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Forces determined to Inside Pages: Friday #2: Japan Emperor's 81st Birthday Celebrated December 5, 2014 root out terror: #4: EDITORIAL: Balochistan falling-out Safar 12 #5: KSE: Index closes at record high on buying in oil scrips Vol#8 Issue# 102 COAS #8: Islamic finance definitions Pages 12 Rs 12 #12: Musharraf speaks for Army's constitutional role See on Page# 12 KARACHI EDITION

Economic Indicators Forex Reserves (28-Nov-14) $12.993bn TOP NEWS::OBAMA ADMIN EAGER TO PREVENT NEW CURBS AGAINST IRAN Inflation CPI% (Jul 14-Oct-14) 6.45% Exports (Jul 14-Oct-14) $7.97bn Imports (Jul 14-Oct-14) $16.78bn Trade Balance (Jul 14-Oct-14) $(8.81)bn Current A/C (Jul 14- Oct-14) $(1368)mn PAK INKS CASA HYDEL POWER ACCORD Remittances (Jul 14-Oct-14) $6.08bn Foreign Invest (Jul 14-Sep-14) $348mn ISTANBUL: The hydel energy Tajikistan delegation was led by of historic agreement in Istanbul. Revenue (Jul 14 - Oct 14) Rs 750bn agreement between Kyrgyz Deputy Prime Minister and Afghan CASA-1000 project is scheduled Foreign Debt (Sep 14) $64.39bn Republic, Tajikistan, Afghanistan and Kyrgyz delegations were led by for completion by 2018 under the Domestic Debt (Oct 14) Rs 11,476bn and Pakistan was signed here on their respective energy ministers. umbrella of the World Bank. Repatriated Profit (Jul 14-Oct 14) $408mn Wednesday. Although conceived long ago, the Tajikistan share in the energy LSM Growth (Sep 14) 1.82% GDP Growth FY14E 4.10% The project, known as the Central Government of Prime Minister, export will be 70% while Kyrgyzstan Per Capita Income FY14 $1,386 Asia South Asia Electricity Muhammed Nawaz Sharif took ini- will export 30%. Population 186.7mn Transmission and Trade Project tiative to expedite the project and Afghanistan will consume 300 Portfolio Investment (CASA-1000), will help export 1000 convened a meeting of Inter- MW of the exported energy while MW of clean energy to Pakistan at a Governmental Council of CASA- Pakistan will receive 1000 MW elec- SCRA(U.S $ in million) price of 9.35 cents including all 1000 in September 2013 in tricity. Yearly(Jul, 2014 up to 03-Dec-2014) 126.66 charges. Islamabad that discussed various The project is hoped to boost ener- Monthly(Mar, 2014 up to 03-Dec-2014) -17.08 Pakistan's Minister for Water & aspects of the project. gy trade in the region that will lead to Daily (03-Dec-2014) -18.48 Power, Khawaja Muhammad Asif led Subsequent follow-up consulta- sustainable development. Total Portfolio Invest (21-Nov-2014) 6,100 the Pakistan delegation while tions ultimately led to the conclusion See # 1 Page 11 NCCPL (U.S $ in million) FIPI (04-Dec-2014) 0.44 Local Companies (04-Dec-2014) 1.93 Banks / DFI (04-Dec-2014) -5.70 Mutual Funds (04-Dec-2014) 2.54 Ecnec gives green NBFC (04-Dec-2014) 1.32 Local Investors (04-Dec-2014) -0.87 Other Organization (04-Dec-2014) 0.33 Global Indices Index Close Change signal to Rs12.8b KSE 100 32,090.93 218.20 Nikkei 225 17,887.21 166.78 Hang Seng 23,832.56 403.94 Sensex 30 28,562.82 120.11 ADX 4,702.14 36.13 75MW projects SSE COMP. 2,899.46 119.93 FTSE 100 6,703.90 12.73 ISLAMABAD: The Federal completed in 3 years. It is Phase II, 2nd revised project *Dow Jones 17,888.24 -24.38 Minister for Finance Senator expected that the project shall was approved by ECNEC after *Last Updated 20:00 PST Mohammad Ishaq Dar chaired generate annual income of detailed deliberations. the meeting of the Executive 1258.95 million after its com- The project has an estimated GDR update Committee of National pletion. The Hydropower proj- cost of Rs.10335.367 million Symbols $.Price PKR/Shares Economic Council (ECNEC) ect will be connected by laying including FEC of Rs. 8930 mil- MCB (1 GDR= 2 Shares) 5.10 259.18 here on Thursday. 45km, 132 kv transmission line lion a world bank/IDA loan. LONDON: Prime Minister Muhammad Nawaz Sharif meeting US Secretary of State John Kerry on OGDC (1 GDR= 10 Shares) 22.00 223.60 ECNEC considered and from Dowarian to 35 MW The project has the scope of the sidelines of London Conference on Afghanistan.