News Updates

Saturday, June 28, news 2014 updates

Office # 05, Ground Floor, Arshad Mansion, Near Chowk A.G Office, Nabha Road Lahore. Ph. 042-37350473 Cell # 0300-8848226 NEWS OF Mail to: [email protected], [email protected] THE DAY PLP NEWS ALERTS EMAIL No. 150-2014 NEWS HEADLINES Top Stories ...... 5 Military offensive against terrorists: Prime Minister explains to IDPs enormity of challenge ...... 5 Desperate politics: Imran issues 'tsunami march' ultimatum ...... 6 New Fifth Schedule: no duty concession on machinery import ...... 7 Power generation machinery attracts five percent duty ...... 9 Power sector receivables hit Rs 520.18 billion mark ...... 10 Qadri's asset details made public ...... 11 US drones over Baghdad as Maliki battles for Tikrit ...... 12 EU signs 'historic' accords with Ukraine, Georgia, Moldova ...... 13 Broken rice: SBP allows export refinance ...... 14 Funding for new viable uplift projects: Dar, Saudi Finance Minister hold talks ...... 15 Ministry decides to reconstitute PSO BoM: Summary sent to PM's office ...... 16 Selection of SOEs' heads: Rs 36 million spent on advertisement campaign ...... 16 IMF releases $555.9 million tranche ...... 17 SBP revises PRs for corporate commercial banking ...... 17 Saudi Arabian Airlines suspends flights to Peshawar ...... 18 Sri Lanka stops 'on-arrival visa' facility for Pakistanis ...... 18 Prime Minister sees great similarities of views with Indian counterpart ...... 18 Ruet body meeting today ...... 19 Saudi Arabia to mark Ramazan from Sunday ...... 19 US moves to phase out landmines ...... 19 Equities extend gains ...... 20 LSE index marginally up by 4.6 points ...... 20 ISE index improves by 82.42 points ...... 21 BRIndex30 sheds 143.7 points ...... 22 Business and Economy: Pakistan ...... 23 Funding for new viable uplift projects: Dar, Saudi Finance Minister hold talks ...... 23 CDA unveils Rs 45.82 billion budget for 2014-15 ...... 24 GSP Plus advantage: PIAF presents five-point facilitation agenda ...... 25 Local industries seek effective NTC ...... 25 LCCI concerned over long bank holidays ...... 26 Widespread unrest impending growth: LCCI urges political parties to set aside their differences ...... 26 KATI seeks latest arms for police ...... 28

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PLP NEWS ALERTS EMAIL No. 150-2014 Four companies submit bids for acquisition of LPCL shares ...... 28 Selection of SOEs'' heads: Rs 36 million spent on advertisement campaign...... 29 Draft of Sindh tourism policy finalised ...... 30 Activities at Karachi and Qasim ports ...... 30 Shipping Intelligence ...... 32 Paapam pinpoints factors in affecting business severely ...... 35 Saudi Arabian Airlines suspends flights to Peshawar ...... 36 Rs 7.6 billion revenue earned: Nespak sets all-time high record of business acquisition ...... 36 Company News: Pakistan ...... 38 Rs 7.6 billion revenue earned: Nespak sets all-time high record of business acquisition ...... 38 Business & Economy ...... 39 Govt missions to make country an economic tiger: Sheikh Aftab ...... 39 Completion of highways to boost economic activities: Minister ...... 40 Cotton and Textiles: Pakistan ...... 42 PCGA rejects five percent GST on oil cake ...... 42 Cotton market: rates further decline on slack business ...... 42 APTMA to launch internship programme ...... 43 Garments, textile sectors: six working groups formed to increase exports: Shahbaz ...... 44 PTEA urges government to introduce most modern technologies in all sectors ...... 44 Agriculture and Allied: Pakistan ...... 46 Essential kitchen items: sharp increase in prices witnessed ahead of Ramazan ...... 46 Fishermen threaten to go on indefinite strike ...... 47 Daily trading report of PMEX ...... 47 Irsa constitutes committee to monitor outflows ...... 48 Taxation: Pakistan ...... 49 29 officers of Inland Revenue Service promoted...... 49 125 multinational businesses: FBR fails to recover Rs 29.588 billion FED ...... 49 Setting up industries in Fata: Zero percent duty to be applicable on machinery import ...... 50 Taxation: World ...... 52 China to stop collection of 'unauthorised' fees from companies ...... 52 Japan tax hike boosts inflation, hurts spending ...... 52 Russian lawmakers approve bill allowing compliance with US tax law ...... 53 Fuel and Energy: Pakistan ...... 55 Power sector receivables hit Rs 520.18 billion mark ...... 55 Ministry decides to reconstitute PSO BoM: Summary sent to PM''s office...... 56

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PLP NEWS ALERTS EMAIL No. 150-2014 Change in LNG policy PNSC approaches Prime Minister ...... 57 'SNGPL care centre still non-functional' ...... 58 NAB, FESCO collect Rs 2341 million from defaulters ...... 58 Power shortfall reaches 4,000 megawatts ...... 59 Turkmenistan to give 450 megawatts power: minister ...... 59 Senate panel visits LNG terminal to review progress ...... 61 Policy Note issued: CCP focuses on GIDC levy and not gas cut: experts ...... 61 Fuel and Energy: World ...... 63 Brent oil little changed in choppy trading...... 63 Markets ...... 64 RECORDER REPORT: KSE close of day ...... 64 Minister directed to keep watch on prices of essential commodities ...... 64 Miscellaneous News ...... 66 Karachi-Lahore-Peshawar: Govt may revive rail link for coal shipment ...... 66 No further concession: Gas infrastructure cess to stay, says textile minister ...... 67 11MFY14: Repatriation of profit stands at $1.1b, data shows ...... 69 PTA embarks on technology, skills upgrade ...... 71 PTEA: Technology needed to move ahead, say officials ...... 72 Third review cleared: IMF releases $550.9m tranche for Pakistan ...... 73 Needed: An industrial revolution ...... 73 Food security stressed at local contest ...... 74 Pakistan-Afghanistan chamber emphasises regional integration ...... 75 Industrial growth: Working on promoting ISID ...... 76 Change for better: Pakistan Post to be rejuvenated ...... 77 OPEN MARKET FOREX RATES ...... 78 INTER BANK RATES ...... 79 Bullion Rates (Gold Prices) in Pakistan Rupee (PKR) ...... 80

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PLP NEWS ALERTS EMAIL No. 150-2014 Top Stories Military offensive against terrorists: Prime Minister explains to IDPs enormity of challenge

June 28, 2014

Prime Minister Nawaz Sharif on Friday announced an increase in cash compensation for the Internally Displaced Persons (IDPs) during Ramazan to Rs 40,000. He made this announcement during his address to a gathering of the IDPs of NWA here after attending a briefing on the NWA operation. Major-General Rao briefed the Prime Minister about the operation in the Agency.

Governor KP Sardar Mahtab Ahmed Khan, Chief Minister Pervez Khattak, Chief of Army Staff General Raheel Sharif, Federal Ministers for Information and Broadcasting Pervaiz Rashid and Federal Minister for SAFRON Abdul Qadar Baluch, Corps Commander Peshawar Lieutenant General Khalid Rabbani were also present. The Prime Minister said the government had decided to increase for the IDPs the monthly cash compensation from Rs 12,000 to Rs 20,000 per month including Rs 3,000 for the monthly house rent and Rs 5,000 for non-food items. However, the IDPs would be given Rs 40,000 as cash compensation during the month of Ramazan which included a Rs 20,000 'Ramazan package'.

The Prime Minister told the IDPs that he was aware of their difficulties and sentiments. He said that he was confident that this problem would be solved anytime soon and the IDPs would return to their homes with honour and dignity. The Prime Minister said his government was well aware of the problems of dislocated people of NWA and reaffirmed his government's commitment to utilise all the available resources for provision of speedy assistance, rehabilitation and early resettlement in their houses.

The Prime Minister said the IDPs were passing through a difficult time and their sacrifices would not go waste. The Prime Minister said the government was working day and night to provide all the basic amenities of life to displaced people to lessen their woes.

The government and Army, he said, were working together 24/7 with the prime objective to provide comforts and relief to their tribal brethren. Nawaz Sharif said the IDPs would be helped in the reconstruction phase once the situation had improved in NWA. He said a survey would be carried out to assess the damages to houses and other infrastructure soon after completion of the operation.

He said the government would repair and improve the basic infrastructure including roads, health, clean drinking water facilities, schools and hospitals etc once law and order situation improved in the area. Nawaz Sharif said the rebuilding and reconstruction phase in North Waziristan will not only generate employment opportunities for tribal people but would open up areas for trade and investment. It would alleviate poverty. He said the government was left with

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PLP NEWS ALERTS EMAIL No. 150-2014 no option but to launch a massive military operation, after the failure of peace talks to restore its writ and protect the lives and properties of the people.

The Prime Minister said he held a detailed meeting with Governor and Chief Minister of KP besides Army officials to review arrangements for the IDPs. He prayed to Allah Almighty to help the government in its efforts to eradicate terrorism and extremism to bring peace to North Waziristan. He said peace is vital for progress and development of Pakistan. With prayers of IDPs, he said, peace will soon prevail in North Waziristan Agency.

He said effective arrangements had been made for the provision of fodder and shelter to livestock brought by the IDPs. He lauded Pakistan Army, CoAS and other departments for extending full support to IDPs. In addition to medicines, he said doctors and paramedics had arrived in sufficient numbers to treat and vaccinate their brethrens. Later, the Prime Minister distributed relief goods and food packages among the IDPs. He also shook hands with the IDPs and inquired about their well being.

Earlier, upon arrival at Bannu to personally observe arrangements made by the Federal and Provincial governments for IDPs, the Prime Minister was received by CoAS General Raheel Sharif and Corps Commander Peshawar Lieutenant General Khalid Rabbani. The IDPs on this occasion highly appreciated the announcement of the Prime Minister for increasing the relief package to Rs 40,000 for Ramazan.

June 28, 2014

Addressing a massive rally at Bahawalpur on Friday, Pakistan Tehreek-e-Insaaf Chief Imran Khan issued an ultimatum to the government over what he called a fraud in the May 11, 2013 elections. He announced that a "tsunami march" would head towards Islamabad on August 14. Imran said he would assemble as many as one million people in Islamabad, inviting other parties to join his protest.

"What was the role of former Chief Justice Iftikhar Chaudhry in the elections?," he asked. Imran Khan also criticised Prime Minister Nawaz Sharif and warned him not to politicise the issue of Internally Displaced Persons (IDPs). He accused Prime Minster Nawaz Sharif of keeping him in dark about the North Waziristan operation. He said the Khyber Pakhtunkhwa government would make appropriate plans for the IDPs. Imran condemned the Sindh as well as Punjab governments for imposing ban on the entry of IDPs to the provinces. "Why have they shut doors on the IDPs? Aren't they (the IDPs) Pakistanis?" he asked.

"Oh People of Waziristan, we will stand by you until the end, we will help you in every way," Imran remarked and vowed to help the IDPs. "Nawaz Sharif, please stop playing politics on the IDPs. Don't call me for only photo sessions." "Allah has given us responsibility to help our IDPs, they are our brothers and sisters facing tough time."

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PLP NEWS ALERTS EMAIL No. 150-2014

Imran asked Nawaz if the rising Inflation in country was because of PTI rallies. The PTI chief also condemned the PML-N government in Punjab over its handling of the Lahore tragedy, saying that the shooting of protesters only took place during dictatorships and not under democratic governments. "Did police fire upon 83+ people in Model Town Lahore because of PTI Jalsas?" Imran Khan asked Nawaz Sharif.

"Sharam karo!" Imran Khan said about the deadly police action on Pakistan Awami Tehreek's Lahore secretariat. Khan blamed Nawaz Sharif for violating merit in recruitment. He also lashed out at the government for what he claimed fake economic growth during its tenure saying all he could see was "Jangla Bus Service," referring to the Metro Bus Project in Lahore. He said he would change the mindset of the Punjab police. He said the PML-N had distributed senior positions among his family members. "Nawaz Sharif's assets are growing rapidly," he said in response to Prime Minister's remarks that Pakistan is on the path of development.

June 28, 2014

SOHAIL SAFRAZ

The Federal Board of Revenue (FBR) will not allow concessionary rate of customs duty on the import of plant, machinery, equipment and apparatus, including capital goods for various industries/sectors where the items are manufactured locally under newly introduced Fifth Schedule of the Customs Act 1969. In this regard, the FBR has released the Fifth Schedule of the Customs Act 1969 here on Friday. The Schedule has been introduced through Finance Act 2014.

Sources told Business Recorder that the FBR will not allow concessionary rate of customs duty on the import items under the newly introduced Fifth Schedule of the Customs Act 1969 where the items are manufactured locally. All items (Part-I imports of Plant, Machinery, Equipment and Apparatus, including Capital Goods for various industries/sectors) of the Fifth Schedule would be subjected to the condition of locally manufactured. The exemption or concessionary rate of duty under the said Schedule would only be available in case the items are not manufactured locally. This is a new condition imposed on the import of plant, machinery, equipment and apparatus, including capital goods for various industries/sectors under Fifth Schedule of the Customs Act 1969. Earlier, the condition was not mandatory on the import of these items under concessionary customs nonfictions transferred to the Fifth Schedule of the Customs Act 1969.

Part-I of the Fifth Schedule of the Customs Act 1969 deals with the imports of plant, machinery, equipment and apparatus including capital goods for various industries/sectors. For the purposes of this Part, the following conditions shall apply besides the conditions. The imported goods as are not listed in the locally manufactured items, notified through a Customs General Order issued by the Federal Board of Revenue (FBR) from time to time or, as the case may be, certified as such by the Engineering Development Board.

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PLP NEWS ALERTS EMAIL No. 150-2014

Except for four Nos. of the Table, the Chief Executive, or the person next in hierarchy duly authorised by the Chief Executive or Head of the importing company shall certify in the prescribed manner and format that the imported items are the company's bona fide requirement. He shall furnish all relevant information online to Pakistan Customs Computerised System against a specific user ID and password obtained under section 155D of the Customs Act, 1969 IV of 1969). In already computerised Collectorates or Customs stations where the Pakistan Customs Computerised System is not operational, the Director Reforms and Automation or any other person authorised by the Collector in this behalf shall enter the requisite information in the Pakistan Customs Computerised System on daily basis, whereas entry of the data obtained from the customs stations which have not yet been computerised shall be made on weekly basis.

In case of partial shipments of machinery and equipment for setting up a plant, the importer shall, at the time of arrival of first partial shipment, furnish complete details of the machinery, equipment and components required for the complete plant, duly supported by the contract, lay out plan and drawings.

Capital Goods mean any plant, machinery, equipment, spares and accessories, classified in chapters 84, 85 or any other chapter of the Pakistan Customs Tariff, required for the manufacture or production of any goods, and includes refractory bricks and materials required for setting up a furnace, catalysts, machine tools, packaging machinery and equipment, refrigeration equipment, power generating sets and equipment, instruments for testing, research and development, quality control, pollution control and the like; and use in mining, agriculture, fisheries, animal husbandry, floriculture, horticulture, livestock, dairy and poultry industry.

Under the said Schedule, 5 percent concessionary rate of duty would be applicable on the import of agricultural machinery, harvesting and threshing machinery, high efficiency irrigation and drainage equipment, dairy, livestock and poultry machinery, Green House Farming and Other Green House Equipment, machinery, equipment and other capital goods for miscellaneous Agro- Based Industries like milk processing, fruit, vegetable or flowers grading, picking or processing, etc.

Fifteen percent duty would be applicable on the import of certain types of items imported by Call Centers, Business Processing Outsourcing facilities duly approved by Telecommunication Authority. Five percent duty would be applicable on the import of machinery and equipment for initial installation, balancing, modernisation, replacement or expansion of desalination plants, coal firing system, gas processing plants and oil and gas field prospecting. The 5 percent duty would also be applicable on the import of machinery, equipment, apparatus, and medical, surgical, dental and veterinary furniture, materials, fixtures and fittings imported by hospitals and medical or diagnostic institutes.

This is subject to the condition that the project requirement shall be approved by the Board of Investment (BOI). The Authorised Officer of BOI shall certify the item wise requirement of the project in the prescribed format and manner as per Annex-B and shall furnish all relevant information Online to Pakistan Customs Computerised System against a specific user ID and password obtained under Section 155D of the Customs Act, 1969 (IV of 1969).

The goods shall not be sold or otherwise disposed of without prior approval of the FBR and the

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PLP NEWS ALERTS EMAIL No. 150-2014 payment of customs-duties and taxes at statutory rates be leviable at the time of import. Breach of this condition shall be construed as a criminal offence under the Customs Act, 1969.

June 28, 2014

A five percent duty would be applicable on the import of machinery, equipment and spares meant for initial installation, balancing, modernisation, replacement or expansion of projects for power generation through oil, gas, coal, wind and wave energy including under construction projects, which entered into an implementation agreement with the Government of Pakistan.

According to the Fifth Schedule of the Customs Act 1969 issued by the Federal Board of Revenue (FBR) here on Friday, concessionary rate of 5 percent duty would be applicable on the import of construction machinery, equipment and specialised vehicles, excluding passenger vehicles, imported on temporary basis as required for the construction of project.

This concession shall also be available to primary contractors of the project upon fulfilment of the following conditions. The contractor shall submit a copy of the contract or agreement under which he intends to import the goods for the project. The chief executive or head of the contracting company shall certify in the prescribed manner and format that the imported goods are the project's bona fide requirements and the goods shall not be sold or otherwise disposed of without prior approval of the FBR on payment of customs-duties and taxes leviable at the time of import. Temporarily imported goods shall be cleared against a security in the form of a post- dated cheque for the differential amount between the statutory rate of customs duty and sales tax and the amount payable under this notification, along with an undertaking to pay the customs duty and sales tax at the statutory rates in case such goods are not re-exported on conclusion of the project.

Zero percent duty would be applicable on the import of machinery, equipment, raw materials, components and other capital goods for use in buildings, fittings, repairing or refitting of ships, boats or floating structures imported by Karachi Shipyard and Engineering Works Limited. Five percent duty would be applicable on the import of machinery, equipment and spares meant for initial installation, balancing, modernisation, replacement or expansion of projects for power generation through gas, coal, hydel and oil including under construction projects. It also covered construction machinery, equipment and specialised vehicles, excluding passenger vehicles, imported on temporary basis as required for the construction of project.

Five percent concessionary rate of customs duty would be applicable on the import of machinery, equipment, materials, capital goods, and specialised vehicles for mine construction phase or extraction phase under amended Customs Act. Fifth Schedule of the Customs Act 1969 further revealed that five percent duty would be applicable on the import of machinery, equipment, materials, capital goods, specialised vehicles (4x4 non luxury) ie single or double cabin pickups, accessories, spares, chemicals and consumables meant for mine construction

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PLP NEWS ALERTS EMAIL No. 150-2014 phase or extraction phase. Imports made for mine construction phase shall also be entitled to deferred payment of duty for a period of five years. However a surcharge @ 6 percent per annum shall be charged on the deferred amount.

