intelligenceadded through Telcordia’s NE software for purposesof access network planning and documentation.Building further on its work, the telecom giant’spipeline initiatives will be geared to create a geo-graphical common operating picture for multipleapplications. “This is yet another global recognitionof PTCL’s technological edge and prowess in a com-petitive field,” said PTCL President & CEO, WalidIrshaid, on the occasion. “My heartiest congratula-tions and thanks go to all PTCL employees for theirhard work and commitment, which continue tobring accolades for our Company.”

“The ESRI GIS Award 2102 highlights our Com-pany’s talent and fortifies our resolve to take PTCLto new heights,” said PTCL Chief Technical Officer,Muhammad Nasrullah, while congratulating histeam on the occasion.

The U.S.-based ESRI is the world’s largest GISorganization with more than 0.35 million affiliatesand more than one million users. It is the onlyglobal company with a GIS portfolio covering allsectors of life starting from health to telecommuni-cations. It is estimated that more than 70% GISusers worldwide deploy ESRI products in one formor other.

Warid Telecom presents a fresh and revamped corporate websiteKARACHI: Warid Telecom recently revamped itscorporate website on the occasion of its 7th anniver-sary. With a contemporary design, the new home-page www.waridtel.com encompasses a handful ofdynamic functions which are aimed at enhancingthe online customer experience.

The new website is a result of positive changes

taking place within the company at senior and mid-management levels and reflects a clear vision andfocus on Warid’s commitment to keep serving theneeds of its valuable customers. According to offi-cials within the organization, this is just the begin-ning of more good things to come from Pakistan’smost trusted cellular operator.

As part of their recent investments in customer-focused digital channels, the company's revampedwebsite format is a great success as its new designis more organized and well defined and allows usersto easily navigate through the entire range of Brandsand offerings based on their requirements. All thelatest offers by the operator are publicized througha slideshow, while links to social networking web-sites Facebook, Twitter, and YouTube are also em-bedded in the website.

Developed in hTML5 with a neat and cleanlook, the new improved and more user friendly web-site comes up with very relevant features and shortlinks for Postpaid, Prepaid, Glow, Products andServices, International Roaming, Customer Serv-ices, Network Coverage and Career pages.

It is important to make children feel special

LAHORE: A childrens lucky draw was conducted allover Pakistan where the winners of which would thenhave their pictures on billboards, print media and

Minnie Minors stores all over Pakistan. Yesterday thewinners of the contest were announced. There were10 winners from Lahore, Karachi, Peshawer andother remote areas of Punjab and Sindh. A photo-shoot of these kids was done in their respective citiesso that they can become the faces (super stars) ofMinnie Minors. These kids were given gifts in formof game boys, cinema tickets and stationary in theirrespective cities. It was a pleasure to see the parentsof the winners who were delighted at seeing their kidsbeing promoted and given such big platform of pro-jection. The winners of this contest will get an im-mense confidence boost which is necessary forchildren so that they can reach their maximum po-tential as adults. This whole campaign was a new andinnovative way to boost confidence in kids. This con-fidence building campaign was extended to a muchwider range of children. Minnie Minors in collabora-tion with Shaan Lashari conducted a school cam-paign where specially designed confidence buildinggames were conducted with the children of theschools in Islamabad and Lahore. We can all draw in-spiration from this example that every child need alittle push in the right direction and innovative tech-niques like these might just be the way forward.

Beat the heat in Pakistan with the LGTitan Series Air Conditioners

LAHORE: The heat has begun to reign on Pak-istan. It’s time to bring out the summer checklistand tick off all the necessities before temperaturesrise up at a quick rate. At the top of the list, and avital device to have in every home and office is anair condition that has abilities to withstand the un-bearable heat. LG Electronics (LG) has come upwith the ultimate solution in preparation for the hotsummers with the launch of its Titan Series air con-ditioners in the Pakistan. The Titan Series is a pow-erful air conditioner comprised of a ten meterwindblast and capable of delivering powerful cool-ing, repelling the country’s hot weather conditions.