-APP UBL (1 GDR= 4 Shares) 3.25 82.58 approved two energy genera- Nagdar hydro power project. modernizing government's LUCK (1 GDR= 2 Shares) 18.50 470.08 tion projects with the combined The second one has the total audit procedures and adopts Govt to resume PM meets WB delegation HUBC (1 GDR= 25 Shares) 18.35 74.60 capacity of 75 MW on a pro- cost of 6.85 billion rupees internationally accepted audit- Money Market Update posal moved by Ministry of which will be completed in 4 ing standards, which completed talks with T-Bills (3 Mths) 26-Nov-2014 9.46% Kashmir Affairs and GB. The years and shall yield annual in Dec, 2014. Govt initiated T-Bills (6 Mths) 26-Nov-2014 9.49% 40 MW Dowarian Hydro income of Rs 1076 million after The Livestock and Access to T-Bills (12 Mths) 26-Nov-2014 9.50% Power Project and 35MW its completion. Both these proj- Markets Project ( LAMP) PTI on 7th 15-Nov-2014 9.50% Discount Rate Nagdar Hydropower project ects will generate electricity on Punjab was also approved by Kibor (1 Mth) 04-Dec-2014 9.85% ISLAMABAD: The Pakistan power 04-Dec-2014 9.63% will be located in district economic rates for the uplift of ECNEC. The Project has will projects Kibor (3 Mths) Muslim League-Nawaz (PML- Kibor (6 Mths) 04-Dec-2014 9.64% Neelum, AJK and will be exe- the area. cost Rs.3852.863million. It will Kibor (9 Mths) 04-Dec-2014 9.94% N) government has decided to cuted and operated by AJK The proposal by Pakistan be sponsored by Livestock and formally resume talks with the Kibor (1 Yr) 04-Dec-2014 9.96% Hydroelectric Board. Audit Department on a project Dairy Development P.I.B (3 Yrs) 04-Dec-2014 10.45% Pakistan Tehreek-e-Insaf (PTI) to quell energy The first project has total cost for improvement of financial Department, Punjab. P.I.B (5 Yrs) 04-Dec-2014 10.90% on December 7, and in this P.I.B (10 Yrs) 04-Dec-2014 11.75% of Rs.5.97 billion and will be reporting and auditing (PIFRA) See # 5 Page 11 regard, the formation of a tech- P.I.B (15 Yrs) 04-Dec-2014 12.20% nical committee, headed by P.I.B (20 Yrs) 04-Dec-2014 12.30% crisis: PM Sharif P.I.B (30 Yrs) 04-Dec-2014 12.55% Finance Minister Ishaq Dar, is PMEX Commodity Index. being considered, media has Justice Sardar Raza learnt. Opening 2,726 Govt pursuing agenda of Closing 2,736 See # 2 Page 11 Change 10 development with strong % Change 0.37 Volume (Lots) 10,131 becomes new CEC KSE: Index commitment: Sharif Commodities *Crude Oil (brent)$/bbl 69.62 ISLAMABAD: President Shah if they fail to appoint a closes at LONDON: Prime Minister government was committed to *Crude Oil (WTI)$/bbl 66.88 Mamnoon Hussain on new CEC by December 8. Muhammad Nawaz Sharif its early implementation. The *Cotton $/lb 60.23 Thursday approved a summary Justice (retd) Raza, Justice Thursday said that the govern- progress so far achieved is sat- *Gold $/ozs 1,211.21 moved on the advice of the (retd) Tanvir Ahmad Khan and record high ment has taken on the agenda isfactory but there is room for *Silver $/ozs 16.64 Prime Minister for appointment Justice (retd) Tariq Pervez were KARACHI: The Karachi of development and reform fast tracking the project, he of Justice (Retd) Sardar Malaysian Palm $ 630 the three candidates shortlisted stock market closed record with strong commitment and maintained. Muhammad Raza as Chief *GOLD (PMEX) PKR 39,890 high level on Thursday on leadership specifically focusing Prime Minister also lauded the Election Commissioner (CEC). for the post when Ishaq Dar -on KHI Cotton 40Kg PKR 4,983 account of buying in Oil sector on plans for energy and poverty World Bank's assistance in the The President gave his behalf of the prime minister- *Last Updated 20:00 PST crosses psychological 32,000- eradication. construction of Dasu approval on a summary initiat- and Khurshid Shah held discus- Open Mkt Currency Rates level. Talking to a delegation led by Hydropower project. ed by the Ministry of sions on Wednesday. Symbols Buy (Rs) Sell (Rs) The benchmark KSE-100 Managing Director, World He appreciated that IFC, a Parliamentary Affairs. The three names were for- Australian $ 85.50 85.75 Index was up by 218.20 point Bank Sri Mulyani Indrawati subsidiary of World Bank was The approval was made for warded to