The concessionary rate of duty would also be applicable on the import of construction machinery, equipment and specialised vehicles, excluding passenger vehicles, imported on temporary basis as required for mine construction or extraction phase. Five percent concessionary rate of duty would be applicable on the import of machinery, equipment and other capital goods meant for initial installation, balancing, modernisation, replacement or expansion of oil refining (mineral oil, hydro-cracking and other value added petroleum products), petrochemical and petrochemical downstream products including fibres and heavy chemical industry, cryogenic facility for ethylene storage and handling, Fifth Schedule of the Customs Act 1969 added.

Zero percent duty is applicable on the import of machinery, equipment and other project related items including capital goods, for setting up of power generation plants, water treatment plants and other infrastructure related projects located in an area of 30 km around the zero point in Gwadar. Zero percent duty is also applicable on the import of machinery, equipment and 2. Machinery, equipment and other project related items for setting up of hotels located in an area of 30 kms around the zero point in Gwadar. This is subject to the fulfilment of the conditions of the Fifth Schedule of the Customs Act 1969 added.

June 28, 2014

MUSHTAQ GHUMMAN

Power sector receivables have touched a whopping Rs 520.18 billion mark during the first 11 month of current fiscal year (July-May) against Rs 411 billion as on June 30, 2013, indicating a 26.5 percent increase in receivables despite tall claims of improvements by the previous and incumbent power sector teams. The amount of receivables stood at Rs 513.686 billion by April 2014.

According to official documents, as of May 30, 2014 federal government was to pay Rs 8.18 billion of which federal government departments owed Rs 0.87 billion, local bodies under federal government Rs 2.69 billion, autonomous bodies under federal government Rs 1.51 billion, defence Rs 1.42 billion and Water and Power Ministry Rs 1.69 billion. Provincial governments were required to pay Rs 133.9 billion which include Punjab Rs 6.75 billion, Sindh's Rs 55.16 billion, KP Rs 20.02 billion, and Balochistan Rs 5.89. KP's receivables include Rs 18.6 billion assessed for KP consumers for the period September 9, 2008 to September 15, 2010 on account of differential of tariff after the withdrawal of KP petition from Peshawar High Court (PHC). The assessed amount has not been passed on to consumers. The payment of KPK receivables has been linked with payment of mark up of Net Hydel Profit (NHP) arrears payable

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PLP NEWS ALERTS EMAIL No. 150-2014 to government of KP as proposed by the province.

The amount of receivables against Azad Jammu and Kashmir government was 37.88 billion which increased from Rs 24 billion as on June 30, 2013. Power sector's corruption tainted machinery has also failed to collect bills from private sector which, have reached alarming level of Rs 352.09 billion which were only Rs 281.5 billion as in June 30, 2013. The amount of receivables against private sector are piling up with every passing day but the politically appointed powerful CEOs are not paying heed to the instructions of the power sector high ups.

Receivables against Federally Administrated Tribal Areas (FATA) have risen to Rs 33.45 billion against Rs 20.29 billion as of June 30, 2013. Receivables against K-Electric which gets 650 MW electricity from national grid in accordance with controversial agreement with NTDC was required to pay Rs 34.18 billion till May 30, 2014 as compared to Rs 26.75 billion as of June 30, 2013.

Though, Discos are implementing recovery based load shedding across the country as per agreement with the International Monetary Fund (IMF), the volume of receivables is rising daily clearly indicating that the power sector team is not performing well. The government spent millions of rupees on the visits of Minister of State for Water and Power, Abid Sher Ali to Discos where he attracted criticism from KP and interior Sindh for using inappropriate language against the people of those provinces.

Incumbent Secretary Ministry of Water and Power, Mrs Nargis Sethi has accepted the resignation of acting Managing Director, Pepco, Zargham Eshaq Khan who did not intend to remain at this position after Lahore Police detained him some weeks back for 12 hours. However, he will continue to oversee financial affairs of Discos. Secretary Water and Power has been given the look-after charge of Pepco's chief to her confidante Joint Secretary (Water). Official sources told this scribe that the amount of circular debt has crossed Rs 300 billion in just 11 months of current fiscal year and four Independent Power Producers (IPPs) have already served notices to invoke sovereign guarantees.

Sohail H Hydari, Chief Operating Officer and Chief Financial Officer Saif Group Limited, maintains that IPPs are the biggest corporate victims in Pakistan. Representatives of IPPs are often seen in the Ministry of Water and Power persuading government officials that their overdue payments be paid promptly but the answers they are receive leave them disappointed. No payment is possible until Finance Ministry releases the required subsidy. Ministry of Water and Power claims that the budgeted subsidy was Rs 293 billion, of which Finance Ministry released only Rs 251 billion (Rs 232+19 billion) which implies that Rs 42 billion subsidy is still pending.

June 28, 2014

The Election Commission of Pakistan (ECP) on Friday released a certified copy of asset details of Dr Tahirul Qadri and his party Pakistan Awami Tehreek (PAT). The government has tasked

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PLP NEWS ALERTS EMAIL No. 150-2014 FIA to investigate the assets of PAT chief Dr Tahirul Qadri after he arrived in Pakistan on Monday to kick off his campaign against Pakistan Muslim League Nawaz (PML-N) government.

An official of ECP said that asset records of politicians and political parties are public documents and every one can get a certified copy by making payment of a certain fee to the commission. He said a certified copy was released to FIA with signature of secretary ECP Ishtiaq Ahmed.

Qadri had declared assets worth Rs 9.9 million in 2004 along with a bank balance of Rs 33,000 and property worth Rs 8.5 million. The PAT chief did not have any wealth or personal vehicle outside the country, according to his record. The record of PAT also showed that its income was Rs 160,000 and expenditure over Rs 200,000, while the net worth of assets owned by it was Rs 338,000 in 2010. The ECP has issued the asset details of Tahirul Qadri and PAT in response to a letter sent to it Federal Investigation Agency (FIA).

June 28, 2014

The United States confirmed Friday it was flying armed drones over Baghdad to defend Americans, as Iraqi forces fought for a strategic university and launched air strikes in militant- held Tikrit. Iraq's top Shia cleric, meanwhile, urged the country's leaders to unite, after Prime Minister Nuri al-Maliki conceded political measures are needed to defeat the jihadist-led offensive that has killed more than 1,000 people and overrun major parts of five provinces.

In further fallout, the president of Iraq's autonomous Kurdish region said there was no going back on Kurdish self-rule in disputed territory, including ethnically divided northern oil city Kirkuk, now defended against the militants by Kurdish fighters. International agencies also raised alarm bells over the humanitarian consequences of the fighting, with up to 10,000 people having fled a northern Christian town in recent days and 1.2 million displaced by unrest in Iraq this year.

A senior American official said that the US military was flying "a few" armed drones over Baghdad to defend American troops and diplomats if necessary. But officials said the drones would not be used for offensive strikes against the Sunni Arab militant offensive, led by jihadists from the Islamic State of Iraq and the Levant (ISIL) but involving other groups as well.

Maliki meanwhile insisted that "Baghdad is safe", a statement on his website said. A retired US general, James Conway, echoed those remarks, saying that "the worst is over" as militants will be unable to take Baghdad, the south or Kurdish areas. On Thursday, Iraqi forces swooped into Tikrit University by helicopter, and a police major reported periodic clashes there on Friday. A senior army officer said Iraqi forces were targeting militants in Tikrit with air strikes to protect forces at the university and prepare for an assault on the city.

Another senior officer said taking the university is an important step towards regaining control of

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PLP NEWS ALERTS EMAIL No. 150-2014 Tikrit, the hometown of executed dictator Saddam Hussein, which the militants seized on June 11. The operation is the latest effort to regain the initiative after security forces wilted in the face of the initial insurgent onslaught launched on June 9.

Iraqi Kurdish leader Massud Barzani said Friday Baghdad could no longer object to Kurdish self-rule in Kirkuk and other towns from which federal forces withdrew in the face of the militant advance. "Now, this (issue) ... is achieved," he said, referring to a constitutional article meant to address the Kurds' decades-old ambition to incorporate the territory in their autonomous region in the north over the objections of successive governments in Baghdad.

Speaking at a joint news conference with visiting British Foreign Secretary William Hague, Barzani said: "We have been patient for 10 years with the federal government to solve the problems of these (disputed) areas. "There were Iraqi forces in these areas, and then there was a security vacuum, and (Kurdish) peshmerga forces went to fill this vacuum."

June 28, 2014

The European Union signed "historic" association accords with Ukraine, Georgia and Moldova Friday as the three former Soviet republics pledged themselves to a future in Europe in the face of bitter Russian opposition. "This is a great day for Europe... the European Union stands by your side today more than ever before," European Council head Herman Van Rompuy said at the ceremony with Ukraine President Petro Poroshenko and prime ministers Irakli Garibashvili of Georgia and Iurie Leanca of Moldova.

Van Rompuy said the deals contained "nothing that might harm Russia in any way" and offered all sides the chance "to chart together a safer future." EU officials insist Russia has no reason to fear the accords, which offer closer political and economic ties, but Moscow condemns them as harmful to its interests and an intrusion into what has traditionally been its sphere of influence. It did so again Friday immediately after the signing ceremony in Brussels, warning of "serious consequences" to follow. "We will take all the necessary measures to protect our economy," Kremlin spokesman Dmitry Peskov told the ITAR-TASS state news agency. Russian President Vladimir Putin said Friday that Ukrainian society is split after being forced to choose between Europe and Russia.

Friday's signing is a bitter pill to swallow for Putin who wanted Ukraine to join his own Eurasian Customs Union, aimed at bringing the former Soviet states back into the Russian fold. Even if Ukraine has eluded him, Putin can, however, claim partial success. The EU originally offered the same deals to Armenia, Azerbaijan and Belarus but they changed tack once Moscow warned of serious consequences.

Poroshenko said the deal would open up a whole new future for Ukraine, including Crimea which Moscow annexed in March, adding it set the country firmly on course for membership of

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PLP NEWS ALERTS EMAIL No. 150-2014 the European Union. Ukraine had paid a high price in recent months for its ambitions to become part of Europe, he said, but it was worth it because the country's future as a European state, sharing European values, was at stake. "Long Live Ukraine, Long Live Europe," he said in closing his address at the ceremony, attended by all 28 EU leaders. Garibashvili said Georgia shared the European values of democracy and freedom, switching into his native language so he could "share his emotion with the Georgian people."

June 28, 2014

RIZWAN BHATTI

The State Bank of Pakistan (SBP) has allowed export refinance facility for broken rice in order to facilitate exporters. The SBP has amended the Negative List for Export Refinance Scheme (ERS), issued in February 2003 vide Circular No BDP 5, to allow the financing for broken rice. Previously, export refinance was allowed for different packeted varieties of rice including Irri, Basmati, parboiled, white rice, brown rice in retail packets of 1-50 kilograms for the ERS.

Moreover, the export of brown rice in bulk or lose is eligible to European countries under EFS Part-I against letter of credit only. For the last few months, rice exporters were making efforts for getting export refinance facility for broken rice to enhance export. Pakistani rice exporters have massive demand for broken rice from China, Ethiopia, Somalia and Kenya, however they were unable to compete in the world market due to non-availability of export refinance facility, which provides low-cost financing for export purposes.

A leading trader said presently broken rice has a low presence in the overall rice exports, but it is being expected that with export refinance facility its share in the overall exports will increase gradually. The State Bank has issued IH&SMEFD Circular Letter No 06 of 2014 on June 25, 2014 to intimate banks that broken rice has been excluding from negative list of export refinance scheme.

"The serial No 8 regarding All Grains Including Grains Flour of the Negative List issued vide BPD circular no 5 in February 2014 regarding export refinance scheme has been amended with immediate effect," the circular said. As per the circular now rice exporters can avail export refinance facility for export of broken rice like other rice varieties.

"State Bank's this move will support the country's rice exports and now traders/exporters can avail cheap financing for export of broken rice. Previously, higher financing cost was directly hurting its export," said Javed Ali Ghori, former chairman Rice Exporters Association of Pakistan (REAP). Earlier, exporters were facing difficulties in export of broken rice as they were paying higher interest rate on its financing, however with concessional rates, export price of broken rice can compete in the world market, he added.

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PLP NEWS ALERTS EMAIL No. 150-2014 Funding for new viable uplift projects: Dar, Saudi Finance Minister hold talks

June 28, 2014

Finance Minister Senator Ishaq Dar held a meeting with Saudi Finance Minister Ibrahim bin Abdulaziz bin Abdullah Al-Assaf at Jeddah on Friday and discussed with him matters pertaining to provision of Saudi funding for new viable development projects in Pakistan. According to a message received here from Jeddah Friday, Finance Minister Ishaq Dar thanked Minister Assaf for continued Saudi support and assistance in various projects in Pakistan.

He specifically mentioned projects like reconstruction of government buildings, official residences, health units, and educational amenities, rehabilitation of a college, hospital and construction of a University in earthquake affected areas of Azad Jammu and Kashmir. Finance Minister Ishaq Dar also highlighted that nearly half a million people have been displaced due to the military operation Zarb-e-Azb' against terrorists in North Waziristan. He informed that tens of thousands of families have moved to the town of Bannu, close to North Waziristan, while hundreds more have moved further to Lakki Marwat, Karak and Dera Ismail Khan, since the offensive began in mid-June.

He said that Prime Minister Nawaz Sharif has set up Prime Minister's Relief Fund for providing financial help to the Internally Displaced Persons (IDPs) of North Waziristan. Both the Ministers also reviewed progress on power generation plant at Neelum Jhelum and export of Saudi fertilizer to Pakistan. Saudi Minister Ibrahim bin Abdulaziz bin Abdullah Al-Assaf expressed willingness of Saudi Arabia to explore new opportunities and avenues for financial partnership and assistance to its brotherly country. Saudi Finance Minister assured that Saudi Arabia values its relationship with Pakistan and would stands by it shoulder to shoulder.

Later, a Protocol was also signed between Saudi Fund for Development and Pakistan for financial assistance of Saudi Riyals 100 million to earthquake victims and their rehabilitation. The protocol was signed by Finance Minister Ishaq Dar and Saudi Finance Minister Ibrahim bin Abdulaziz bin Abdullah Al-Assaf. The total Saudi financial assistance for earthquake reconstruction and rehabilitation through ERRA has now risen to an amount of Saudi Riyals 600 million.

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PLP NEWS ALERTS EMAIL No. 150-2014 Ministry decides to reconstitute PSO BoM: Summary sent to PM's office

June 28, 2014

ABDUL RASHEED AZAD

The Ministry of Petroleum and Natural Resources has finally decided to reconstitute the Board of Management (BoM) of Pakistan State Oil (PSO) and has sent a summary to the Prime Minister Office, it is learnt. According to official sources, the Petroleum Ministry has sent a summary to the Prime Minister regarding reconstitution of BoM of the PSO, proposing 10 names including Mujahid Eshai the current Chairman Board of Management of PSO; Naeem Malik, Additional Secretary Petroleum; Amjad Parvez Janjua, Managing Director PSO; Shahzad Saleem, Umar Dawood Pota, Salman Ansari, Bilal Shafi, Shahid Islam, Adil Rauaf and Hassan Islam.

Surprisingly, the Ministry has removed the name of Director General (DG) Oil, one of the most senior officials of the Petroleum Ministry dealing with the imports, exports, price calculation and other relevant developments from the Board of Management members' list.

According to officials, the decision of the Ministry would have negative impact on the matters related to petroleum product import, supply and demand situation as the DG Oil plays key role in making all decision regarding demand and supply of the petroleum products. The current PSO BoM was constituted by former prime minister Yousuf Raza Gilani, which includes DG Oil Azam Khan, Mirza Ikhtiyar Baig, Raja Hameed Ahmed Saleem, and Ahsan Bashir. The government has decided to change all the private members of the PSO BoM.

June 28, 2014

The government has spent Rs 36 million on the advertisement campaign in international and local newspapers for the selection of chief executive officers (CEOs), consultants and heads of around 40 state owned entities (SOEs), corporations, etc. Following the directives of the Supreme Court of Pakistan, the government set up Federal Commission for Selection of Heads of Public Sector Organisations (FCSHPSO) in July 2013 for hiring of CEOs, consultants and heads of various SOEs and corporations, etc, through advertisement campaigns.

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PLP NEWS ALERTS EMAIL No. 150-2014 support by the Establishment Division. In the beginning, the government planned advertisements for vacant positions in about 40 enterprises, including PIA, PSO, Pakistan Steel Mills, Wapda, PPL and OGDC through the commission. Later, through January 13, 2014 notification of federal government, 23 public sector bodies were excluded from the purview of FCSHPSO and direct appointments were made on some key posts.

Recently, Barrister M Dawood Ghaznavi, who filed a petition in Islamabad High Court (IHC) against the direct appointment by government, told Business Recorder that the government has made direct appointment on 22 posts. He added the Establishment Division informed the IHC that the commission is functional and busy in short-listing the candidates. Barrister Ghaznavi said in its judgement, the court restricted the Establishment Division that the selection of heads of SOEs would acquire services of international human resource managers instead of any local human resource managers.

June 28, 2014

The International Monetary Fund (IMF) on Friday disbursed $555.9 million to Pakistan, confirming the country was on track with the conditions of its IMF loan program, says a private TV channel. The IMF saved Pakistan from possible default by agreeing last September to lend it $6.8 billion over three years.

June 28, 2014

In order to align the regulatory framework to changing business environment and the best international practices, the State Bank of Pakistan, in consultation with the stakeholders, has revised the Prudential Regulations on risk management and operations for corporate & commercial banking. The revised regulations aim at assisting banks/DFIs in better addressing their unique risk factors and dynamic environment by giving more discretion in business decisions.

These regulations also describe minimum prudential benchmarks in critical risk areas to balance the considerations of financial stability of banks/DFIs vis-à-vis diversity and innovation. According to a circular issued by the central bank these Prudential Regulations do not supersede directives and instructions issued by the State Bank in respect of areas not covered under these regulations. Banks/DFIs that are compliant to the revised or new limits as introduced in these regulations shall follow the same instantly.

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PLP NEWS ALERTS EMAIL No. 150-2014

However, such institutions which are in breach of these limits will have to achieve the compliance by June 30, 2015, unless otherwise specifically mentioned in the regulations, it added. The SBP has advised banks/DFIs to ensure meticulous compliance of these regulations in letter and spirit. Any non-compliance or circumvention of the requirements will attract punitive action under the provisions of the Banking Companies Ordinance, 1962, it added.

June 28, 2014

Saudi Arabian Airlines became the third international airline to suspend its flights to Peshawar after a Pakistan International Airlines (PIA) plane was attacked on Bacha Khan airport. Earlier, Emirates Airlines and Qatar Airways had suspended their operation to and from Peshawar.