The powerful cooling capabilities of the Titanseries are accompanied by expansive and thoroughair distribution. The Titan series is capable of pro-jecting cool air at distances of up to 10 meters, thelongest air distribution range in the industry. Mean-while, the Jet Cool function and the 4-way Swingsystem distribute air in all directions at maximumspeed. As a result, the Titan series can achieve opti-mal temperatures in the shortest possible time, re-

gardless of the outside temperature.The Titan seriesis built to last, an essential requirement in a regionwith a punishingly hot climate. The Tropical Com-pressor is designed to operate 24 hours a day andpersevere through sandstorms and temperatures ashigh as 60°C. This is partially enabled by the GoldFin, an anti-corrosion coating, which makes theheat exchanger more resistant to corrosion.

Unique healthcare features have been added tothe Titan series in order to provide customers withthe most comfortable and relaxing home environ-ment. The air projected from the Titan series is pu-rified, thanks to the Auto Cleaning function, whichalso sterilizes the air conditioner’s interior to pre-vent the formation of molds and bacteria. healthrisks are significantly reduced by the Allergy & VirusSafe filter, which eliminates allergen, apatite andbinder, as well as 99.9 percent of h1N1 viruses overthe course of 24 hours. Meanwhile, the Triple filterreduces allergy symptoms and removes unpleasantodors, and the Plasmaster filter reduces microscopiccontaminants and dust, as well as house mites,micro dust and pet fur. The LG Titan Series will notonly cool the air, but also dehumidify it and filter it.

Proud drivers choose Shell Helix

KARACHI: The way you treat your vehicle says alot about what kind of driver you are. At Shell weknow that drivers who are proud of how their carruns, should have access to products that ensureperformance. That’s why Shell has developed Shellhelix E that cares for your car on the inside and out.

Shell is proud to announce the launch of newShell helix Synthetic Motor Oils, which have the high-est API specifications in Pakistan. Shell is launchingthese new products across Pakistan to ensure con-sumers are aware of these new products in the mar-ket. As part of this launch we have introduced twonew fuel efficient products: Shell helix Ultra E andShell helix hX 7 E. Both Shell helix E products havebeen developed through our technical partnershipwith Ferrari and give your engine maximum perform-ance. We have also upgraded our Shell helix hX 5 toa synthetic grade, which now exceeds the API SN/CFclassification. Shell helix E is one of the most inno-vative engine oils, formulated with the latest enginelubricants technology to increase fuel economy.

CORPORATE CORNER

Major Gainers

Company Open High Low Close Change Turnover

Rafhan MaizeXD 2685.88 2800.00 2700.00 2715.00 29.12 23Mithchells Fruit 301.09 316.14 316.14 316.14 15.05 534Island Textile 188.16 197.56 190.00 197.21 9.05 202Pak Oilfields 365.39 375.30 364.31 370.92 5.53 1,701,568Indus Motor Company 282.34 296.45 280.00 286.54 4.20 460,800

Major Losers

Unilever FoodXD 3047.50 2900.00 2895.13 2895.13 -152.37 60Nestle Pakistan Ltd. 3928.57 3980.00 3851.00 3878.44 -50.13 12Bata (Pak) Limited 636.36 665.00 605.00 613.10 -23.26 52Siemens Pakistan 700.00 700.00 690.00 691.67 -8.33 70Pak Services 162.64 170.77 154.51 154.93 -7.71 787

Volume Leaders

Bankislami Pakistan 12.04 12.15 11.05 11.42 -0.62 15,507,862Engro Corporation 113.70 113.60 108.02 108.50 -5.20 9,283,589D.G.K.Cement 43.14 43.01 41.04 41.49 -1.65 8,711,436Jah.Sidd. Co. 16.25 16.35 15.57 15.62 -0.63 8,501,008Fauji Cement 6.26 6.28 5.97 6.10 -0.16 5,955,397

Interbank RatesUS Dollar 93.1876UK Pound 145.0465Japanese Yen 1.1779Euro 116.0093