the Parliamentary Canadian $ 89.40 89.65 to close at 32,090.93 points. here on the sidelines of the providing $125 million to a Danish Krone 16.65 16.80 appointment of CEC for a term Committee on the Appointment of Chief Election KSE All Share Index increased London Conference, the Prime holding company that was Euro 125.75 126.00 of five years under Article 213 working for energy generation Commissioner, of which Raza by 206.75 to end at 23,275.65, Minister said the government Hong Kong $ 13.00 13.10 of the Constitution of Islamic in Pakistan. was the most favourable candi- KSE 30-Index higher by was trying to turn Pakistan's Japanese Yen 0.850 0.880 Republic of Pakistan, 1973. 116.29 points to conclude at The prime minister informed Saudi Riyal 27.12 27.37 shortlisted three names for the date for the position. challenges into opportunities The long wait for the appoint- 20,886.49, whereas KMI 30- the delegation that the govern- Singapore $ 77.25 77.50 position which has been vacant Justice (retd) Raza hails from through sound economic plan- ment of chief election commis- Index surge by 190.70 points ment was working on better Swedish Korona 13.35 13.50 for over a year now. Khyber Pakhtunkhwa and pre- ning, good governance and sioner (CEC) came to an end as to finish the day at 51,200.78 consistency in policy imple- fuel mix in Pakistan and the Swiss Franc 103.75 104.00 Supreme Court had earlier viously served as the civil Justice (retired) Sardar Raza level. mentation. government's target was to U.A.E Dirham 27.80 28.05 said it will consider issuing judge and senior civil judge till was nominated for the position Indrawati also delivered a let- make energy available and UK Pound 160.00 160.25 contempt notices to Prime May 1976 prior to his promo- See Detailed News on Page#5 of CEC, media reported ter to the Prime Minister from affordable to the masses as well US $ 102.25 102.50 Minister Nawaz Sharif and tion to the post of additional Thursday. the World Bank President, Jim as to the industry. Inter-Bank Currency Rates The government and the Leader of the Opposition in the district and sessions judge. Symbols Buying Selling PTI all-set Kim offering its assistance for He said the government TT Clean TT & OD opposition on December 3 National Assembly Khurshid See # 6 Page 11 polio and other immunizations planned to generate cheap elec- Australian $ 85.02 85.19 for protest in in Pakistan. tricity through coal and hydro Canadian $ 89.16 89.34 The World Bank also offered power for reducing the basket Danish Krone 16.77 16.81 support for the internally dis- price. Euro 124.78 125.02 Iran seeks return of $216m Khi on 12th placed persons and flood The government, he said was Hong Kong $ 13.08 13.10 KARACHI: Local leaders of affected people in Pakistan. introducing the element of Japanese Yen 0.848 0.849 Pakistan Tehreek-e-Insaf (PTI) He appreciated the role of cross subsidy in pricing to help Saudi Riyal 27.02 27.07 deposited in KASB Bank announced their plan to shut down World Bank in financing lifeline consumers. Singapore $ 77.17 77.32 ISLAMABAD: Iran has asked meeting with Federal Minister after the United States imposed Karachi according to plan C while Tarbela IV and said that Prime Minister Sharif said a Swedish Korona 13.47 13.50 talking to media on Thursday. preparatory work on Tarbela V long term framework was being Swiss Franc 103.71 103.91 Pakistan to return $216 million for Finance Ishaq Dar on sanctions on the Gulf state. They said that National has also started. prepared to strengthen distribu- U.A.E Dirham 27.61 27.66 that it had deposited in KASB Wednesday, according to offi- Officials said the issue would Bank, which is currently under cials of the Ministry of Finance. be settled only in a legal man- Highway, Super Highway, M A He expected the World Bank tion system to cut down losses UK Pound 159.02 159.33 to also support this extremely and theft and a medium and long US $ 101.64 101.82 State Bank of Pakistan's super- Iran took up the issue days ner as Pakistan could not afford Jinnah Road, Shahra-e-Faisal, vision, creating a diplomatic before a scheduled Joint to violate