June 28, 2014

ALI HUSSAIN

The Sri Lankan government has withdrawn 'on-arrival visa' facility for Pakistani citizens due to the unregulated flow of asylum seekers, Foreign Office spokesperson Tasnim Aslam confirmed to Business Recorder on Friday. "Yes, no more visas on arrival [for Pakistani citizens]," the spokesperson said, adding that according to Sri Lankan government the facility has been withdrawn due to the unregulated flow of asylum seekers.

June 28, 2014

Prime Minister Nawaz Sharif says he finds great similarities between his views and those of his Indian counterpart Narendra Modi on many burning issues of South Asia. He was talking with

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PLP NEWS ALERTS EMAIL No. 150-2014 Dr VP Vaidik, Chairman Council for Indian Foreign Policy and former Editor of Press Trust of India (PTI), who met him in the Prime Minister House and discussed with him ways and means to improve Pak-India relations.

While referring to his recent visit to India, Nawaz Sharif said, "I must say that I have returned much satisfied with meaningful exchange of thoughts on matters of bilateral and regional interest with the Indian leadership." Dr Vaidik apprised Nawaz Sharif of the feelings of Indian masses about his visit to India on the occasion of oath-taking ceremony of Indian premier Narendra Modi.

June 28, 2014

A meeting of Central Ruet-e-Hilal Committee would be held in Karachi on Sha'ban-ul-Moazzam 29, Saturday (June 28) for sighting the crescent of Ramazan-ul-Mubarak 1435 A.H. The meeting to be chaired by its Chairman Mufti Muneeb-ur-Rehman would be held in the building of Pakistan Meteorological Department (PMD) camp office, Karachi. Chairman Central Ruet-e- Hilal Committee Mufti Muneeb-ur-Rehman would announce the decision of crescent sighting or otherwise subsequently on the basis of information received after evaluating the evidences.

June 28, 2014

Ramazan will begin on Sunday in Saudi Arabia, the state-run Al-Ekhbariya television channel reported on Friday. Citing the authorities, it said that because the crescent moon was unable to be seen with the naked eye on Friday, Ramazan would begin on Sunday.

June 28, 2014

The United States on Friday signalled its intent to eliminate its stockpile of anti-personnel landmines and to eventually join a global treaty banning their use, boosting efforts to rid the world of the weapons.

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PLP NEWS ALERTS EMAIL No. 150-2014 Equities extend gains

June 28, 2014

Equities rose Friday buoyed by profit-taking in oil sector. The benchmark KSE-100 index gained another 155.23 points to close at 29,343.76 points. Samar Iqbal, AVP at Topline Securities said the index heavyweight OGDC helped the benchmark index to post good gains. Index moved up by 0.50 percent and the volume remained at 146 million shares with a trading value Rs 7.9 billion.

Other large cap stocks saw some profit-taking with Engro falling by 3.3 percent, PSO 1.32 percent and PPL 0.98 percent, she added. Market participants also remained busy in PPL book building where active interest was seen from institutions and High Net Worth Individuals.

PPL strike price and participation will set the market trend in coming days. LPCL once again remained in the limelight due to likely acquisitions as announced at Karachi Stock Exchange this morning, Samar said. During the intra-day trading, the index reached 29,374.13 points highest and 29,073.43 points lowest level. Despite positive sentiment, volume at the ready counter decreased to 146.186 million shares compared to 149.199 million shares Thursday. Market capitalisation increased by Rs 63 billion to Rs 6.966 trillion against Rs 6.903 trillion.

Trading took place in 335 companies, of which 148 posted positive growth, 167 closed with negative signs and that of 20 remained unchanged. Among top 10 volume leaders, 6 companies posted positive trend. Lafarge Pak remained volume leader with 22 million shares, up Re 0.38 to close at Rs 16.19. Ghani Automobile (R) ranked second, up by Re 0.88 to close at Rs 1.30 on 11.73 million shares. B.O.Punjab closed at Rs 8.93, down Re 0.02 on 8.56 million shares.

Fauji Cement posted a negative trend and declined by Re 0.11 to close at Rs 19.32 on 8.35 million shares. Sui South Gas with 5.71 million shares, moved up by Rs 1.37 to close at Rs 35.49. Ghani Automobile surged by Re 0.53 to close at Rs 5.95 on 5.32 million shares. United Bank lost Rs 2.07 to close at Rs 167.73 on 5.14 million shares. Pak Elektron Ltd gained Re 0.72 to close at Rs 26.74 on 4.8 million shares. With a trading volume of 4.25 million shares, National Bank closed at Rs 61.99, down Re 0.85. TRG Pakistan Ltd bagged Re 0.04 to close at Rs 14.26 on 4.14 million shares. Rafhan Maize and Nestle Pak were the top gainers with Rs 484.90 and Rs 142.70 to close at Rs 11,674.90 and Rs 8,142.69, respectively. Shezan Inter and Murree Brewery were the worst losers with Rs 29.00 and Rs 14.83 to close at Rs 900.00 and Rs 914.50, respectively.

June 28, 2014

Equities moved both the ways and finally closed in positive column at the Lahore Stock Exchange (LSE) amid descending transaction volume on Friday. The LSE-25 index marginally

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PLP NEWS ALERTS EMAIL No. 150-2014 up by 4.60 points and was closed at 5568.20 points against 5563.60 points of Thursday, while transaction volume declined to 490,200 shares, as compared to previous volume of 01.049 million shares.

According to brokers, the market players showed cautious approach and abstain from taking fresh positions ahead of the holy month of Ramazan. Grays of Cambridges (Pak) Limited, Ghani Automobile Industries, Faysal Bank Limited, Lafarge Pakistan Cement, Askari Bank Limited, Pakistan Petroleum Limited, Crescent Stee3l & Allied Products and Nishat (Chunian) Limited registered gains while Hascol Petroleum Limited, Nishat Mills Limited, Fauji Fertilizer Company, Byco Petroleum Pakistan Limited, Engro Fertilisers Limited, Arif Habib Corporation, Fauji Cement Company, NBP, PIA and the Bank of Punjab suffered losses and closed in minus column.

The losers were ahead with the gainers, as out of a total of 78 companies, 08 showed strength and were closed in green zone, 15 suffered losses, while 55 companies stayed unchanged at their previous levels. Among the gainers, Grays of Cambridges (Pak) Limited gained Rs 3.89, Ghani Automobile Industries was improved by paisa-78, Faysal Bank Limited was appreciated by paisa-55, while

Lafarge Pakistan Cement, Askari Bank Limited, Pakistan Petroleum Limited, Crescent Steel & Allied Products and Nishat (Chunian) Limited were up by paisa-52, paisa-50, paisa-34, paisa-18 and paisa-07, respectively. On the other hand, Hascol Petroleum Limited shed Rs 4.32, Nishat Mills Limited was declined by paisa-74, Fauji Fertilizer Company lost paisa-30, while Byco Petroleum Pakistan Limited, Engro Fertilisers Limited, Arif Habib Corporation, Fauji Cement Company, NBP, PIA and the Bank of Punjab were down by paisa-15, paisa-10, paisa-10, paisa- 09, paisa-08, paisa-05 and paisa-05, respectively. The volume leader of the day included the Bank of Punjab with 160,000 shares, Pak Elektron Limited with 60,000 shares and Lafarge Pakistan with 49,000 shares.

June 28, 2014

Bulls dominated the proceedings at the Islamabad Stock Exchange (ISE) on Friday, where equities continued to move in upward direction with positive trend at the ISE amid increase in index. ISE Ten Index showed an improvement of 82.42 points as the ISE Ten Index moved from 4,386.58 to 4,469.00 points. The overall turnover amounted to 468,100 shares as compared to previous volume of 115,900 shares.

Total 143 companies participated in buying and selling activity. Majority of stocks (74) closed in positive territory, 69 closed in negative territory, whereas zero company remained pegged to its overnight levels. The volume of Bank of Punjab was 400,500 shares. The volume of Pak Elektron was 60,000 shares. The volume of Crescent Steel was 2,500 shares.

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PLP NEWS ALERTS EMAIL No. 150-2014 BRIndex30 sheds 143.7 points

June 28, 2014

On Friday, BRIndex30 opened at 16,979.16. It touched an intraday high of 17,028.69 and an intraday low of 16,800.63 and closed at 16,835.46 which was -143.7 points or -0.85 percent lower than previous close. Total volume was 79,886,800, which was 54.65 percent of KSE All share volume and 80.12 percent of KSE 100 volume. The KSE All Share volume was 146,186,790 and KSE 100 volume was 99,707,260.

BR Commercial Banks Index closed at 7,037.02 with a net positive change of 1.63 points or a percentage change of 0.02 and a total turnover of 27,176,800. BR Cement Index closed at 3,206.17 with a net positive change of 17.08 points or a percentage change of 0.54 and a total turnover of 37,525,000. BR Oil and Gas Index closed at 4,052.99 with a net positive change of 56.59 points or a percentage change of 1.42 and a total turnover of 15,135,600.

BR Tech & Comm Index closed at 898.64 with a net negative change of -5 points or a percentage change of -0.55 and a total turnover of 8,466,000. BR Power Generation and Distribution Index closed at 4,529.09 with a net negative change of -16.78 points or a percentage change of -0.37 and a total turnover of 4,582,500.

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PLP NEWS ALERTS EMAIL No. 150-2014 Business and Economy: Pakistan Funding for new viable uplift projects: Dar, Saudi Finance Minister hold talks

June 28, 2014

He specifically mentioned projects like reconstruction of government buildings, official residences, health units, and educational amenities, rehabilitation of a college, hospital and construction of a University in earthquake affected areas of Azad Jammu and Kashmir. Finance Minister Ishaq Dar also highlighted that nearly half a million people have been displaced due to the military operation Zarb-e-Azb'' against terrorists in North Waziristan. He informed that tens of thousands of families have moved to the town of Bannu, close to North Waziristan, while hundreds more have moved further to Lakki Marwat, Karak and Dera Ismail Khan, since the offensive began in mid-June.

He said that Prime Minister Nawaz Sharif has set up Prime Minister''s Relief Fund for providing financial help to the Internally Displaced Persons (IDPs) of North Waziristan. Both the Ministers also reviewed progress on power generation plant at Neelum Jhelum and export of Saudi fertilizer to Pakistan. Saudi Minister Ibrahim bin Abdulaziz bin Abdullah Al-Assaf expressed willingness of Saudi Arabia to explore new opportunities and avenues for financial partnership and assistance to its brotherly country. Saudi Finance Minister assured that Saudi Arabia values its relationship with Pakistan and would stands by it shoulder to shoulder.

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PLP NEWS ALERTS EMAIL No. 150-2014 CDA unveils Rs 45.82 billion budget for 2014- 15

June 28, 2014

FAZAL SHER

The Capital Development Authority (CDA) on Friday unveiled budget of Rs 45.82 billion for the financial year 2014-15 which is 35 percent higher than the previous financial year. A CDA official said that Rs 30.144 billion have been allocated for development projects, 66 percent higher than the last year's allocation and Rs 15.68 billion have been earmarked for non- development expenditure, which is 34 percent of the total budget outlay.

He said that the budget was approved in CDA's board meeting, presided over by Chairman CDA Maroof Afzal. Member Finance, Arbab Sher Bahadur, Member Administration and Estate, Amir Ali Ahmed, Member Environment, Syed Mustafain Kazmi, Member Planning and Design, Waseem Ahmad Khan and Member Engineering Shahid Sohail were also present in the meeting.

A CDA official said that the projected receipts are estimated at Rs 45.82 billion, which are 23 percent more than the estimated receipts of current financial year 2013-14. As many as Rs 5.73 billion were estimated as receipts from the sector development and auction of residential and commercial plots and revenue receipt of Rs 7.087 billion is expected from various taxes, he said.

He said that the federal government would provide Rs 1944.85 million under Public Sector Development Project (PSDP) for six projects. In the budget 2014-15 an amount of Rs 1000 million was allocated for construction of Margalla Roads (Phase-II), Rs 500 million for development of Park Enclave, Rs 500 million for upgradation of 7th Avenue, Rs 350 million for construction and development of car parking in federal Capital, Rs 250 million for construction of two underpasses on Faisal Avenue in Sector G-7/G-8 and Sector F-7/F-8.

During the financial 2014-15, Rs 200 million have been allocated for construction and maintenance of markets in the city, while Rs 100 million for construction of slaughter house in Islamabad. A sum of Rs 100 million was allocated for construction of apartments for CDA employees, while Rs 100 million would be spent on upgradation of blocks and construction of one new block in the Capital Hospital to facilitate CDA employees with proper health facilities.

The authority allocated Rs 50 million for development and upgradation work in developed sectors of Islamabad. The CDA allocated Rs 500 million for development of three new Sectors C-14, C-15 and C-16. Rs 500 million allocated for the development of stalled sectors where development was over due since long. Rs 200 million have been allocated for fencing of CDA acquired land to save it from the encroachers and Rs 50 million for establishment of public facilitation centres. Rs 10 million would be spent on installation of solar system on traffic signals.

In the budget 2014-15, Rs 200 million have been allocated for development of Markaz in Sector D-12 and Kuri Model Village would be developed at the cost of Rs 225 million. An amount of Rs 200 million has been allocated for the development of Sector I-12 and Rs 100 million for

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PLP NEWS ALERTS EMAIL No. 150-2014 improvement of water supply system.

The official sources said that Chairman CDA Maroof Afzal was of the view that this budget is development-oriented and focus has been laid on acquisition of land, development of stalled sectors and development of new sectors to provide opportunities for new housing facilities to the people. He also said that in addition to major development projects priority has also been given to the repair and maintenance of existing infrastructure, play grounds, parks, sewerage system and water supply lines.

June 28, 2014

Pakistan Industrial and Traders Associations Front (PIAF) has presented a five-point facilitation agenda aimed at to get full advantage of GSP Plus status to Pakistan by the European Union. The five-point agenda was presented by the Chairman PIAF Malik Tahir Javed while addressing a meeting of export related standing committee. The members of the committee were also present on the occasion.

He said that GSP Plus status to Pakistan by the EU was a huge opportunity as Pakistan could easily achieve the mark of 100 billion dollars as far as exports are concerned. He said that it is a very good sign that 25 percent increase in export is already registered but we have to move through a well-planned strategy and an export target of 50 billion dollars should be set for the first phase. He said that government should give priority in electricity and gas supply to the export-oriented industries. He also demanded that one percent duty on coal should be withdrawn as a large number of industrial units are using coal as fuel.

June 28, 2014

The domestic industries Friday urged ministry of commerce to make National Tariff Commission (NTC) effective to provide a level playing field to business community. Presently, NTC is almost paralysed due to non-appointment of chairman. The chairman NTC has retired from the post since June 21, 2014 however no replacement has been made so far.

While as per Lahore High Court ruling, NTC Member Naimatullah Khan's tenure has ended on September 10, 2013. The post of respective member has also still not been filled or reinstated by the ministry of commerce. "Local industries are facing a host of problems due to an inactive NTC and this ineffectiveness is depriving our industries of a level playing field," industry

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PLP NEWS ALERTS EMAIL No. 150-2014 sources said.

Many industries are suffering and thousands of jobs are at stake. If the government fails to take an urgent action to complete the board of NTC, enabling it to respond to the complaints of the domestic industry, the traders would be in great trouble. "Pakistan has one of the highest costs of doing business and if the NTC remains inactive, billions of rupees investments and jobs would be lost and severe dumping take place in Pakistan," industry sources said. Many experts within the NTC can be promoted internally on an immediate basis to ensure that the commission reviews all pending applications urgently, they added.

June 28, 2014

The Lahore Chamber of Commerce and Industry (LCCI) has expressed concerns over four-day long bank holidays and termed it a decision to further spoil the people. In a statement issued here on Friday, LCCI Acting President Tariq Misbah said that bank holidays from June 28 to July 1 would create manifold problems and hamper business and industrial activities.

He said that businessmen would face tough time during these days. In the present law and order scenario, it would be a very hard task for them. He suggested that export and import-related government offices including banks, ports and customs should be exempted from it. Because of the additional holidays in a week, businesses would suffer a lot. He said that not only the business community but it will also cause financial loss to the national exchequer.

Misbah demanded that banks should be exempted from extra holidays in case it was unavoidable. He said that nowhere in the world commercial banks were closed for two days in a week and even in the countries where five-day week was observed, the commercial banks remained open on Saturdays.

Copyright Business Recorder, 2014 Widespread unrest impending growth: LCCI urges political parties to set aside their differences

June 28, 2014

The Lahore Chamber of Commerce and Industry (LCCI) has urged all the political parties to set aside their differences and jointly focus on national agenda as political unrest is impeding the national growth. "At a time when the country is facing various internal, external challenges and Pakistan Armed Forces are busy in operation to deracinate the menace of terrorism, political

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PLP NEWS ALERTS EMAIL No. 150-2014 harmony is direly needed to support our Armed Forces" LCCI Acting President Tariq Misbah said in a statement on Friday.

All political parties should follow the government and join hands with the private sector to put economy back on rail. He said that opinion differences are part of the democratic system but all should be united on national interests that would give a good signal to the foreign investors who are planning to make investment in Pakistan.

Misbah said that to compete with the economic giants of the world, country needs a selfless and visionary leadership who has the ability to think beyond tomorrow to tackle all the governance- related issues and for the sake of future generations. It is a matter of satisfaction that Prime Minister Nawaz Sharif and Chief Minister Punjab Shahbaz Sharif have a clear economic vision and believe on consultation with the stakeholders. Their economic team is moving in right direction to get rid of the economic worries, the LCCI Acting president added.

He said that all the political forces should follow the suite and initiate consultations with the economic leadership, including the Chambers of Commerce and Industry, to chalk out an elaborate plan of action, aimed at achieving the economic goals. Tariq Misbah said that heavy government borrowings in the yester years have not only pushed the economy to the wall but also hampered the process of industrialisation.

He said that it was a good omen that government wants to be self-reliant and business community hopes that government would stop borrowing and would draw up a strategy to boost exports to bring much-needed foreign exchange in the country. He said that the country's export base could be widened by encouraging especially the local investors and then the foreign investors. He said that availability of cheaper financing, by bringing down high mark-up rates, is a prerequisite to help expedite the process of industrialisation in the country that would also bring down the graph of unemployment.

"Unemployment is mother of a number of social ills being witnessed by the country today." The private sector has the solution of this worry provided it is facilitated through a well-thought methodology." He also urged the government to create an early consensus for Kalabagh Dam to overcome electricity & water shortage and high power tariff issues.

He said that Kalabagh Dam was a project of utmost importance and present regime should get this feather in its cap. He said that present regime has shown its seriousness in creating a business-friendly atmosphere by incorporating a number of LCCI proposals in the federal budget and has already initiated consultation with the stakeholders. Now all political forces are duty bound to respond to the wakeup call of the private sector and play their due role for economic stability of the country.