Dollar EastBuy Sell

US Dollar 93.40 94.00Euro 114.75 116.62Great Britain Pound 143.67 145.98Japanese Yen 1.1684 1.1871Canadian Dollar 89.75 91.70Hong Kong Dollar 11.84 12.09UAE Dirham 25.27 25.65Saudi Riyal 24.76 25.12

Australian Dollar 89.71 92.61

KARACHISTAFF REPORT

STOCKS closed bearish amidthin trades on investor con-cerns over unstable macroeco-nomic situation and fallingrupee dollar parity following

statement by SBP chief on economic chal-lenges. Viewed by Ahsan Mehanti, Directorat Arif habib Investments Limited. TheKarachi Stock Exchange (KSE) 100-shareindex plunged by 200.09 points or 1.42percent to close at 13,871.76 points as com-pared to 14,071.85 points of the previoussession. The KSE 30-share index shed221.93 points to close at 12,021.35 pointsas compared with 12,243.28 points.

The market turnover was down to129.271 million shares after opening at160.177 million shares. The overall marketcapitalization declined 0.08 percent andtraded Rs 3.548 trillion as against Rs 3.601trillion. Losers outnumbered gainers 99 to201, while 67 stocks were unchanged.

Mehanti added “Proposals for increasein gas development cess for industrial sec-tor, fall in global stocks and commoditieson Euro zone debt crises, limited foreignand institutional support played a catalyst

role in bearish sentiments in stocks acrossthe board.” The KMI 30-share was down by277.54 points to close at 24,093.60 pointsfrom its opening at 24,371.14 points. TheKSE all-share index closed with a loss of137.86 points to 9,771.30 points as against9,909.16 points. Bankislami Pakistan wasthe volume leader in the share market with15.507 million shares as it closed at Rs11.42 after opening at Rs 12.04. Engro Cor-poration traded 9.283 million shares.D.G.K Cement traded 8.711 million shares.Jahangir Siddiqi Company traded 8.501million shares. Fauji Cement traded 5.955million shares. TRG Pakistan Limitedtraded 5.648 million shares.

he said that the Investors remainedcautious ahead of federal budget an-nouncements and uncertainty over Pak-USrelations ahead of disbursement of US aidpending progress over NATO supplies.

On the future market, the turnover re-coverd by over one million to 11.403 mil-lion against 10.043 million shares ofTuesday.

The Rafhan Maize XD and MithchellsFruit, up Rs 29.12 and Rs 15.05, led highestprice gainers while, Unilever Food XD andNestle Pakistan Limited down Rs 152.37and Rs 50.13 respectively, led the losers.

Bears hug the daylight out of KSE

PR needs Chineserecipes g Government urged to implement China

plan for revival of PRPESHAWAR

APP

Acting President Khyber Pakhtunkhwa Chamber ofCommerce and Industries (KPCCI), Ziaul haq Sarhadion Wednesday welcomed the proposed plan of Chinaregarding reforms in Pakistan Railways (PR) and mak-ing it a profitable organization.In a press statement issued here, Sarhadi who is alsoboard member of the joint Pakistan and Afghanistan'sChamber of Commerce and Industries urged the gov-ernment to make practical efforts its quick implemen-tation. he said it would make the railways a profitableorganization and there would be no need for bailoutpackage. he claimed at the moment PR has a deficit ofRs 7 billion annually and still the organization awaitsrelease of Rs 11 billion under the government's ap-proved bailout package. he said China has always supported Pakistan in everydifficult situation and the plan presented by Chinawould help increase the annual income of PR up to Rs31 billion.This would help the railways to earn pure profit for 45years' he informed. Under the China plan, he said anelectric train from Peshawar to Karachi and Rori toQuetta would be run and 240 engines would be in-cluded in railways system.This would also help bring back the share of 80 percentgoods under the Afghan transit trade shifted to BandarAbbas, through Pakistan's rout and railways will earnupto Rs. 20 billion under this head annually. he de-manded massive allocation for railways in the upcom-ing budget. he said that the proposed China plan issuited for Pakistan as all its expenditure would bear bythe friendly country.

g Rupee-dollar parity is the new honey, as index takes a 200-point nosedive

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