the sanctions regime. Shahrah-e-Pakistan, main road important project that would term strategy was being formu- Weather Forecast provide cheap electricity to the lated for the entire energy sector. Cities Max-Temp Min-Temp issue for the federal govern- Ministerial Commission (JMC) Owing to the restrictions, the of North Nazimabad and Islamabad 25°C 5°C ment. meeting with Pakistan. government is also not actively Airport road will be blocked on people. Furthermore, Prime Minister Karachi 33°C 18°C The request was made by It had deposited the money in pushing ahead with the Iran- 12th December and sit-ins will He said that CASA 1000 was Muhammad Nawaz Sharif says Lahore 27°C 10°C Iranian Ambassador to Pakistan KASB Bank few years ago, Pakistan gas pipeline project. b held on these places. important in the context of the government has initiated Faisalabad 28°C 10°C Ali Reza Haghighian during a which it could not withdraw See # 7 Page 11 See # 4 Page 11 regional connectivity and the See # 3 Page 11 Quetta 17°C -1°C Rawalpindi 25°C 7°C Subscribe now TOP TWEET ::::::::::::::::::::::::::::::::::: Tel: 92-21-35311893-6 Fax: 92-21-35388427 Email: editor@ thefinancialdaily.com GUARDIAN: MISSING ATLANTA TEEN HIDDEN IN PLAIN SIGHT IN GEORGIA SUBURB FOR 4 YEARS 2 NATIONAL Friday, December 5, 2014

Outgoing Tuwairqi Steel Mills Saudi CG's Japan Emperor's 81st eyes Dar for gas services lauded Birthday Celebrated KARACHI: Chief Staff Reporter supplies issue Minister Sindh Syed Qaim Ali Shah has praised outgo- KARACHI: Consul- ing Consul General of General of Japan in Saudi Arabia in Karachi Karachi, Akira Ouchi and KCCI Ministry to take up TSML's Faleh Bin Mohammad Al- Junko Ouchi hosted a grand Ruhaily for his outstanding reception to celebrate the and marvelous role in birthday of His Majesty the issue in next ECC meeting strengthening relations Emperor Akihito, who will between the two countries. KARACHI: Responding Head, Zaigham Adil plex in Pakistan. be 81 years old on Addressing a farewell December 23, 2014. to the grievances high- Rizvi who was accompa- TSML delegation party organised in the hon- lighted by the members nied by the Resident pointed out that the proj- Senior Minister for our of the Saudi envoy at a Education and Literacy, Mr. of a delegation of Director Yoo Young-Ho ect was supposed to local hotel, the chief minis- Nisar Ahmed Khuhro was Tuwairqi Steel Mills of POSCO Pakistan ensure a host of econo- ter described the efforts the chief guest at the recep- Limited (TSML) who office, sought KCCI's metric and collateral ben- and performance of the tion and was also attended approached the Karachi assistance in restoring efits, including creation diplomat as outstanding in by ministers, parliamentari- Chamber for assistance, gas supply to the steel of jobs for another 5,000 diplomatic terms. ans, government officials, President KCCI, Iftikhar manufacturing plant of people. Qaim Ali Shah said diplomats, businessmen Ahmed Vohra has TSML based in Sindh at President KCCI, Iftikhar Pakistan has close friendly and other prominent figures requested Federal the concessional rate of Vohra, in his letter to and brotherly relations with from both Sindh and Finance Minister Ishaq Rs.123/mmbtu, as com- Finance Minister, cau- Saudi Arabia and Faleh Bin Balochistan Province. ic cooperation, and activat- 13 Japanese-related com- played. Dar to take up the issue mitted by the tioned that closure of a Mohammad Al-Ruhaily Consul-General Akira ing cultural and people-to- panies in Karachi have Chief guest, Nisar of gas supply at conces- Government of Pakistan steel plant with significant has further cemented these Ouchi, during his speech people exchange between displayed their products Ahmed Khuhro, Senior sional rates being suf- at the time of MoU sign- foreign investment will ties for the benefit to the explained about various Japan and Pakistan. such as motor cars, motor Minister for Education fered by TSML in the ing. send a very negative mes- peoples of the two coun- economic and cultural On this occasion, "Japan bikes, trucks, buses and and Literacy, congratulat- upcoming Economic TSML