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PLP NEWS ALERTS EMAIL No. 150-2014 KATI seeks latest arms for police

June 28, 2014

N H ZUBERI

Korangi Association of Trade and Industry's (KATI) Law and Order Standing Committee's Chairman Nadeem Khan has demanded of Sindh chief minister to approach federal government with a request to provide latest arms and equipments to police to combat crimes in the city.

He also suggested that manpower in a police station be provided keeping in view jurisdiction and population of an area, besides all city police stations should be equipped with an internet facility to ensure better contact with the general public. He also urged the government to ensure that all appointments in Sindh police are made purely on merit while recruiting children of retired and slain policemen.

He said that the need of hour was to install vigilance cameras outside industrial units, houses, street corners, markets and other places. Lauding the role of Rangers in overcoming the incidents of targeted killings in the city, Khan said that similar action should be initiated against those involved in street crimes.

June 28, 2014

Four companies have submitted bids for acquisition of 75.86 percent shares of Lafarge Pakistan Cement Limited (LPCL). Lafarge SA is divesting its entire holding (75.86 percent) in Lafarge Pakistan Cement Limited (LPCL) and the bidding process has attracted some local as well as international companies.

According to a notification sent to Karachi Stock Exchange on Friday, Lafarge SA, a fully-held direct subsidiary and holding company for the main subsidiaries of the Lafarge Group, as indirect holder of 75.86 percent shares in LPCL, has received final offers for the purchase of 75.86 percent shares.

Four companies that are Kohat Cement Company Limited, Bestway Cement Limited, D.G. Khan Cement Company Limited and Vision Holding Middle East Limited have emerged as final bidders. Lafarge Pakistan is entirely dependent on the national grid for its electricity requirement and uses alternative diesel generators in case of power outages. The acquirer of the company could significantly add value by establishing either a captive power plant at LPCL or provide the company with surplus power available with the acquirer.

LPCL is a North-based manufacturer with a production capacity of 2.4 million tons. The

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PLP NEWS ALERTS EMAIL No. 150-2014 company's production in CY13 stood at 1.64 million tons. The company generated revenue of Rs 10.3 billion, with gross margins of 31.3 percent. While the gross profit was higher by 2.8 percent YoY; operating profit dropped by 14.7 percent YoY due to a 58 percent jump in administration expenses. Previously seven companies, Lucky Cement, DG Khan Cement, House of Habib, Vision Holding, Pioneer Cement, Bestway Cement and Kohat Cement, were in row for acquisition of LPCL.

June 28, 2014

Only a few advertisements were placed in media that is for the slots of chairman of Pakistan International Airliners (PIA), Pakistan Telecommunication Authority (PTA) by the commission and one advertisement by Planning and Development Division for the slot of chairman Higher Education Commission (HEC), sources revealed. The sources maintained that the commission had been given the mandate to operate free from government influence with administrative support by the Establishment Division. In the beginning, the government planned advertisements for vacant positions in about 40 enterprises, including PIA, PSO, Pakistan Steel Mills, Wapda, PPL and OGDC through the commission. Later, through January 13, 2014 notification of federal government, 23 public sector bodies were excluded from the purview of FCSHPSO and direct appointments were made on some key posts.

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PLP NEWS ALERTS EMAIL No. 150-2014 Draft of Sindh tourism policy finalised

June 28, 2014

Sindh Tourism Department (STD) has drafted Sindh Tourism Policy-2014 and Sindh Chief Minister Syed Qaim Ali Shah would approve it soon. An official of the STD told this correspondent that Sindh Tourism Policy-2014 has been planned and it will be document by Professor Abdul Gaffar Dawoodpota, who is associated with Public Policy Research and Training.

He said that the proposed tourism policy which was completed last month consisted of nine chapters. The policy would help improve the tourism sector in Sindh, besides enhancing and highlighting the capability of generating revenue from Sindh, the sources added.

After devolution of power under 18th Constitutional Amendment, the task of framing tourism policy and its acts was the responsibility of the provincial government, the sources said, adding that STD has succeeded in framing the tourism policy after having several meetings with Sindh Minister for Culture and Tourism Sharmila Farooqui.

The proposed Sindh Tourism Policy 2014, the sources said, will have its direct impact on Sindh Tourism Development Corporation, Department of Tourism Services, Pakistan Institute of Tourism and hotel management and Gorakh Hill Development Authority. The STD official said that the main aim of this policy was to interlink the other tourist-related offices and tourism department as the devolution was causing some problems for tourists, besides some other issues relating to travel-related trade and licensing of travel agencies had also cropped up.

The proposed policy would also look into matters concerning improving infrastructure, tourists' security-related issues, promotion and publicity of tourism with the government's funds. The other salient features of the policy include promotion of tourism ethics, setting up of a research institute and planning aimed at attracting tourists and generating revenue. He said that tax collection under Tourism and Promotion Development Fund from local and foreign tourists up to 10 per cent would help in generating revenue.

June 28, 2014

The Karachi Port handled 163,803 tonnes of cargo comprising 133,854 tonnes of import cargo and 29,949 tonnes of export cargo including 5,535 loaded and empty containers during the last 24 hours ending at 0700 hours on Friday. The total import cargo of 133,854 tonnes comprised of 34,920 tonnes of containerised cargo; 48,557 tonnes of bulk cargo: 44,009 tonnes of coal; 4,548 tonnes of DAP and 50,377 tonnes of oil/liquid cargo.

The total export cargo of 29,949 tonnes comprised of 27,735 tonnes of containerised cargo; 178

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PLP NEWS ALERTS EMAIL No. 150-2014 tonnes of general cargo; 636 tonnes of cement and 1,400 tonnes of oil/liquid cargo. As many as 5,535 containers comprising 2,682 containers import and 2,853 containers export were handled during the last 24 hours on Friday.

The breakup of imported containers shows 718 of 20's and 943 40's loaded while nil of 20's and 39 of 40's empty containers, whereas that of exported containers shows 619 of 20's and 477 of 40's loaded containers while 312 of 20's and 484 of 40's empty containers were handled during the business hours. There were twelve ships namely Queens Quay, Niara, PAC Aries, Ital Moderna, MSC Jenny, Japan, Panagia Lady, Bofors, Atlantic, Kontatinos, Li Dian-2 and Maha- B carrying containers, oil tanker, tug, fertilizer, coal and general cargo respectively sailed out to sea during the reported period.

There were six vessels viz. MSC Jenny, Kota Kamil, APL Seattle, Hyundai Bangkok, Bon Atlantico and Dong Ting Hu carrying containers and oil tankers respectively currently at the berths. There were three ships namely Dong Ting Hu, Bahra and Bon Atlantico carrying oil tankers respectively sailed out to sea on Friday, while three ships namely Hyundai Bangkok, APJ Shirin and United Miravalles carrying containers, coal and DAP respectively are expected to sail on Saturday.

There were three vessels viz. Elini-1, Mid Fortune and Sifnos carrying containers, oil tanker and general cargo respectively due to arrive on Friday, while six vessels viz. Talassa, Hanjin Scarlet, Neptune-D, Oriental Emerald, Oriental Clematis and Chang Hang Run carrying containers, oil tanker, mogas and coal respectively are due to arrive on Saturday.

PORT QASIM

A cargo volume of 53,521 tonnes comprising 31,828 tonnes of import cargo and 21,693 tonnes of export cargo inclusive 1,984 loaded and empty containers (TEUs) was handled at Port Qasim during the last 24 hours on Friday. The total import cargo of 31,828 tonnes includes 38,324 tonnes of diesel oil; 14,423 tonnes of edible oil; 3,800 tonnes of urea and 12,306 tonnes of containerised cargo.

The total export cargo includes 21,693 tonnes of containerised cargo. There were three ships namely CV Bux Contact, MV Bright World and MT Argent Iris with containers, chemical and edible oil sailed out sea on Friday morning, while two more ships namely CV Dubai Express and MV KN Forest with containers and cement/ steel coil are expected to sail on the same day afternoon. A total number of six vessels viz. CV Dubai Express, CV Bux Contact, MV KN Forest, MV Golden Trader, MV Bright World and MT Argent Iris currently occupied berths to load/offload containers, cement/steel coil, urea, chemical and edible oil respectively during the last 24 hours.

As many as four ships namely Rio Blanco, Legacy, MT Quetta and Ghetty Bottigliere with containers, canola, furnace oil and edible oil are currently at the outer anchorage of Port Qasim. There were three vessels with containers and chemical took berths at Qasim International Containers Terminal and Engro Vopak Terminal respectively on Thursday. There are three ships namely CV Rio Blanco, MT Quetta and MT Ghetty Bottigliere with containers, furnace oil and edible oil due to arrive on Friday.

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PLP NEWS ALERTS EMAIL No. 150-2014 Shipping Intelligence

June 28, 2014

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (June 27, 2014).

======VESSELS ON BERTH ======Berth Ship Working Agent Berthing No. Date ======ALONG SIDE (BULK OIL PIER) ------OP-I Bahra D. Petrol TRANS MARITIME 25/06/2014 OP-II Dong Ting Hu D. Petrol GAC 26/06/2014 OP-III Bon Atlantico L. Ethanol NOT PROVIDED 26/06/2014 ------ALONG SIDE (EAST WHARVES) ------2/3 United Miravalle D. Coal WILHELMSEN 25/06/2014 4 APJ Shirin D. DAP BULK-SH 18/06/2014 10/11 Mika Mank D. Coal OC.WORLD 25/06/2014 12/13 Filia Glory D. Coal OC-SERVICES 25/06/2014 ------ALONG SIDE (P.I.C.T) ------8/9 Kota Kamil D. L. Cnt NOT PROVIDED 26/06/2014 ------ALONG SIDE (WEST WHARVES) ------19 Sea Wave L. Cement ARGONAFTIS 19/06/2014 20 Outrivaling-1 L. Mill Scale CRYSTAL SEA 22/06/2014 ------ALONG SIDE (K.I.C.T) ------26/27 Hyundai Bangkok D. L. Cnt U.M.A 26/06/2014 29/30 APL Seattle D. L. Cnt APL 26/06/2014 ======EXPECTED ARRIVALS ======Name of Agents Arrival Import Export Vessels Name Date Tons Tons ======CONTAINER (GEARLESS) ------MOL Direction MOL PAK 27/06/2014 1,000 Cnt 1,000 Cnt Cosco Kawasaki COSCO 02/07/2014 600 Cnt 600 Cnt ------

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PLP NEWS ALERTS EMAIL No. 150-2014 CONTAINER (GEARED) ------UAFL Zanzibar GOLDEN 29/06/2014 454 Cnt 285 Cnt ------GENERAL CARGO ------Sifnos AARAS-SH 27/06/2014 10,240 GC Nil ------COAL ------Chang HangRun Hai OC.WORLD 27/06/2014 55,998 Nil ------LOADER ------Somerset ARGONAFTIS 29/06/2014 Nil 19,200Cement Bag ------OIL TANKER ------Oriental Emerald ALPINE 27/06/2014 12,000 Mogas Nil Neplun D TRANS MARITIME 28/06/2014 50,000 Mogas Nil Al Yarmouk TRANS MARITIME 29/06/2014 70,000 Crude Oil Nil ======SHIP DEPARTURES ======Vessel Name Port Name Agent LOA DepartureDischarging Date ======Li Diam 2 N/A OC.WORLD 190 Coal 27/06/2014 Ital Moderna N/A GREEN PAK 264 Container 27/06/2014 Msc Jenny N/A MSC PAK 244 Container 27/06/2014 Kontantinas N/A WILHELMSEN 185 DAP 26/06/2014 Japan N/A NOT PROVIDED 276 Container 26/06/2014 Niara N/A EAST WIND 199 Container 26/06/2014 Panagia Lady N/A ALPINE 182 Petrol 26/06/2014 Queens Quay N/A U.M.A 260 Container 26/06/2014 Maha-B N/A COASTAL 79 GC 26/06/2014 Pac Aries N/A APL 0 Container 26/06/2014 ======MISCELLANEOUS VESSELS EXPECTED OFF PORT ======Vessel Name Type Agent Expected ArrivalBerth No. Date ======Al Mahboobah Oil Tanker GAC OP-II 26/06/2014 El Gurdabia Oil Tanker TRANS MARITIME OP-I 26/06/2014 ======PORT QASIM INTELLIGENCE ======Berth Vessel Working Agent BerthingDate ======MULTI PUR POSE TERMINAL ------

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PLP NEWS ALERTS EMAIL No. 150-2014 MW-4 KN Forest Cement/Steel Coil Global 21-07.2014 ------LIQUID CARGO TERMINAL ------LCT Argent Iris Edible Oil Alpine Marine 25-06-2014 ------QASIM INTERNATIONAL CONTAINER TERMINAL ------QICT Dubai Express Containers Delta Shipping 26.06.2014 QICT Bux Contact Containers Maersk Pak 26.06.2014 ------2nd CONTAINER TERMINAL ------QICT NIL ------FOTCO OIL TERMINAL ------FOTCO NIL ------GRAIN & FERTILIZER TERMINAL ------FAP Golden Trader DAP WMA 19.06.2014 ------GRAIN & FERTILIZER TERMINAL ------EVTL Bright World Chemical Alpine Marine 26.06.2014 ======DEPARTURES ======Vessel Commodity Ship Agent Departure Date ======Argent Iris Edible Oil Alpine Marine 27.06.2014 Bright World Chemical Alpine Marine 27.06.2014 Bux Contect Containers Maersk Pak 27.06.2014 KN Forest CementSteel Coil Global 27.06.2014 Dubai Express Containers Delta Shipping 27.06.2014 ------VESSELS AT OUTER ANCHORAGE ------Ghetty Bottigliere Edible Oil Alpine Marine - Legacy Conoia East Wind - Rio Blanco Containers UMA - MT.Quetta Furnace - - ======EXPECTED ARRIVALS ======Rio Blanco Containers UMA 27.06.2014 Ghetty Bottigliere Edible Oil Alpine Marine 27.06.2014 MT.Quetta Furnace - 27.06.2014 ======

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PLP NEWS ALERTS EMAIL No. 150-2014 Paapam pinpoints factors in affecting business severely

June 28, 2014

MUHAMMAD RIAZ

The ever-increasing smuggling and under-invoicing of auto parts and accessories is severely affecting the business of local manufacturers of spare parts besides causing loss of billions of rupees to the national exchequer.

Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) Chairman Usman Malik invited the FBR Chairman's attention towards this big menace of customs value determination of imported auto parts at the Directorate General of Customs Valuations, Karachi, arbitrary customs valuation rulings of imports by customs authorities are turning the country into a trading hub by favouring commercial importers on one hand while on the other affecting collection of federal taxes at the import stage.

Malik said the low valuation of imports has adversely affected sales tax, withholding tax, customs duty and Federal Excise Duty on imported items during 2013-14 and the major reason of less revenue collection is the absence of foolproof mechanism for accurate assessment of duties and taxes at the import stage. Millions of rupees' under-invoiced auto parts are coming into the country from China. Chinese motorbikes manufacturers are importing spare parts under commercial imports through outsourcing, which is a real challenge to the local vendors.

He said almost all types of auto spare parts including rings, pistons, gas kits, filters and radiators are being imported from Thailand and Dubai in astonishing quantities at extremely lower valuation. Pakistani markets are flooded with under-invoiced and smuggled goods of all descriptions and the dealers are selling these parts at the rates 50-60 percent less than the parts made locally.

Quoting the figures, he said major discrepancy in prices has been witnessed on imports from UAE in various sectors, causing about Rs 150 billion losses each year due to under-invoicing in imported goods. Per-Kg Assessing Values of parts have been made without taking into consideration the material cost or manufacturing overheads, etc.

That's why these values are extremely on the lower side. Local manufacturers are required to go through a most primitive and completely obsolete system of deductive values. This method itself is a product of corruption and lack of understanding on part of customs valuation teams. On the other hand National Tariff commission is also unmoved, whereas this subject should also fall in ambit of anti-dumping laws.

He said PAAPAM actively participated in the meetings held by the Customs Valuation Department for the determination of Assessment Values, but he dismayed to note that the ruling neither recognized PAAPAM as a key stakeholder, nor did it incorporate our viewpoint expressed in the meetings. Unless the methodology required for establishing a realistic price of a part is not changed, the Mafia of importers in collaboration with customs valuation department

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PLP NEWS ALERTS EMAIL No. 150-2014 will keep depriving country of billions in revenue generation from collection of duties.

Malik suggested that a special committee consisting of officials from FBR, EDB, representatives of PAMA and PAAPAM be formed to suggest measures for eradication of this malpractice and to condense the influence of commercial importers, safeguarding the interest of automotive industry. PAAPAM want access to cheaper and quality goods for consumers in Pakistan, but its solution does not lie in duties reduction or arbitrary valuation rather it lies in excessive industrialisation and transfer of high technology in the country, he added.

June 28, 2014

Copyright Independent News Pakistan, 2014 Rs 7.6 billion revenue earned: Nespak sets all-time high record of business acquisition

June 28, 2014

National Engineering Services Pakistan (Nespak) Private Limited sets an all time high record of business acquisition in the year FY 2013-14 by earning revenue of Rs 7.6 billion. According to the NESPAK officials the company's business acquisition both at national and international levels broke all previous records.

The company also made extensive penetration in the overseas market and now about 35 percent revenue is being generated from international projects through Nespak offices located in Oman, Saudi Arabia, State of Qatar, Afghanistan, Iran and Yemen. All administrative and financial affairs of Nespak witness a number of positive changes during this year. Strict adherence to austerity policy resulted in about 20 percent cut in routine expenditures as compared to spending of the previous year. There has been zero expenditure on purchase of vehicles while foreign visits by NESPAK officials have been curtailed considerably.

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PLP NEWS ALERTS EMAIL No. 150-2014 supervision of NESPAK, Quality Inspection Team has been formed. This arrangement helped in minimising construction quality problems and brought more quality to the projects commensurate with NESPAK's name.

Amjad A. Khan, MD NESPAK, congratulated all NESPAK employees upon demonstration of excellent financial performance of the company. Meanwhile, new offices have been planned to be opened in foreign countries where NESPAK is invited to render its services, the most important one of which is United Kingdom, where the company will work together with European consultants in the field of engineering consultancy.

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PLP NEWS ALERTS EMAIL No. 150-2014 Company News: Pakistan Rs 7.6 billion revenue earned: Nespak sets all-time high record of business acquisition

June 28, 2014

The hiring of all new staff as per project requirement has been made purely on merit and in a transparent manner through proper advertisements in media: While only those employees have been promoted to next grades that met the set criteria of the company and showed outstanding performance. In order to ensure quality of construction on fast-track projects going on under the supervision of NESPAK, Quality Inspection Team has been formed. This arrangement helped in minimising construction quality problems and brought more quality to the projects commensurate with NESPAK's name.