delegation sage to potential foreign tries. activities that have taken Exhibition" was organ- tires, etc. Also, some cul- ed His Majesty the Coordination Committee informed that the project and local investors and He said that the Saudi place throughout the year. ized by the Consulate- tural displays, such as tra- Emperor Akihito on His (ECC) meeting for of Tuwairqi Steel Mills lead to further decline in diplomat remained very Consul-General Mr. General of Japan, in col- ditional Japanese dolls, Majesty's birthday and approval of concessional Limited (TSML) is a FDI which was already at accommodative in facilitat- Ouchi emphasized his laboration with Japan Japanese food replicas, expressed his sincere wish rate for supply of gas as joint-venture of Al- low level. "Moreover, the ing Pakistani people, espe- heartfelt commitment in External Trading traditional toys as well as for His Majesty's good Organization (JETRO). Japanese robots were dis- health and prosperity. feedstock to TSML. Tuwairqi Holding of country will lose a state- cially from Sindh, who further promoting econom- In a letter issued to Saudi Arabia and POSCO of-the-art steel production travelled to Saudi Arabia Federal Minister for of South Korea which is facility which is among the for performing Umrah and Intel gives Finance, Economic being set up at Port best in the region while a Hajj. Affairs & Statistics, Ishaq Qasim Karachi and on large number of workers The chief minister said USAID, Intel ink MoU awards to Dar, President KCCI stat- completion of its integra- including engineers will be that the services by Faleh ed that a TSML delega- tion, this project would rendered unemployed", Bin Mohammad Al- teachers, tion, headed by Country be the largest steel com- Vohra added. Ruhaily would be remem- bered for a long time. for quality education schools Faleh Bin Mohammad KARACHI: Intel Pakistan Al-Ruhaily, addressing the organized the Intel UBG formed to ceremony, lauded the hos- Education Awards pitality of the people of Ceremony in Karachi, under Pakistan, especially that of the Intel Education Initiative, Sindh province. to recognize the impressive The Saudi diplomat said performance in technology revive glory of he has tried his best to integration by teachers and strengthen bilateral rela- schools across Pakistan. tions with Pakistan. Present at the occasion was He thanked Sindh Dr. Fazllullah Pechuho, FPCCI: Bilour Governor Dr. Ishrat-ul- Secretary Education, Education and Literacy Ebad, Chief Minister Syed Rais Ahmed He said that dictator- someone who continue to Department, Government of Qaim Ali Shah and his ship must end in the spend millions on social Sindh as the chief guest. cabinet members, the Of all the participants in KARACHI: Former FPCCI so that it can play service since last forty business community, dig- President of FPCCI due role in national years, he questioned. the Intel Teach Program con- nitaries and media organi- test, 24 won awards, in Senator Ilyas Ahmed development rather than He said that business zations for extending sup- recognition of their accom- Bilour on Thursday said serving a group dominat- community of Khyber- port to him in the perform- plishments in implementing United Business Group ing it since decades. Pakhtunkhwa and Fata ance of diplomatic respon- technology to promote has been formed to revive The veteran business would fully back UBG in sibilities. -NNI inquiry-based learning. the lost glory of the Apex leader said that billions the upcoming FPCCI "Intel has made consistent Chamber of Commerce. of rupees have been elections to cleanse the efforts for recognizing the Business community is embezzled in the institu- organisation. PACRA teachers and schools taking part in this initiative and looking forward for tion over decades while Speaking on the occa- rewarding them for their transformation of FPCCI nothing can move there sion, Iftikhar Ali Malik maintains laudable efforts in imple- which is infested with without approval of Tariq said that we will not KARACHI: US Ambassador Richard Olson exchanging documents after menting ICT in their class- mismanagement, corrup- Sayed