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PLP NEWS ALERTS EMAIL No. 150-2014 Business & Economy Govt missions to make country an economic tiger: Sheikh Aftab

Friday, 27 June 2014 14:42

Posted by Parvez Jabri

ATTOCK: Minister of State for Parliamentary Affairs Sheikh Aftab Ahmed Friday said that it was the mission of the present government, under the dynamic leadership of Prime Minister Muhammad Nawaz Sharif to for making the country an economic tiger.

Talking to media persons while inaugurating a shuttle railcar service from Attock to Jand, Sheikh Aftab reiterated that the present government would never compromise on its principals.

The minister categorically stated that there will be no loadshedding in the country in coming years due to the pro-active policies of the government and bulk of investment in the energy sector.

"Unfortunately, the pervious government has maligned the national entities like Pakistan Railways, Pakistan Steel Mills, Pakistan International Airlines and others," he said.

The government is committed to bring these institutions back on the right track and convert them in profit earning institutions, he added.

Giving details of the shuttle railcar service, the minister said that the service has been restored after a great demand from the people of the area.

Sheikh Aftab said that the people of these areas were facing huge problems due to closure of the train service two years back by the previous government which has been restored.

He also thanked Minister for Railways Khawaja Saad Rafique for restoring the train service and said, "We always believe in politics of social welfare and uplift of people."

Sheikh Aftab said that thousands of the passengers of Attock, Jand and adjacent areas will get benefit after the restoration of the train service.

The minister informed that he had also discussed the project of the provision of sui-gas in the Attock Railway Colony with the Railway Minister.

Sheikh Aftab said that there are 275 villages in Attock District where all basic facilities and infrastructure such as schools, hospitals and roads network was available.

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PLP NEWS ALERTS EMAIL No. 150-2014 The minister maintained that he had always conveyed his sentiments for the uplift of Attock and bringing it at par with Lahore and Islamabad in his meetings with the Prime Minister and Chief Minister Punjab Mian Shahbaz Sharif.

On the occasion, Divisional Superintendent Peshawar Ali Muhammad Afridi said that Pakistan Railways has restored the train service on the demand of Sheikh Aftab Ahmed.

Afridi said that in the past six coaches were attached with the shuttle ralicar between Attock to Jand but now it would be increased to seven coaches.

He appealed the local passengers of the areas that nobody would travel in the train without ticket to make this service successful.

Friday, 27 June 2014 13:22

Posted by Parvez Jabri

KARACHI: Minister of State for Communications Abdul Hakeem Baloch has said that timely completion of all projects of highways in Sindh is the need of the hour because completion of highways will minimize distances and will boost trade, tourism, industry and agriculture of the country that will ultimately bring economic prosperity in the country.

He said that durable highways ensure our progress, and therefore, the present democratic government is paying exclusive attention to the Communications Sector of the country.

Abdul Hakeem Baloch expressed these views during his exclusive visit to NHA's regional headquarters Karachi, said a statement on Thursday evening.

The Minister said that timely completion of all NHA projects in Karachi and Sindh is their top priority, and the development vision of Prime Minister Muhammad Nawaz Sharif envisages speedy progress in the Communications Sector, therefore no compromise will be made on quality and pace of work and projects in Sindh will be urgently completed.

On this occasion, senior NHA and Motorway officials also accompanied him.

A detailed briefing was given to the Minister by respective General Managers of all ongoing projects in Sindh.

The Minister was told that Gharo-Kety Bandar Project (package-I) is 24 kilometres long and its 2013-14 revised estimate was Rs776 million, and 90 percent of its work has been completed.

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PLP NEWS ALERTS EMAIL No. 150-2014 The Package-II (Mirpur Sakar to Gharo) of this project is 30 kilometres long and its revised estimate is Rs1292 million, and this package has been completed in 2013.

The Package-III of this project (Gharo to Kety Bandar) is also 30 kilometres long and its revised estimate is Rs957 million, and 52 percent work of this package has been completed.

The Minister was told that Lyari Expressway Project is 32 kilometres long and its 2013-14 revised estimate is Rs1202 million and 80 percent of this project has also been completed, the Package-I of Qazi Ahmad-Amri on River Indus is 2km long and its revised estimate is Rs2016 millions, and this project has been completed last year.

Package-ll of this project is 16 kilometres long and its 2013-14 revised estimates is Rs1714 million, and 75 percent of this project has been completed. Package-HI of the same project has already been completed with a cost of Rs339 million; however Package- IV of this project is delayed due to issues in land acquisition.

While briefing the Minister on Northern Bypass, it was told that this 56 kilometres long project also includes 0.162 kilometres long Sher Shah Bridge that has already been completed with it cost of Rs434 million.

The Minister of State on Communications Abdul Hakeem Baloch expressed satisfaction on the overall progress of the projects and assured that the Federal Government wants to practically alleviate the deprivation of the people of Sindh and completion of these projects will add a new chapter in improving the lives of the people of the area.

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PLP NEWS ALERTS EMAIL No. 150-2014 Cotton and Textiles: Pakistan PCGA rejects five percent GST on oil cake

June 28, 2014

Pakistan Cotton Ginners Association (PCGA) Chairman, Mukhtar Ahmed Baloch while presiding over a meeting of central executive committee on Friday rejected the government's decision of five percent GST on oil cake and said that this will affect the milk production, quality of milk and other dairy products besides increasing their prices.

He said that there are more than 4,000 oil mills in the country, out of which 60 percent are unregistered and less than 40 percent are registered but their annual turn over is less than Rs 50 million. He said that PCGA would be forced to take direct action if their demands will not consider. He also demanded that taxation system must be simplified to bring the non-tax payers, small traders and manufacturers in tax net.

The meeting was attended by Sheikh Aasim Saeed, Vice Chairman of PCGA, former chairmen Haji Muhammad Akram, Sheikh Muhammad Saeed, Amanullah Qureshi, Nawab Shehzad Ali Khan, Suhail Mehmood Haral, Khawaja Muhammad Iqbal, Khawaja Muhammad Azam, Khawaja Farooq Ahmed, Chaudhry Waheed Arshad, Sarfraz Nazim Awan, Mian Javed Tariq, Ghulam Mustafa Khandwa, Sheikh Ashfaq Ahmed, Mian Abdul Qayyum, Inam-ul-Haq, Mahesh Kumar, Rao Sadaruddin, Hafeez Anwar, Haji Muhammad Younas, Rab Nawaz Channar, Haji Muhammad Afzal, Muhammad Naeem, Khawaja Atique-ur-Rehman, Mehtab Cheema, Kashif Rasool Maral ,Rana Muhammad Saleem, Mian Fazal Elahi and Acting Secretary General Burhan Fareed Asif Khalil.

June 28, 2014

Less buying interest pushed rates further down on the cotton market on Friday in the process of low activity, dealers said. The official spot rate extended overnight fall, losing more Rs 50 to Rs 6,650, they added. While, the prices of seed cotton from Sindh were unchanged at Rs 3100-3150 and in the Punjab rates were at Rs 3200 and Rs 3250, they said.

In the ready session, about 600 bales of cotton changed hands between Rs 6400-6550, they said. Sharp fall in the NY market and huge stock of unsold stock of yarn forcing the leading buyers to keep on the sidelines to keep away from further losses, dealers said. Commenting on the dullness in the market, cotton analyst, Naseem Usman said that nothing has changed due to disappointing situation in the world market, as a whole, China's absence is a very negative factor for the

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PLP NEWS ALERTS EMAIL No. 150-2014 business circles. Reports showing that upcoming textile policy (2014-19) would revive the industry and promote value-addition to achieve one billion dollar growth in exports sector every year.

Reuters adds: Cotton futures in New York dropped to their lowest price since December 2012 on Thursday after disappointing weekly US government export data sparked heavy selling in another day of volatile trade. The benchmark December cotton contract on ICE Futures US finished down 0.63 cent, or 0.8 percent, at 74.63 cents a lb after dropping over 2 percent to 73.71 cents a lb.

US Agriculture Department (USDA) data showed that US exporters booked 27,700 bales of upland cotton in the week ended June 19. Exporters sold 3,600 running bales of the remaining current 2013/14 crop. The following deals were reported: 200 bales of cotton from Sanghar sold at Rs 6400 and 400 bales from Haroonabad at Rs 6550, dealers said.

======The KCA Official Spot Rate for Local Dealings in Pak Rupees ------FOR BASE GRADE 3 STAPLE LENGTH 1-1/32" ------MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL ======Rate Ex-Gin Upcountry Spot Rate Spot Rate DifferenceFor Price Ex-Karachi Ex. KHI. As Ex-Karachion 26.06.2014 ======37.324 Kgs 6,700 155 6,805 6,855 -50 ------Equivalent ------40 Kgs 7,127 155 6,282 7,335 -53 ======APTMA to launch internship programme

June 28, 2014

All Pakistan Textile Mills Association (APTMA) will provide an internship opportunity to youth for their skills development. This was stated by APTMA Chairman Muhammad Yasin Siddik during a meeting with Federal Minister for Textile Industry Abbas Khan Afridi, here at APTMA House on Friday. The meeting was also attended by the federal textile secretary.

Siddik said that every APTMA member would provide an internship opportunity to at least five youngsters recommended by the textile ministry for three to four months and the internees would also be given stipend. This skills development programme would enable the internees to get jobs in the industrial sector, Siddik added. He said that APTMA had some 400 members, which meant some 2,000 students would be accommodated in the first phase. Speaking on the occasion, Afridi said that the ministry of textile was also initiating a skills development programme for the youth with a budget of Rs 4.4 billion and some 120,000 youth would be imparted training during the next five years.

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PLP NEWS ALERTS EMAIL No. 150-2014 Copyright Business Recorder, 2014 Garments, textile sectors: six working groups formed to increase exports: Shahbaz

June 28, 2014

Punjab Chief Minister Shahbaz Sharif has said that government has formed six working groups for the development of garments and textile sector and to increase exports. He said that a project has been evolved to set up Quaid-e-Azam Apparel Park near Motorway.

He said that more facilities are being offered to garments and textile sector for getting maximum benefit from GSP Plus status as well as creating new job opportunities in the country and increasing exports. He stated this while presiding over a meeting held here on Friday to review the steps taken for development of garments and textile sectors after awarding of GSP Plus status to Pakistan.

Shahbaz said that Punjab government is taking solid steps for the uplift of garments and textile sectors after getting GSP Plus status. He said that work is in progress speedily on Quaid-e-Azam Apparel Park where special incentives will be offered to investors for setting up industries. He said that latest facilities will become available to the garments and textile industry under one roof in Quaid-e-Azam Apparel Park which will promote textile exports. The Chief Minister also issued instructions for setting up a business council for the solution of problems of both sectors. The business council will formulate its recommendations after consultation with industrialists. Provincial Ministers Chaudhry Muhammad Shafiq, Raja Ashfaq Sarwar, Khalil Tahir Sindhu, Advisor Dr Ijaz Nabi, Member Provincial Assembly Dr Ayesha Ghaus Pasha, Chief Secretary, secretaries of concerned departments and industrialists associated with garments industry were also present in the meeting.

June 28, 2014

Technology constraint has emerged as one of the main hurdles holding back Pakistan from achieving rapid socio-economic development and government should focus on introducing latest technologies in all sectors to revive economy and ensure sustainable growth of the country, said Sheikh Ilyas Mahmood, Chairman and Adil Tahir, Vice Chairman Pakistan Textile Exporters Association.

Commenting over the prevailing situation, they said that Pakistan has not yet been able to make requisite advancement in modern technology in the fields of industry, production, energy,

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PLP NEWS ALERTS EMAIL No. 150-2014 infrastructure and other sectors due to which the country could not fully exploit untapped potential in many sectors of the economy.

Adoption of new technologies has become more essential for a developing country like Pakistan, particularly at a time when the level of competition, production processes and methods are rapidly changing and advancing on the globe, they added. Government should lower tariffs on the import of latest technology and machinery for use in all sectors of the economy, which would help in improving the overall national productivity. It should also conduct surveys in industrial units and provide technical expertise to industries for applying modern technologies to reduce wastage and improve energy efficiency. They said that Pakistan requires a high economic growth of 7 to 8 per cent to fight the rising poverty, create more exportable surplus, reduce rising trade gap and generate more revenues so that its mounting debt burden could be reduced.

Seconding the views, PTEA Chairman Sheikh Ilyas Mahmood said that Pakistan is in fact facing a negative growth when inflation and other factors are taken into account. To improve growth prospects, extensive use of new technologies and R&D activities should be given high priority as it would result into high value addition in our products and services leading to better promotion of exports. Technological advancements are the only solution to the economic challenges being faced by the country. He emphasised that both the public and private sectors should join hands to introduce new technologies for improving and enhancing their productivity. It will help the country to achieve the cherished goal of progress and prosperity, he added.

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PLP NEWS ALERTS EMAIL No. 150-2014 Agriculture and Allied: Pakistan Essential kitchen items: sharp increase in prices witnessed ahead of Ramazan

June 28, 2014

WAQAR LILLAH

With the fast approaching of the holy month of Ramazan, essential kitchen items witnessed a sharp increase in prices, revealed a survey conducted by Business Recorder on Saturday. The survey noted that prices of food items jacked up in retail markets of the twin cities of Rawalpindi and Islamabad. During the period under review potatoes, tomatoes, chicken, onions, curd, milk fresh, and sugar prices increased considerably.

Potatoes being sold at Rs 65-70 per kg last week are now available at Rs 80-90per kg, registering an increase of Rs 15-20 per kg, tomatoes were available at Rs 45-50 per kg against Rs 40 per kg week past, reflecting an increase of Rs 5-10 per kg, chicken live was being sold at Rs 170-180 per kg against Rs 150-155 per kg week past price with an increase of Rs 20-30 per kg, onion was available at Rs 50 per kg against Rs 40 per kg week past price, showing an increase of Rs 10 per kg, curd Rs 120 per kg against Rs 115 per kg week past price, registering an increase of Rs 5 per kg, milk fresh was available at Rs 105-110 per liter against Rs 100 per liter week past price, registering an increase of Rs 5-10 per liter whereas sugar was being sold at Rs 60 per kg against Rs 56 per kg week past price.

Sharp increase was also observed in the prices of fresh vegetables, as they were being sold at exorbitant rates in the retail markets of Rawalpindi and Islamabad. Pumpkin was available at Rs 40-45 per kg, Tinda was being sold at Rs 60-70 per kg, green toori was being sold at Rs 50-60 per kg and ladyfinger was available at Rs 60 per kg, bitter gourd Karela at Rs 70-90 per kg and capsicum at Rs 70-80 per kg.

During the period under review, significant increase was also witnessed in fruit prices as different varieties of mangoes which were available between Rs 50-100 per kg week past now they were being sold at Rs 100-120 per kg, registering an increase of Rs 50-70 per kg. Watermelon and melon prices also increased as they were being sold at Rs 15 per kg and Rs 30 per kg week past now they were available at Rs 20 per kg and 40 per kg respectively. Bananas were being sold at Rs 160-255 per dozen and apple was being sold at Rs 100-150 per kg unchanged last week as compared to the preceding week. Meanwhile, meat prices remained unchanged last week as compared to the preceding week, as beef was available between Rs 290 and Rs 320 per kg, while mutton was being sold between Rs 600 and Rs 630 per kg.

The survey noted that during the period under review wheat flour bag of 20-kg was being sold at Rs 700-720, vegetable ghee loose at Rs 150-per kg, vegetable ghee tin of 2.5 kg at Rs 512 per kg, cooking oil tin of 2.5 liter at Rs 541, rice basmati (broken) was being sold between Rs 70 and Rs 80, Mash pulse washed at Rs 149 per kg, Moong pulse washed at Rs 160 per kg and Masoor pulse washed at Rs 128 per kg.

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PLP NEWS ALERTS EMAIL No. 150-2014 Copyright Business Recorder, 2014 Fishermen threaten to go on indefinite strike

June 28, 2014

Fishermen on Friday threatened to stage a sit-in for an indefinite period at Karachi Fish Harbour if their demands were not accepted by the authorities in the next seven days. Most of fishermen's demands pertained to bringing an end to the administrative rule in Fishermen Co-operative Society (FCS) and appointment of board of directors on non-political basis.

"We strongly appeal to the authorities to accept our demands on humanitarian grounds within seven days," said Sindhi Mahigeer Ittehad's patron-in-chief Haji Muhammad Younis at a press conference held on Friday at Karachi Press Club. Accompanied by provincial lawmaker of PML- N, Haji Muhammad Jamote and a number of representatives of fishermen's associations, Haji Younis clamoured over several issues being faced by coastal communities across Sindh.

He demanded of the government to remove the incumbent FCS Chairman and appoint non- political government's secretaries on the board as directors, hold election of the board in accordance with the society's bylaws, reinstate all employees whose services were terminated without any reason.

He also asked the government to release an amount of Rs 11 million, which the former premier, late Benazir Bhutto during her visit to Bhit Island had announced in 1994 for the welfare of the poor fishermen. He alleged that FCS Chairman FCS who himself was unelected had sacked competent staff without any reason. He also alleged that FCS Chairman has appointed a number of employees on hefty salaries, causing financial losses to the society. He also accused FCS administration of embezzling millions of rupees. He said the fishermen who earned millions of foreign exchange were now struggling for their economic and social rights.

June 28, 2014

On Friday at Pakistan Mercantile Exchange (PMEX) value traded increased by 25.94 percent to PKR 4.9 billion from PKR 3.9 billion recorded a day ago. Number of lots traded was reported at 18,373 and PMEX Commodity Index closed at 3,065. Major business was contributed by gold amounting to PKR 2.3 billion, a 10 percent increase when compared to the previous trading day. This was followed by crude oil (PKR 2.1 billion) and silver (PKR 438 million).

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PLP NEWS ALERTS EMAIL No. 150-2014 Irsa constitutes committee to monitor outflows

June 28, 2014

M RAFIQUE GORAYA

The Indus River System Authority has constituted a committee comprising representatives of Punjab, Sindh, KPK and Balochistan to monitor water outflows from the Tarbela dam and barrages on the mighty Indus following complaints from the Sindh and Balochistan governments that they were not being provided water according to their share for sowing and growing Kharif crops.

The two provinces had further alleged that WAPDA was not providing correct data of water outflows from the Tarbela dam that is why the provincial irrigation departments could not release required quantities of water in the irrigation canals. They said that they had monitored the water outflows from the Jinnah barrage, Chashma barrage and Taunsa barrage and found the discharges in the Punjab irrigation canals correct.

Punjab canal regulator Engineer M.H. Siddiqui told Business Recorder that Sindh and Balochistan governments confirmed that Punjab irrigation department did not temper with the outflows from the Taunsa barrage, it was WAPDA that provided incorrect data to the IRSA.

Engineer Sidddiqui said that after an emergent meeting on 25th July at the IRSA headquarters, the water regulatory body increased water outflows off Tarbela dam from 1,07,000 cusecs to 1,70,000 cusecs of water to meet irrigation water needs of Sindh and Balochistan provinces. He said that Sindh province is now receiving 1,59,700 cusecs at Guddu barrage, 90,400 cusecs at Sukkur barrage and 20,335 cusecs of water at Kotri barrage.

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PLP NEWS ALERTS EMAIL No. 150-2014 Taxation: Pakistan 29 officers of Inland Revenue Service promoted

June 28, 2014

The Federal Board of Revenue (FBR) has promoted 29 (BPS-19) officers of Inland Revenue Service to (BPS-20) with immediate effect. Through another notification issued here on Friday, the FBR has promoted nine officials of Pakistan Customs Service working in Grade-19 as Collector/Director (OPS) (BS-20) with immediate effect.

According to a notification issued here on Friday, following BS-19 officers of Pakistan Customs Service have been prompted from Grade-19 to the post of Collector/Director (OPS) (BS-20) with immediate effect. Mrs Suraiya Ahmad Butt has been promoted to (BPS-20); Dr Naeem Khan; Mukarram Jah Ansari; Qurban Ali Khan; Dr Asif Mahmood Jah; Dr Zulfiqar Ali Chaudhry; Ahmad Reza Khan; Abdul Majid Yousfani and Muhammad Sadiq have also been promoted as (BPS-20).

The FBR has also promoted following 29 (BPS-19) officers of Inland Revenue Service to the post of (BS-20): Dr Shamsul Hadi; Abdul Rashid; Muhammad Naseer Butt; Dr Tariq Mahmood Khan; Dr Malik Muhammad Khan Awan; Muhammad Ashfaq Ahmad; Dr Hamid Ateeq Sarwar; Amina Hassan; Shaban Bhatti; Nawab Khan; Syed Ghulam Abbas Kazmi; Javed Ahmad; Abdul Hameed Memon; Dr Tauqeer Ahmad Memon; Ahmad Shuja Khan; Zulfiqar Hussain Khan; Bakhtiar Muhammad; Mohammad Qasim Samad Khan; Amjad Mahmood; Dr Ahmad Shahab; Ambreen Iftikhar; Mir Badshah Khan Wazir; Malik Amjad Zubair Tiwana; Sadia Sadaf Gillani; Muhammad Iqbal; Muhammad Abid Raza Bodla; Aiysha Khalid; Sajid Nazir Malik and Shahid ul Hassan Chattha has been promoted as (BPS-20).

June 28, 2014

MUHAMMAD ALI

Federal Board of Revenue (FBR) has failed to recover Federal Excise Duty (FED) amounting to Rs 29.588 billion from over 125 multinational businesses; it is learnt here on Friday. According to sources, board after scrutinising taxpayers' records for tax year 2008 to February 2014 had prepared two lists of non-FED payers and declared over 125 multinational businesses as Rs 29.588 billion FED defaulters.

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PLP NEWS ALERTS EMAIL No. 150-2014 They said those taxpayers' lists were established after comparison of income tax, deducted under section 152(1) of the Income Tax Ordinance, 2001, and FED paid on franchise services. Moreover, sources said that board had declared over 125 multinational companies including financial institutions, automobile companies, electrical industries, trading companies, IT firms, pharmaceutical companies, power companies, etc as defaulters of Rs 29.588 billion FED through the said exercise.

Sources said those multinational companies during the said period had remitted Rs 295.88 billion to its parent companies and paid Rs 31.233 billion income tax under section 152(1) of the Income Tax Ordinance, 2001. However, majority of them, who were supposed to pay 10 percent FED on total remitted amount, had deposited none in the kitty, sources said. Therefore, FBR had directed all concerned offices to go through those lists and ensure FED payments under section 152(1) of the Ordinance.

According to the lists, Karachi LTU had to collect Rs 11.05 billion FED while Rs 11.67 billion should have been credited at Islamabad tax office, Rs 5.18 billion at Lahore LTU, Rs 17.6 million at Multan RTO, Rs 1.1 million at Peshawar RTO, Rs 2.4 million at Rawalpindi RTO and Rs 0.25 million at Silakot RTO.

However, these tax offices remain unable to generate substantial revenue through this exercise. Official sources, who did not want to be named, confirmed that this exercise had failed to yield desired results, saying that majority of them had got stay from courts. Replying to a question, sources said: "Although Federal Excise Act 2005 allows taxmen to collect 10 percent FED on total remitted amount from foreign franchises irrespective these companies had already paid sales tax on services to the provincial revenue authorities. This exercise falls into double taxation regime. Therefore, they have knocked courts' doors and fell this exercise into abeyance through stay orders."

June 28, 2014

Zero-percent customs duty would be applicable on the import of plant, machinery and equipment during July 1, 2014 to June 30, 2019 for setting up industries in Federally Administered Tribal Areas (Fata).

According to the new Fifth Schedule of the Customs Act 1969 issued by the Federal Board of Revenue (FBR) here on Friday, this is subject to the condition that the plant, machinery and equipment under the said serial number shall be released on certification from Additional Chief Secretary, Fata that the goods are bona fide project requirement of the Unit as per Annex-B. The goods shall not be sold or otherwise disposed off without prior approval of the Board.

Under the Part-III of the Fifth Schedule of the Customs Act, the FBR has specified conditions on the import of raw materials, inputs for poultry and textile Sector and other goods. The imports

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PLP NEWS ALERTS EMAIL No. 150-2014 under this part shall be subject to following conditions, besides the conditions specified in the Table. The designated/authorised person of the ministries, or as the case may be, companies shall furnish all relevant information as detailed in the table below on line to the Customs Computerised System, accessed through the unique users identifier obtained under section 155d of the Customs Act, 1969, along with the password thereof.

The importer shall file the Goods Declaration online through Pakistan Customs Computerised System where operational, and through a normal hard copy in the Collectorates/Custom-stations, in which the Pakistan Customs Computerised System is not operational as yet. In already computerised Collectorates and Custom-stations where the Customs Computerised System is not yet operational, the Director Reforms and Automation or any other authorised officer shall feed the requisite information about clearance/release of goods under this notification in the Customs Computerised System on daily basis, and the data obtained from the Custom-stations, which have not yet been computerised, on weekly basis.

As per Fifth Schedule of the Customs Act, zero-percent duty would be applicable on the import of potatoes, tomatoes, fresh or chilled, onions and shallots, garlic, cauliflowers and headed broccoli, cauliflowers and headed broccoli, peas (pisum sativum),grams (dry whole), grams split, other, beans of the species vigna mungo (l.)hepper or vigna radiata (l.)wilczek, small red (adzuki) beans (phaseolus or vigna angularis), kidney beans, including white pea beans (phaseolus vulgaris), bambara beans (vigna subterranea or voandzeia subterranea), cow peas (vigna unguiculata), green beans (dry whole), green beans (split), other, dry whole, split, broad beans (vicia faba var. major) and horse beans(vicia faba var. equina, vicia faba var.minor), pigeon peas (cajanus cajan), black matpe (dry whole), mash dry whole, mash split or washed, other, petroleum oils and oils obtained from bituminous minerals, crude, motor spirit, aviation spirit, spirit type jet fuel, kerosene, j.p.1, j.p.4, other, light diesel oil, furnace oil, spin finish oil, natural gas, propane, butanes, ethylene, propylene, butylene and butadiene, LPG, natural gas, ethylene glycol (ethanediol) (meg), urea, whether or not in aqueous solution, ammonium sulphate, other, ammonium nitrate, whether or not in aqueous solution, mixtures of ammonium nitrate with calcium carbonate or other inorganic non fertilising substances, crude, other, double salts and mixtures of calcium nitrate and ammonium nitrate, mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution, other, including mixtures not specified in the foregoing subheadings, superphosphates, other, potassium chloride, potassium sulphate, other, goods of this chapter in tablets or similar forms or in packages of a gross weight not exceeding 10 kgs, mineral or chemical fertilisers containing the three fertilising elements nitrogen, phosphorus and potassium, diammonium hydrogenorthophosphate (diammonium phosphate), ammoniumdihydrogen orthophosphate (monoammonium phosphate) and mixtures thereof with diammonium hydrogenorthophosphate (diammonium phosphate), containing nitrates and phosphates, other, mineral or chemical fertilisers containing the two fertilising elements phosphorus and potassium, Holy Quran(Arabic text with or without translation) and digital Quran.

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PLP NEWS ALERTS EMAIL No. 150-2014 Taxation: World China to stop collection of 'unauthorised' fees from companies

June 28, 2014

China, in a fresh bid to help companies cut costs, said on Thursday it is taking steps to reduce the burden they face paying both official and unauthorised fees. In an online statement, the government said it will draw up a list of approved fees so companies can avoid paying ones illegally charged by individuals contending they are collecting official charges.

The government said there must an immediate stop to the practice of "unauthorised" parties collecting administrative fees from companies whose proposed projects have not been approved. Firms should report illegal fee collectors to authorities, it said.

June 28, 2014

Inflation hit a three-decade high and unemployment dipped further in Japan, data showed Friday, as the government's bid to jumpstart the economy takes hold, but analysts warned it was too early for celebrations. Japanese consumer inflation, stripping out volatile fresh food prices, rose 3.4 percent year-on-year in May, the fastest pace in 32 years, according to data from the internal affairs ministry.

The rise, which matched market expectations, was largely driven by a consumption tax hike in April that took the rate from 5.0 percent to 8.0 percent. Other data from the ministry showed household spending plunged 8.0 percent in May on-year after a pre-rise shopping spree.

The tax rise was seen as crucial for shrinking Japan's mammoth national debt, proportionately the worst among wealthy nations. However there have been fears it will derail a budding economic recovery by taking a bite out of consumer spending. Separate data from the ministry of economy, trade and industry seemed to bear that out, showing retail sales edged down 0.4 percent in May following a 4.3 percent fall in April. But economists say the downturn in consumption in the aftermath of the tax rise was largely a simple displacement.

Consumers had gone on a spending spree ahead of the first sales tax jump in 17 years, snapping up everything from big-ticket items such as cars and refrigerators to everyday goods like toilet rolls and rice. Takeshi Minami, economist at Norinchukin Research Institute, told AFP that "the

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PLP NEWS ALERTS EMAIL No. 150-2014 belief is that the drop will be temporary and that labour shortages in some sectors will continue".

Other official data showed Japan's jobless rate edged down to 3.5 percent in May, the lowest level in nearly 17 years. The jobs-to-applicants ratio stood at 1.09, the highest in more than two decades, meaning there were 109 job offers to every 100 job seekers. The improved ratio and unemployment figures will add pressure on firms to raise wages to attract workers, said Junichi Makino, economist at SMBC Nikko Securities.

"That's good for households, and will also help add to inflation," as companies have to raise prices to account for higher wages, he said. There are about one million workers who can still join the workforce and "companies will only be able to attract those workers with higher wages," he told Dow Jones Newswires. Minami of Norinchukin said that with the latest data the government and the Bank of Japan can afford to maintain a wait-and-see stance for now.

But he added it was important to watch whether wages will increase to make up for the higher sales tax as the employment situation is tight only in limited sectors such as construction, retail and services. Prime Minister Shinzo Abe indicated the Japanese economy has coped well with the tax hike but said "it is too early to give such a verdict". Excluding the effect of the higher tax on prices, Japan's core consumer prices were estimated to have risen 1.4 percent in May, just below a 1.5-percent increase for April.

Capital Economics said in a note that it believed "underlying inflationary pressure has eased". The sluggish spending data also prompted Credit Suisse to say it now sees a risk that April-June quarter real-term personal consumption would be weaker than expected. "It has appeared that personal consumption correction (after the tax rise) has been deeper than the 1997 episode" when the rate was raised to 5.0 percent from 3.0 percent, it said in a report, adding the continuing sluggishness of wages was an issue. The Bank of Japan is aiming at 2.0 percent inflation, excluding the tax hike effect. Abe's government has put conquering deflation and stoking growth in the world's third-largest economy at the top of its agenda with a policy blitz dubbed "Abenomics".

June 26, 2014

Russia's upper house of parliament approved legislation allowing banks to share information about their foreign clients with overseas tax officials on Wednesday, a move that will enable banks to comply with a new US tax law.

Nearly 70 countries have negotiated pacts with US Treasury officials that allow their firms to comply with the new rules while preserving national privacy laws, but talks with Russia broke off earlier this year because of the Ukraine crisis.

However, hundreds of Russian institutions have signed up to comply voluntarily, despite Russian

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PLP NEWS ALERTS EMAIL No. 150-2014 law currently leaving them liable to pay a 30 percent withholding tax on their US investment income once the act takes effect on July 1.

The bill now passes from the upper house of parliament to President Vladimir Putin, who must sign it into law. The US Foreign Account Tax Compliance Act (FATCA), written in the wake of a tax-dodging scandal using secret Swiss bank accounts, requires foreign financial institutions to share information with the US Internal Revenue Service about Americans' accounts worth more than $50,000.

Earlier this month, Russia's second-largest bank, VTB, said it was phasing out business with around 2,000 Russia-based individual and corporate clients that are US taxpayers in light of risks associated with FATCA.

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PLP NEWS ALERTS EMAIL No. 150-2014 Fuel and Energy: Pakistan Power sector receivables hit Rs 520.18 billion mark

June 28, 2014

MUSHTAQ GHUMMAN

According to official documents, as of May 30, 2014 federal government was to pay Rs 8.18 billion of which federal government departments owed Rs 0.87 billion, local bodies under federal government Rs 2.69 billion, autonomous bodies under federal government Rs 1.51 billion, defence Rs 1.42 billion and Water and Power Ministry Rs 1.69 billion. Provincial governments were required to pay Rs 133.9 billion which include Punjab Rs 6.75 billion, Sindh''s Rs 55.16 billion, KP Rs 20.02 billion, and Balochistan Rs 5.89. KP''s receivables include Rs 18.6 billion assessed for KP consumers for the period September 9, 2008 to September 15, 2010 on account of differential of tariff after the withdrawal of KP petition from Peshawar High Court (PHC). The assessed amount has not been passed on to consumers. The payment of KPK receivables has been linked with payment of mark up of Net Hydel Profit (NHP) arrears payable to government of KP as proposed by the province.

The amount of receivables against Azad Jammu and Kashmir government was 37.88 billion which increased from Rs 24 billion as on June 30, 2013. Power sector''s corruption tainted machinery has also failed to collect bills from private sector which, have reached alarming level of Rs 352.09 billion which were only Rs 281.5 billion as in June 30, 2013. The amount of receivables against private sector are piling up with every passing day but the politically appointed powerful CEOs are not paying heed to the instructions of the power sector high ups.

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PLP NEWS ALERTS EMAIL No. 150-2014

Incumbent Secretary Ministry of Water and Power, Mrs Nargis Sethi has accepted the resignation of acting Managing Director, Pepco, Zargham Eshaq Khan who did not intend to remain at this position after Lahore Police detained him some weeks back for 12 hours. However, he will continue to oversee financial affairs of Discos. Secretary Water and Power has been given the look-after charge of Pepco''s chief to her confidante Joint Secretary (Water). Official sources told this scribe that the amount of circular debt has crossed Rs 300 billion in just 11 months of current fiscal year and four Independent Power Producers (IPPs) have already served notices to invoke sovereign guarantees.

June 28, 2014

ABDUL RASHEED AZAD

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PLP NEWS ALERTS EMAIL No. 150-2014 Copyright Business Recorder, 2014 Change in LNG policy PNSC approaches Prime Minister

June 28, 2014

TAHIR AMIN

Pakistan National Shipping Corporation (PNSC) has approached Prime Minister Nawaz Sharif, seeking change in the Liquefied Natural Gas (LNG) policy, as shipping agents are emulating Indian model to make it a more profit-earning entity. This was revealed by Siddique Memon Chairman PNSC, while briefing the National Assembly Standing committee on Ports and Shipping, which met with Ghulam Mustafa Shah in the chair here on Friday.

Memon informed the committee that PNSC is among the few corporations making profit as it earned Rs 1.9 billion in 2013, while Rs 1.3 billion in nine months of the current fiscal year and may cross the previous figure by the end of 2014. The official further sought Committee's help in inducing the Commerce ministry to engaging PNSC as shipping agent taking business from TCP, PSM and other public sector organisations.

Total dry bulk trade in 2013-14 was about 30 million tons comprising coal, cement/clinker, iron and steel, fertilisers, wheat and rice and seeds where PNSC's share was eight percent of the total trade, as it lifted a total of 2.4 million tons cargo in first nine months. Pakistan's sea trade in the fiscal year 2013 remained at 64.21 million tons where PNSC contribution was 13.39 million tons ie 20.85 percent, however the government has tasked to increase it to 40 percent by 2025, Memon added.

The committee recommended calling representatives of the Ministry of Petroleum and Natural Resources in the next meeting to take up the issue of PNSC inclusion in the LNG project. The committee assured PNSC that point of view of Commerce ministry in this regard would be taken in next meeting.

PNSC official said that Punjab government had proposed setting up of six power plants that would require six million tons coal per plant. The Corporation is engaged in negotiation with the concerned authorities to have business share in this important project. The Contract of Affreighment (COA) signed between Pakistan State Oil (PSO) and PNSC resulted in earning $69.7 million revenue during December 2012-March 2014.

The Chairman further informed the committee that a total of Rs 5.26 billion was paid as tax, Rs 0.175 billion as dividend to the national exchequer during 2001-2013 while PNSC generated Rs 105.467 billion revenue. Further, Rs 0.345 billion was paid as tax in 2013-14, he added.

The Committee was told that PNSC was the only organ of Ministry of Ports and Shipping undertaking business operations in an internationally competitive environment, competing even for transportation of Pakistan imports and exports, thus earning most needed foreign exchange for the country.

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PLP NEWS ALERTS EMAIL No. 150-2014

The PNSC is engaged in three sea transportation trades ie Dry Bulk Cargo, Liquid Bulk Cargo (Crude Oil and Petroleum Products) and Slot and Non-Vessel Operating Common Carrier (NVOCC) services. The Standing Committee lauded the efforts of PNSC for making it a profitable organisation and endeavouring to make it a market leader in the region. The Standing Committee unanimously recommended that Trading Corporation of Pakistan (TCP) may make all its trading business with PNSC and it was also recommended that PNSC may also be included in the LNG Policy.

June 28, 2014

In a press release issued on Friday by Faisalabad Citizen Forum (FCF) it has been alleged that the SNGPL customers care centre whose responsibility is to address the grievances of gas consumers is non functional and no action is being taken by the SNGPL on the complaints recorded by the consumers.

Chairman Oil and Gas Regulatory Authority (OGRA) has been requested by FCF for immediate intervention in this matter and demanded strict departmental action against the staff for not paying due attention to the problems of the consumers. Under human right reservations the Supreme Court of Pakistan has also declared the gas supply to domestic consumer on priority basis but this is very regretted that local gas authorities are openly violating all the rules and regulations and now consumer would be forced to move towards court due to the highly negligent action of SNGPL department, FCF added.