therefore he must exploit business commu- IFS rating signing Memorandum of Understanding to improve the quality of education rooms, in turn facilitating a tion and nepotism since accept responsibility. nity and take decisions on in Sindh with CEO of Intel Pakistan, Naveed Siraj, and Sindh Minister conducive environment to decades, he said. Bilour admitted mas- merit for the promotion of Education, Nisar Ahmed Khuhro. -DNA experience technology with- Senator Bilour said this sive corruption in con- of trade. of UIC Ibrahim Yousuf to the children of Sindh." Education, Sindh Dr in the education system" said while talking to UBG struction of FPCCI He said that only true ISLAMABAD: The Under the terms of the Fazalullah Pechuho; and Naveed Siraj, Country Manager, Intel Pakistan. Chairman Iftikhar Ali Islamabad Building but democracy will prevail in Pakistan Credit Rating KARACHI: United States MoU, Intel will provide Intel Pakistan Country Agency (PACRA) has Agency for International training to at least 800 Manager Naveed Siraj After several rounds of Malik, UBG's presiden- hold Tariq Sayed and his trade politics and such rigorous judgment and site maintained the (Insurer Development (USAID), government teachers, joined Ambassador Olson tial candidate Mian aides responsible for it people would be given visits 24 teachers have won Idrees and President saying that arrest of con- responsibilities that can Financial Strength) IFS rat- Education and Literacy 4,000 students, and 4,000 at the signing ceremony at grand award positions in 8 ing of The United Department, government out of school adolescents the U.S. Consulate Haripur Chamber Atif tractor, architect and con- contribute to image different categories. Out of Insurance Company (UIC) of Sindh and Intel Pakistan and adults over a period of General in Karachi. the overall 96 contestants, 36 Ikram Sheikh who is also sultant would reveal the building of FPCCI and of Pakistan Limited at "A+" Corporation signed a three years. USAID Pakistan has central chairman of truth. resolve issues of the busi- Government, 20 semi-gov- (Single A Plus). Memorandum of This will enable them to provided support to the ernment and 40 private PVMA. How can they blame ness community. The rating denotes strong Understanding (MoU) to use effectively information government of Sindh's school teachers submitted capacity to meet policy- improve access to quality communication technolo- Education and Literacy their classroom implement- holder and contract obliga- education in Sindh. gy (ICT) in school educa- Department through a ed Unit Portfolios to the tions, said a press release Speaking at a signing tion, literacy, and daily $155 million program to panel of evaluators, based on PN sets up free med issued here today. ceremony here on life. construct 120 large public the Intel Teach Getting The rating reflects UIC's Thursday, U.S Intel Pakistan would also schools in seven districts Started, Intel Teach strong risk absorption Ambassador to Pakistan work with the USAID- of the province and five Elements and the Intel Teach capacity emanating from a Richard G. Olson said, funded Sindh Basic towns in Karachi. -APP Essentials Course content. robust liquidity profile that "We all recognize that Education Programme camp at Diplo, Thar amply supports contingen- prosperity and a better life (SBEP) to support school Staff Reporter been deputed at the camp on public health, preven- cies towards the policy- cannot be built without a and regional public which would provide tion of diseases, child holders. strong foundation in a libraries. KARACHI: Pakistan medical treatment to the healthcare, personal The company is led by quality education." USAID Provincial Navy (PN), with an aim patients in general health hygiene and sanitation of the strategic vision of the He said "this agreement Director Leon S Waskin; Chairman of the United with Intel Pakistan will go Senior Minister Nisar to extend all out support care, ENT, Dermatology, living area. International Group Mian a long way toward making Ahmed Khuhro, Secretary and expressing empathy Dentistry, Gynecology Medical examination of