June 28, 2014

The joint and round-the-clock efforts of the National Accountability Bureau (NAB) and Officials of Faisalabad Electric Supply Company (FESCO) managed to collect Rs 2341 million from the chronic electricity defaulters. This huge amount was collected on account of Fuel Price Adjustment Surcharge and running bills.

In a special ceremony held in NAB headquarters, the Director General NAB Husnain Ahmed gave the cheque of Rs 2341 million to Chief Commercial Officer (CCO) Rashid Aslam. On behalf of CEO FESCO Khurshid Alam, the CCO thanked the NAB authorities and said that this amount would be used for the electricity development projects and provision of maximum facilities to the consumers.

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PLP NEWS ALERTS EMAIL No. 150-2014 Copyright Business Recorder, 2014 Power shortfall reaches 4,000 megawatts

June 28, 2014

Power shortfall reached 4000MW on Friday due to an across the board rise in demand. According to the NTDC sources, power generation during last 24 hours stood at 13500MW against a demand of 17400MW, leaving the system with a total shortfall of about 4000MW. However, the independent sources from the power sector have contended that actual power shortfall has reached to 5000MW and more is on the cards in case the hot spell continues ahead.

It may be noted that the industrial sector is suffering the worst due to rise in demand, as the PEPCO has deliberately withdrawn uninterrupted power supply to the industrial sector. This step has been taken to keep the domestic consumers calm on political reasons. The industrial consumers have pointed out that the available supply is also being condemned by low pressure, leaving the productivity under pressure.

Similarly, the gas supply to the captive power plants is also under pressure and 70 percent of the industry has virtually come to a standstill in the province of Punjab. Accordingly, repeated appeals are emerging in print media, falling on the deaf ear of the policymakers. The industry is apprehending further loadshedding ahead during the month of Ramazan, to be started by next week.

June 28, 2014

Textile Minister Senator Abbas Khan Afridi Friday said the government is taking steps to end energy crisis and Pakistan will soon get some 450 MW electricity from Turkmenistan. Addressing the members of All Pakistan Textile Mills Association (APTMA) here, he said the Prime Minister has set up several high-level committees for proper implementation of trade agreements with Turkmenistan and they have been asked to submit report on a monthly basis.

"Initially, Turkmenistan will provide some 450 MW, while in the second phase another 1,000 MW will be supplied to Pakistan," he added. Refusing the demand of reduction in Gas Infrastructure Development Cess (GIDC) for textile sector, the minister indicated that the gas tariff would increase further and advised the APTMA members to convert their industry on coal as the country is facing a massive shortfall of gas.

He said there are serious issues of energy that were hampering the growth of production, therefore the federal government is taking steps to overcome from the energy crisis and as part of

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PLP NEWS ALERTS EMAIL No. 150-2014 these efforts, the government has lifted ban on exploration licenses. "There was no exploration activity in the country in last 10 years and no exploration license was given to any company. The present government has started activity in this regard and till now more than 50 licenses have been given to different exploration companies to explore oil and gas in different areas of the country. He announced that more than 200 more exploration licenses would be given by the end of this year."

Afridi while appreciating APTMA initiative of skill development campaign said the ministry of textile industry is launching a skill development project for young Pakistanis in the Textile Policy to be announced in the first fortnight of July 2014.

He said the main objective of the training programme is provision of skilled workforce to textile industry to make it more competitive and export-oriented and to uplift the economic status and living standard of trainees. The minister said the textile ministry will cover the costs incurred in the areas of trainee stipend, trainer's salary, raw material cost, social mobilisation, evaluation cost and certificate printing and distribution. Some 120,000 Pakistanis would be provided technical training under this program, he added.

The federal government has allocated some Rs 4.4 billion for training of 120,000 men and women in next five years. Duration of this programme is three months during which each trainee would receive stipend of Rs 8,000 per month, the minister said. The minister announced that law & order is the major issue and the government has started its efforts to eliminate terrorism in the country. "We hope the law & order situation in the country will be improved by the end of this year," he said.

About general sales tax, the minister was of the view that the rate of GST should be reduced to zero percent. He said the export of raw material was not beneficial for any country. Afridi said the value-added industries should be promoted to fetch better prices from international market. The growth in value added sector would also be beneficial for the spinners, he added. He assured the APTMA members that their refunds would be released soon to strengthen the capital flow of the industry.

During the meeting, APTMA Chairman Yasin Siddik discussed some problems being faced by the industry. He said that cost of doing business in Pakistan has increased manifold that had rendered Pakistani products uncompetitive in the international market. Chairman APTMA said gas and electricity tariff in Pakistan is higher as compared with other regional countries. He said increase in GIDC will ruin the textile industry, adding that an increase in the GIDC is also a negation of what the government had offered in budget to boost business activity. The government should act prudently as the benefit of the GSP Plus status will also be mitigated with this increase in GIDC, he added. Yasin informed the minister that the industry was already on the brink of collapse due to high energy tariff and increase in GIDC would aggravate the situation. The energy contributes heavily in the cost of doing business and it would become difficult to compete internationally with increase in the GIDC, he said.

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PLP NEWS ALERTS EMAIL No. 150-2014 Senate panel visits LNG terminal to review progress

June 27, 2014

The Standing Committee of Senate visited Engro's proposed LNG terminal site on Thursday to review and discuss the progress on Pakistan's first LNG import infrastructure. While giving a briefing, Elengy Terminal Pakistan Limited (ETPL) appraised the delegation of the project's status and stated that ETPL has not commenced any construction activity for LNG terminal at site as of date. Only basic engineering and procurement activities have been initiated.

These activities are necessary for timely completion of this fast project requiring commissioning in 335 days for which 280 days are left. The activities for construction of temporary site facilities have also been initiated. Construction equipment and machinery is being mobilised and dredger and piling barges are expected to arrive on site by end of July.

ETPL has been issued the licence by the Oil and Gas Regulatory Authority (Ogra) to construct a terminal at Port Qasim (PQ) for landing and re-gasification of liquefied natural gas (LNG) to be imported early next year. ETPL has also obtained NOC from the Ministry of Defence and now has all the prerequisite approvals as per the LNG Policy 2011 for carrying out the construction works at site. PQA Board has approved and additionally MP&S has approved IA.

Engro has been in terminal business for more than 16 years now and it is to be noted that all risks are with ETPL. That is why due diligence by LNG suppliers has proactively been initiated to ensure that ETPL meets all applicable international LNG standards. ETPL is bound to set up the terminal in 11 months with delay penalty of USD 150,000 per day and establishment of the terminal will replace furnace oil consumption in power plants thereby reducing power tariff and will help alleviate the energy crisis in the country.

June 27, 2014

The focus of the Competition Commission of Pakistan's (CCP) Policy Note is the discriminatory levy of the Gas Infrastructure Development Cess (GIDC) on fertiliser plants and not gas curtailment. Experts told Business Recorder here on Thursday that the Policy Note issued by CCP on the discriminatory levy of GIDC is not related to the selective fertiliser plants. It is related to the entire fertilizer sector.

Fertilizer policy 2001 gives leverage to all new plants coming in for fertilizer production for new plant fixed whereas, old plant presently paying more against the fertilizer policy 2001. Recently

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PLP NEWS ALERTS EMAIL No. 150-2014 CCP agreed to this stance by issuing a policy note on discrimination between fertilizer feed gas pricing. The commission took notice of concerns raised by fertilizer companies against the discriminatory levy of the GIDC that discriminates against the fertilizer plants installed prior to the Fertilizer Policy 2001 vis-à-vis the plants that were commissioned and became operative after the Fertilizer Policy 2001, by placing the pre-2001 plants at a cost disadvantage, thereby distorting the competition in the urea market.

Farmers Association had reportedly issued statement that with the increase in GIDC inputs like fertilizer may push the cost of production up so far Fertilizer Industry has not increased the price but how long can they resist the increase in prices. Experts said that the focus of CCP's Policy Note is the discriminatory levy of GIDC and not gas curtailment. Post 2001 fertilizer plants are fully covered under their respective gas supply contacts. The CCP had recommended that GIDC is charged equally to all fertilizer plants to create a level -playing field in the urea market. Therefore, it is proposed that the levy of GIDC on feed stock for pre-2001 fertilizer plants be withdrawn and that the Second Schedule of the GIDC Act may be amended to rationalise the GIDC on fuel gas used by fertilizer plants, thereby eliminating the cost disadvantage to pre-2001 fertilizer plants. It is pertinent to mention here paragraph 2.1.5 of the Fertilizer Policy 2001 that states that the "fuel gas prices shall continue to be treated as at par with other industrial consumers." Currently, the price of the fuel gas supplied to fertilizer plants are not treated as at par with other industrial consumers because of the discriminatory cess on fertilizer plants vis-à- vis other industrial consumers. This discrimination may also be rectified. The selective imposition has placed the fertilizer sector in a catch-22 situation. If the post-2001plants sell urea at a price based on their own cost of feed gas, they will certainly sell at a much lower price than that of pre-2001 plants, and therefore will drive the pre-2001 plants out of the market. This will completely be the antithesis of the Fertilizer Policy 2001: the investment will be driven out of the market, and domestic production will be reduced. On the other hand, if the post-2001 plants will sell urea at a price based on the cost of the feed gas to pre-2001 plants, the price will certainly not be the competitive price, and the farmer will end up pay much higher prices. This will again be the antithesis of the Fertilizer Policy 2001: assuring reasonable prices of fertilisers to farmers below the import-price.

It is certain that the framers of the GIDC have not perceived the negative impact of cost increase for selective plants on farmers and end consumers. Agriculture also provides for the generation of economic growth through provision of raw materials for other industries. Therefore, the cost differential among fertilizer producers not only has a direct impact on agriculture, it also has a cascading effect on every connected industry.

Apart from the violation of competition principles, the discrimination goes against the very spirit of the Fertilizer Policy 2001, ie, to "enhance domestic production" and "equal treatment" for all fertiliser producers. It cannot be presumed that the Fertilizer Policy 2001 intended to encourage new investment at the cost of pre-2001 fertilizer plants, the CCP added.

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PLP NEWS ALERTS EMAIL No. 150-2014 Fuel and Energy: World Brent oil little changed in choppy trading

June 28, 2014

Brent crude oil was little changed in choppy trading on Friday as investors moved to square positions following one of the international benchmark's biggest weekly falls this year due to reduced concerns over exports from strife-torn Iraq. Prices have dropped more than $2 from a nine-month high of $115.71 hit on June 19 as output from Iraq's southern oilfields, which produce most of the nation's 3.3 million barrels per day (bpd), remained unaffected by fighting in the north and west.

"A lot of people are very long, the market's gotten a little top-heavy, and we're susceptible to a correction," said Stephen Schork, editor of The Schork Report in Villanova, Pennsylvania. Libya's eastern oil port of Hariga completed the loading of a tanker carrying 600,000 barrels of crude oil destined for Italy on Friday after a protest by security guards ended, the port operator said, further easing supply worries on the world market.

Brent rose 5 cents to $113.26 a barrel by 1:39 pm EDT (1739 GMT) after falling 79 cents in the previous session. It has lost more than 1.3 percent this week. US crude fell 24 cents to $105.60 a barrel after ending Thursday 66 cents weaker at $105.84, the lowest settlement since June 11.

If fighting between Sunni militants and Iraq government forces is contained in regions north of Baghdad then the chance of supply disruptions will shrink, risk analysts said. "Two weeks after the beginning of the latest chapter in the history of modern-era Iraq, only an actual disruption to supply would trigger (major) buying in the oil market," said David Hufton, managing director of London brokerage PVM Oil Associates. Investors are still watching how the fight for control of Iraq's largest refinery, the 300,000-bpd Baiji complex, unfolds.

Also weighing on crude was news that Libya's oil output has risen to 300,000 bpd after the El Feel oilfield in the south-west increased production. A spokesman for Libya's National Oil Corp (NOC) said El Feel was pumping 105,000 bpd after resuming operations following the end of a protest this month. Ric Spooner, chief markets analyst at CMC Markets, said although Iraq's oil production and exports remained at risk from the Sunni Islamist insurgency across the north of the country, investors were worrying less.

"The risks can't be dismissed, but the fact time has gone by suggests investors are getting (less) nervous about the risk premium." Pro-Russian separatist leaders voiced willingness to extend a shaky cease-fire in Ukraine's Russian-speaking east on Friday, after releasing four out of eight international observers captured over a month ago, in an apparent goodwill gesture. Weaker- than-expected US data was also negative for oil. US consumer spending rose less than forecast in May, prompting economists to downgrade estimates for second-quarter growth, muddying the outlook for demand in the world's top oil consumer.

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PLP NEWS ALERTS EMAIL No. 150-2014 Markets RECORDER REPORT: KSE close of day

Friday, 27 June 2014 18:23

Posted by Shoaib-ur-Rehman Siddiqui

KARACHI: Karachi Stock Exchange (KSE) 100 index closed on Friday having 29343.76 shares with a positive change of 155.23 and volume of 99,707,260 shares.

High and Low were 29374.18 and 29071.83 respectively. Total volume traded in the market was 146,186,790 shares with 333 total traded companies out of which 147 were up, 166 were down and 20 were unchanged.

Construction and Materials (Cement) was the top traded sector with total traded volume of 38,064,300 shares. It was followed by Commercial Banks with a total traded volume of 27,176,800 shares.

Friday, 27 June 2014 13:25

Posted by Parvez Jabri

KARACHI: Sindh Minister for Agriculture and Bureau of Supplies and Prices, Sardar Ali Nawaz Khan Mahar has directed the officials concerned to keep an active watch on stability of prices of essential commodities during Ramazan-ul-mubarak.

Addressing a meeting of the officials of the Agriculture Department at his office here, he said immediate legal action be taken against profiteers, said a statement on Friday.

The Sindh Minister said that the retailers should ensure display of notified price list.

Wholesalers should also be persuaded to display banners and boards of prices, he added.

He also directed that the Inspection teams of the Bureau of Supplies and Prices should regularly check prices with the coordination of district administrations.

The Provincial Agriculture Minister was also informed that during the current year 2548 profiteers have been challaned.

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PLP NEWS ALERTS EMAIL No. 150-2014 He also directed the officials concerned to employ all available resources for development of agriculture sector.

He said progress report about the steps taken to bring improvement in agriculture equipment, pesticides, water situation and seeds should also be presented in the meeting which is scheduled to be held after 15 days.

He also directed to immediately dissolve the Sindh Pesticides Committee and asked to reconstitute the Sindh Pesticides Committee to monitor the standards of pesticides in Sindh province.

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PLP NEWS ALERTS EMAIL No. 150-2014 Miscellaneous News Karachi-Lahore-Peshawar: Govt may revive rail link for coal shipment

By Shahbaz Rana

Published: June 28, 2014

ISLAMABAD:

The government is reviewing the possibility of rehabilitating the Karachi-Lahore-Peshawar (ML-I) railway track with Chinese assistance in an effort to ship imported and domestic coal from Sindh for generating about 8,000 megawatts of electricity in Punjab.

The rail link is part of mega development schemes that will be discussed with Chinese authorities during upcoming meetings in connection with the Pakistan-China Economic Corridor, according to the Ministry of Planning and Development.

Federal Minister of Planning and Development Ahsan Iqbal will lead a delegation for the deliberations to be held in China on July 7-8.

Under the corridor, China will secure energy supplies through the Gwadar Port for its northwestern provinces aimed at reducing the cost of doing business in addition to securing safer routes for the supplies from Central Asia and Africa.

Pakistan is also expected to benefit from the initiative as thousands of jobs will be created along the transit route, stretching over 2,000 km of roads. “The national development agenda of the government will make Pakistan a fast-growing economy in Asia,” commented the planning minister.

To review progress on what the government calls Early Harvest Projects under the corridor, a meeting was held at the Ministry of Planning. It was chaired by Planning Minister Ahsan Iqbal and attended by Tareq Fatemi, Special Assistant to Prime Minister on Foreign Affairs and Musaddiq Malik, Adviser to PM on Energy.

According to officials, the country has conducted a pre-feasibility study on the rail track and details will be shared with Chinese authorities in the upcoming meetings. A contract will soon be awarded to undertake feasibility study for which Rs400 million has been set aside.

Under the project, the government wants to modernise signal gears besides expanding existing tracks and laying new ones. The length of the rail track that will be modernised is 1,736 km, according to the pre-feasibility study. Pakistan hopes that China will provide a concessionary loan for the project.

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PLP NEWS ALERTS EMAIL No. 150-2014 The project was vital for transporting coal from Sindh to the planned coal-fired power plants in Punjab, officials added. The Punjab government has planned to set up six coal-based power plants. It aims to complete two plants in the next three years and the remaining four by 2018 – a year before the government completes its constitutional five-year term.

Punjab is expecting an investment of up to $10 billion in these coal-based power plants.

The meeting also discussed Gwadar projects that would be taken up with Chinese authorities. The projects finalised for the review meetings included 18.9km East-Bay Gwadar Port Expressway, infrastructure development for Export Processing Zones Authority and Gwadar Industrial Estate Development Authority.

The mode of financing for the Gwadar International Airport will also be discussed during the deliberations. China has already decided to construct the airport.

Officials said two other energy projects would also be taken up with Chinese authorities. Progress on 10 coal-based independent power projects at Gadani and a transmission line to link these projects with the national grid will also be part of the agenda.

Two projects of Thar – a mining scheme and a power project – will also be discussed with China.

As part of the economic corridor, Karachi-Lahore Motorway, 387km Multan-Sukkur Motorway and Lahore Metro Train (Orange Line) will also come up for discussion during the talks.

The planning minister directed the departments concerned to fast-track work on finalising financing agreements with China to kick-start physical work. He directed the authorities to set up project management offices in the ministries for speedy execution of projects as the economic corridor would be a game-changer for the region.

Published in The Express Tribune, June 28th, 2014. No further concession: Gas infrastructure cess to stay, says textile minister

By Our Correspondent

Published: June 28, 2014

KARACHI:

Federal Textile Minister Abbas Khan Afridi has asked the textile industry to switch to coal instead of banking on gas as their main source of energy as the latter is not only in short supply but is also going to be expensive in coming years.

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PLP NEWS ALERTS EMAIL No. 150-2014 “The gas that you are getting will only become costly in coming years. Though the government is issuing gas exploration licences swiftly, to enjoy a reliable source of energy you should shift to imported coal,” he said.

He was talking to members of the All Pakistan Textile Mills Association (Aptma) at its head office here on Friday.

The minister said in categorical terms that the gas infrastructure development cess (GIDC) would not be taken back from the textile sector.

In the 2014-15 budget announced earlier this month, the government increased GIDC from Rs100 to Rs300 per million British thermal units, triggering an industry-wide outcry. Later, the cess was revised downward and varying rates were set for the gas-consuming sectors.

The minister’s stance caught the textile millers off guard who were expecting to win his support in the industry’s favour.

“I cannot give you any commitment on GIDC because it is quite difficult for the government to withdraw it,” Afridi said.

Aptma has been repeatedly pressing the government to withdraw GIDC, arguing the tax will increase the cost of production of export goods and leave the exporters uncompetitive against major regional rivals such as China, India and Bangladesh.

They say high energy tariffs have stymied their growth and the increase in GIDC will compound the problems. Energy has an overwhelming share in the business cost and the rise in GIDC will make it tough for the industry to compete in the international market, they say.

Defending the levy, the minister stressed that the country was experiencing an acute gas shortage and despite granting new exploration licences, the consumers may not get enough supplies in the next couple of years.

The government had already awarded more than 50 licences to oil and gas exploration firms for the search of hydrocarbons in different parts of the country and it desired to issue 200 more permits by year-end, he said.

Discussing emerging opportunities for the exporters in the world market, Afridi pointed out that a sharp rise in wages of Chinese workers in recent years would divert global textile orders from China to other regional states. “Pakistan can benefit from this changing scenario,” he remarked.

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PLP NEWS ALERTS EMAIL No. 150-2014 Afridi said law and order was a major issue for Pakistan and the government was undertaking steps to eliminate it as soon as possible. “We hope law and order will improve by the end of this year.”

Training programmes

Speaking on the occasion, Aptma Chairman Yasin Siddik announced that the Ministry of Textiles and Aptma would launch a joint training programme for which the ministry would nominate five trainees for every member of the textile millers’ body. Aptma has about 400 members across the country.

“We hope that through the skill development programme, the interns will be able to get good job opportunities in the industries,” he added.

This training programme is in addition to the skill development plan that the textile ministry is going to implement from next month under which it aims to train 120,000 people over five years. The trainees will get four to six-month training with a stipend of Rs8,000 per month.

According to Afridi, the ministry has earmarked a huge amount of Rs4.5 billion for the skills’ development programme.

Published in The Express Tribune, June 28th, 2014. 11MFY14: Repatriation of profit stands at $1.1b, data shows

By Our Correspondent

Published: June 28, 2014

KARACHI:

Total repatriation of profits on foreign investments amounted to $1.1 billion in the first 11 months of 2013-14, up 14.5% from the corresponding period of the preceding fiscal year, according to data released by the State Bank of Pakistan (SBP).

In May alone, the repatriation of profit from companies operating in Pakistan to their stakeholders based in foreign countries amounted to $171.7 million, up 5.4% from the repatriation of $162.9 million recorded in May 2013.

It should be noted that foreign direct investment (FDI) that the country received in the first 11 months of 2013-14 exceeds the amount repatriated as profits/dividends in the same period. FDI amounted to $1.3 billion in July-May, which is 17.7% higher than the profits repatriated during the same period.

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PLP NEWS ALERTS EMAIL No. 150-2014

Net FDI during May was $610.9 million as opposed to the profit repatriation of $171.7 million in the same month. The reason for exceptionally high FDI in May was the receipt of the proceeds of the spectrum auction.

A major chunk of total repatriation came from the payment of profit on FDI as opposed to foreign portfolio investment (FPI). Out of the total repatriation of $1.1 billion, profits on FDI constituted about 83.6%, or $967.6 million, during the 11-month period.

In order to encourage investment in the country, Pakistan allows 100% foreign ownership of businesses and unrestricted repatriation of profits.

The repatriated profits of the thermal power sector in July-May were $143.7 million, up 83.3% from the corresponding figure recorded in the comparable period of the last fiscal year. Similarly, the oil and gas exploration sector repatriated a total of $98.3 million in July-May, which was 158.6% higher than the corresponding 11-month period of 2012-13.

Other sectors that recorded substantial repatriations in the 11-month period were petroleum refining ($69 million), food ($93.8 million), chemicals ($45.9 million), pharmaceuticals ($35.5 million), telecommunications ($39.1 million) and cement ($39.6 million).

However, financial businesses repatriated the largest amount to their stakeholders in foreign countries in the first 11 months of 2013-14. With the payment of $327.6 million profits in July- May, the year-on-year increase in the repatriated amount for financial businesses remained 5.4%.

The increase in the repatriation of profits can be in the form of either dividends or liquidation of foreign holding.

According to analysts, the higher level of profit repatriation in the financial sector should be attributed to the dilution of foreign holding in a few banking-sector companies.

For example, a major foreign fund liquated its substantial stake from Faysal Bank in the first half of 2013-14, which substantially increased the overall repatriation level in the first 11 months of the current fiscal year.

Published in The Express Tribune, June 28th, 2014.

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PLP NEWS ALERTS EMAIL No. 150-2014 PTA embarks on technology, skills upgrade

By Our Correspondent

Published: June 28, 2014

KARACHI: As the country starts to embrace newly-introduced mobile broadband technology, the telecom sector’s regulator is upgrading technology as well as skills of its officers – a move aimed at monitoring the quality of service (QoS) parameters for third- generation (3G) and 4G mobile services.

The Pakistan Telecommunication Authority (PTA) concluded a two-day training programme in collaboration with NEMO Anite, a Finnish company, at the PTA headquarters in Islamabad on Friday, a press release said.

“The aim of this training was to impart knowledge and skills to PTA officials so that they can effectively monitor the quality of service (QoS) parameters in 3G and 4G environment.”

It said the PTA had procured NEMO outdoor equipment to assess QoS of GSM mobile networks in 2006. Now, Anite has provided an upgrade of its NEMO QoS monitoring platform to the PTA for 3G and 4G.

NEMO Invex – Tool Model – enables outdoor drive test measurements and benchmarking to ensure QoS of cellular networks. Anite has an established position in mobile benchmarking, drive test measurement and optimisation solutions for perfecting the air interface of wireless networks, it said.

Saybi, the local partner of Anite, also supported the training, with the aim of imparting the 3G/4G QoS knowledge and hands-on experience of NEMO Invex 7.0.

“This solution will enable the PTA to monitor licensed QoS key performance indicators of 3G/4G networks in the country to ensure that quality standards are met and users get the services at anticipated quality standards,” said PTA Chairman Dr Ismail Shah.

Published in The Express Tribune, June 28th, 2014.

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PLP NEWS ALERTS EMAIL No. 150-2014 PTEA: Technology needed to move ahead, say officials

By Our Correspondent

Published: June 28, 2014

FAISALABAD: Pakistan Textile Exporters Association Chairman Sheikh Ilyas Mahmood and Vice Chairman Adil Tahir have urged the government to focus on introducing latest technologies in all sectors to revive the economy and ensure its sustainable growth.

They said that technology restraints have been the main hurdles holding back Pakistan from achieving socio-economic development.

“Pakistan has not yet been able to make requisite advancement in modern technology in the fields of industry, production, energy and infrastructure,” said the officials. “Adoption of new technologies has become more essential for a developing country like Pakistan, particularly at a time when the level of competition, production processes and methods are rapidly changing and advancing on the globe,” they added.

“Government should lower tariffs on the import of latest technology and machinery for use in all sectors of the economy to help improve overall national productivity. It should also conduct surveys in industrial units and provide technical expertise to industries for applying modern technologies to reduce wastage and improve energy efficiency.”

They said Pakistan requires a high economic growth of 7 to 8 per cent to fight rising poverty, create more exportable surplus, reduce rising trade gap and generate more revenues so that its mounting debt could be reduced.

The PTEA chairman pointed out that Pakistan is in fact facing negative growth when inflation and other factors are taken into account. To improve growth prospects, extensive use of new technologies should be given high priority as it would result into high value addition in our products and services leading to better promotion of exports.

“Technological advancements are the only solution to the economic challenges being faced by the country. Both the public and private sectors should join hands to introduce new technologies for improving and enhancing their productivity to help the country achieve the cherished goal of progress and prosperity.”

Published in The Express Tribune, June 28th, 2014.

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PLP NEWS ALERTS EMAIL No. 150-2014 Third review cleared: IMF releases $550.9m tranche for Pakistan

By Reuters

Published: June 28, 2014

The International Monetary Fund (IMF) on Friday announced that Pakistan had cleared the third review as part of its Extended Fund Facility (EFF) programme qualifying for the next tranche of $555.9 million.

The review confirms that Pakistan’s economy is on track with the conditions listed in the IMF loan programme.

The IMF had saved Pakistan from possible default by agreeing last September to lend it $6.8 billion over three years. The cash is being doled out in increments but they could stop if Pakistan fails to institute reforms, including cracking down on tax evasion and privatising loss-making enterprises.

Pakistan’s tax authorities in April said they would publicly shame defaulters by publishing taxpayers’ details in a directory for the first time. Only around one in 200 citizens files income tax returns, leaving the state begging foreign donors to help fund crumbling schools and hospitals. Needed: An industrial revolution

By APP

Published: June 28, 2014

ISLAMABAD: Minister for Planning Development and Reforms, Dr Professor Ahsan Iqbal said that under prevailing circumstances the country only needs industrial revolution for economic revival. He was addressing a round table conference on “Improved access to health services”, organised by the Young Development Fellows (YDF) of Planning Commission of Pakistan.

He stressed the need for strengthening, stabilising democratic political system and continuity in developmental policies to achieve the desired result. YDF was an initiative of Planning Commission under which the youth were engaged to generate fresh ideas to take the country towards progress and development.

“It is a national dilemma that in this age of quality human resource, our social sector is among the poorest and least developed.”

He said in order to join the race of developed countries there was a need for strong legs and that could be attained by providing our youth with better health care facilities, eliminating poverty

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PLP NEWS ALERTS EMAIL No. 150-2014 and inequalities from society. “During 35 years of martial law, social sector was badly neglected and meagre expenditures of 0.8 percent and 0.4 percent were made in health, education and other civic facilities.

“The government was trying to bridge these gaps and had allocated funds to enhance the outreach of health care facilities and had launched Rs.12.5 billion community based social sector development programme to achieve the millennium development goals (MDGs).

Published in The Express Tribune, June 28th, 2014. Food security stressed at local contest

By Our Correspondent

Published: June 28, 2014

FAISALABAD: University of Agriculture Faisalabad Vice Chacellor Prof Dr Iqrar Ahmad Khan in the Annual Poster Contest of Plant Pathology Department, UAF, informed the participants that disease and heat resistant varieties of various crops are prerequisite to ensure food security.

Stressing on agricultural sector being directly linked with poverty alleviation, he said that control of plant diseases is crucial to reliable production amid changing climate to effectively deal with different infestations.

He urged scientists to play their role to safeguard the availability of food when population is increasing rapidly. The threat of Cotton Leaf Curl Virus, dieback of shesham, greening disease of citrus and others are challenges for plant pathologists. He also called for strengthening the academia-industry linkages to solve the problems of the industry and asked the teaching community to polish their in-build abilities of students.

“The students must hone their skills so that they can shoulder the responsibilities in the development of the country. Youth are an engine for the uplift of the economy and the future builders. Skilled manpower is the guarantee for a bright future.”

He also lauded steps taken by Plant Pathology Department in the area of research and academia.

Faculty of Agriculture Dean Prof Dr Muhammad Arshad said that scientists should come up with solid solutions. Poster competition provides an opportunity to students to exhibit their skills. He said posters have attained more importance than presentations in developed nations.

Department Chairman Prof Dr Shahbaz Talib Sahi said his department was running research projects worth Rs 20 million whereas more research projects worth Rs30 millions are in the pipeline.

Published in The Express Tribune, June 28th, 2014.

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PLP NEWS ALERTS EMAIL No. 150-2014 Pakistan-Afghanistan chamber emphasises regional integration

By Our Correspondent

Published: June 28, 2014

KARACHI: Pakistan-Afghanistan Joint Chamber of Commerce and Industry Co- President and Delegation Leader to Tajikistan Mohammad Zubair Motiwala during his visit to Tajikistan highlighted regional integration for businesses in South Asia with Central Asia for stability and economic growth across the region.

“It is vital that each country maintains its sanctity and operates under its defined boundary. Like the EU, it is high time that countries in South Asia and Central Asia should coordinate effectively to support the economic horizons across the region,” he said, while addressing the session at Multilateral Business to Business Forum between Afghanistan, Krygyztan, Pakistan and Tajikistan.

Motiwala also emphasised significant opportunities in Pakistan for mutually beneficial ventures and pointed out the success of forums like Pakistan Afghanistan Joint Chamber of Commerce and Industry and enforced that regional forum like such may be developed to nourish each other’s strengths and weaknesses.

PAJCCI in its endeavors to unveil untapped opportunities across the region and enhance business linkages with CIS countries, took the initiative to visit Dushanbe, Tajikistan to attend Business to Business meetings conducted by USAID/ Afghanistan Trade Revenue Project (ATAR).

The forum was inaugurated with a preview by Kayumova Gulru, Deputy Minister of Economic Development and Trade of Tajikistan. He deliberated upon trading, business and investment opportunities in Tajikistan and on Tajikistan’s significant placement as a first link in CIS region.

Suzan Elliott, US Ambassador in Tajikistan added that US Embassy and USAID are eagerly following the mission to develop strong ties between Central and South Asia through direct private sector engagement.

The session also had presentations from Asananali Karamaliev – Deputy Chairman of Tajikistan Chamber, Hassib Rahimi, Executive Director Kabul Chamber and Rima Apasova, Deputy Chairman Krygyztan Chamber. The session was followed by discussions on trade, transit and travel issues and advocacy parameters were identified accordingly.

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PLP NEWS ALERTS EMAIL No. 150-2014 Each delegate was provided an opportunity to introduce his organisation and desired field of interests. The business community was also given sectoral tours of textile, construction, confectionary and food processing units. Individual visits as per delegates’ requirements were also planned. Chamber to chamber meetings in order to finalise advocacy plan and development of joint forum to facilitate businesses in respective countries was also conducted, moderated by USAID / ATAR representatives.

PAJCCI delegation also met Moinuddin Khan, General Manager National Bank of Pakistan who discussed banking practices, opportunities and challenges in Tajikistan and highlighted the contributions of NBP to facilitate Pakistani businesses in Central Asia. He also met Ambassador of Pakistan Amjad Sial along with General Manager NBP and Secretary General, Faiza Nasir.

Published in The Express Tribune, June 28th, 2014. Industrial growth: Working on promoting ISID

By APP

Published: June 28, 2014

ISLAMABAD:

Federal Minister for Industries and Production (MOI&P) Ghulam Murtaza Khan Jatoi on Friday said that the government was promoting Inclusive and Sustainable Industrial Development (ISID) to harness the country’s potential.

Launching a consultative workshop on “United Nations Industrial Development Organisation (UNIDO) future cooperation with MoIP-Inclusive and Sustainable Industrial Development”, the minister said the government was striving hard to further strengthen the industrial sector for social and economic development of the country.

The minister said that reducing poverty was one of the priority goals of the government. Acknowledging the efforts of UNIDO, Jatoi said that his ministry has joined hands with the UNIDO to chalk out future framework of cooperation. He highlighted the need for addressing industrialisation as a solitary goal in the forthcoming post 2015 Sustainable Development Goals.

Published in The Express Tribune, June 28th, 2014.

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PLP NEWS ALERTS EMAIL No. 150-2014 Change for better: Pakistan Post to be rejuvenated

By APP

Published: June 28, 2014

ISLAMABAD:

Minister of State for Postal Services Maulana Abdul Ghafoor Haideri on Friday said that efforts would be made to transform Pakistan Post into a vibrant, modern, customer- friendly and self-sustainable service organisation.

The minister expressed these views during a briefing on the performance of Pakistan Post and its future plans at Postal Staff College. Emphasising the importance of the postal department, the minister said that Pakistan Post has a broad and varied role to play beyond provision of communication link for individuals and businesses.

He said that keeping pace with the changing communications market, Pakistan Post needs to bring all the post offices under one network. “We all should make a promise to make the department a profitable and sincerely work for the progress and prosperity of the country,” said Haideri, adding that efforts were being made to resolve all the problems being faced by the department.

The minister added that a complaint cell will be established to address the complaints of the customers.

Published in The Express Tribune, June 28th, 2014.

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PLP NEWS ALERTS EMAIL No. 150-2014

OPEN MARKET FOREX RATES Updated at: 28/6/2014 6:29 AM (PST) Currency Buying Selling Australian Dollar 92.65 92.9 Bahrain Dinar 261.55 261.8 Canadian Dollar 92 92.25 China Yuan 15.8 15.95 Danish Krone 18 18.15 Euro 134.25 134.5 Hong Kong Dollar 12.5 12.65 Indian Rupee 1.6 1.65 Japanese Yen 0.97 0.98 Kuwaiti Dinar 349.6 349.85 Malaysian Ringgit 30.3 30.45 NewZealand $ 84.5 84.75 Norwegians Krone 16.3 16.45 Omani Riyal 256 256.25 Qatari Riyal 27 27.25 Saudi Riyal 26.25 26.5 Singapore Dollar 78.5 78.75 Swedish Korona 14.55 14.7 Swiss Franc 109.85 110.1 Thai Bhat 3 3.05 U.A.E Dirham 26.85 27.1 UK Pound Sterling 167.75 168 US Dollar 99.05 99.3

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PLP NEWS ALERTS EMAIL No. 150-2014

INTER BANK RATES Updated at: 28/6/2014 6:29 AM (PST) Bank Buying Bank Selling Currency TT Clean TT & OD Australian Dollar 92.6 92.79

Canadian Dollar 91.85 92.04

Danish Krone 17.96 17.99

Euro 133.86 134.14

Hong Kong Dollar 12.69 12.72

Japanese Yen 0.9667 0.9687

Saudi Riyal 26.24 26.29

Singapore Dollar 78.68 78.84

Swedish Korona 14.58 14.61

Swiss Franc 110.05 110.27

U.A.E Dirham 26.79 26.85

UK Pound Sterling 167.66 168

US Dollar 98.4 98.6

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PLP NEWS ALERTS EMAIL No. 150-2014 Bullion Rates (Gold Prices) in Pakistan Rupee (PKR) As on Sat, Jun 28 2014, 02:15 GMT PKR PKR PKR Metal Symbol for 10 Gm for 1 Tola for 1 Ounce

Gold 24K XAU 41,771 48,670 129,925

Palladium XPD 26,686 31,094 83,005

Platinum XPT 46,883 54,626 145,825

Silver XAG 665 775 2,070

Gold Rates in other Major Currencies 1 Currency Symbol 10 Gm 1 Tola Ounce Australian

AUD 449 523 1,397 Dollar Canadian

CAD 451 526 1,404 Dollar

Euro EUR 310 361 964

Japanese

JPY 42,931 50,021 133,531 Yen U.A.E

AED 1,554 1,811 4,835 Dirham UK Pound

GBP 248 289 773 Sterling

US Dollar USD 423 493 1,316

* These rates are taken from International Market so there may be some fluctuation from Local Market.

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