M. A. Shahid, an insurance education more accessible of Department of with the Thar affectees, and Child care. For prop- school children would veteran. has established a 5-day er diagnosis, a laboratory also be carried out The strategy predomi- free medical camp at has also been set up for besides advising parents nantly focuses on wide- Rural Health Centre blood, ultrasound and X- and teachers on cor- spread small sized business Diplo from December 4 ray test. rectable disabilities and volumes through an inten- for local populace. Team besides providing nutritional deficiencies. sive marketing force. A press release of PN free medical treatment Commander Coast, Although this has led to said here on Thursday and free medicines to the Rear Admiral Syed Bashir high business acquisition that a team comprising patients would also con- Ahmad visited the camp cost at a comparative scale, Gynecologist, Dental duct minor surgeries. to review the facilities the benefits are accrued in Surgeon, Surgical, Apart from extending being provided and the form of low loss ratio, Medical, Eye, Skin, ENT medical facilities, the expressed his satisfaction engendering superior and Child specialists and camp is also aimed at over the arrangements at underwriting performance paramedical staff have educating local populace PN Free Medical Camp. compared to peers, it said. The rating incorporates improved control environ- ment supplemented by real time IT platform and a Complaint cell in comprehensive policy statement. The rating is dependent upon the company's ability to sustain its market posi- Sindh health dept tion while ensuring stable underwriting performance. KARACHI: Provincial to resolve the problems office on Thursday. The smooth implementa- Minister for Health Jam of the doctors/ paramed- On the occasion dele- tion of investment policy Mehtab Hussain has said ical staff including nurs- gation apprised the min- framework and achieve- that a complaint cell is es. ister about their issues. ment of targeted cost effi- being setup in Health This he said while talk- The minister assured ciency are important. Any department to redress the ing to a delegation of them his full support in material dilution in the risk issues of patients and a Sindh Health Employees resolution of their prob- absorption capacity would KARACHI: Ateeq-Rr Rehman with Mrs & Mr Akira Ouchi (Consul committee is also formed Action Committee, in his lems. -APP impact the rating. General of Japan) on the National Day of Japan.-Staff Photo NATIONAL 3 Friday, December 5, 2014 SECP IDEAS 2014 ends registers with hallmark 315 cos in Nov ISLAMABAD: The Securities and Exchange of success Commission of Pakistan (SECP) registered 315 Beenish Abbas Rana Tanveer said that the major indigenously new companies in KARACHI: Federal Minister for Information, Broadcasting and National Heritage Senator Pervaiz Rashid the aim of the IDEAS developed products were November, says a state- addressing the Sideline Conference (Industry Summit) IDEAS 2014. -DNA KARACHI: Rana 2014 was to showcase our showcased in IDEAS- ment of SECP here on Tanveer Hussain Federal products, demonstrate our 2014 including Main Thursday. Minister for Defence organizational skills to Battle Tank, Al-Khalid, Around 89 percent com- Production has said that plan and conduct a mega Al-Zarrar, JF-17 Thunder Information Minister visits IDEAS 2014 Rs20bn panies registered as pri- "Our country has show- event of international Fighter Aircraft and cased one of the best and stature and provide a great Armoured Personnel vate limited companies, allocated to technologically advanced international platform to Carriers etc. We received while around 6 per cent air and ground equipments convey our view points on very good response for registered as single mem- No one be allowed HEC R&D in the global market, thus, security issues concerning IDEAS 2014 from ber companies and 3 per proudly achieving self-suf- Pakistan. Turkey, China, North cent as public limited, the ISLAMABAD: National ficiency in many fields He said by holding America, South America, statement added. Assembly on Thursday related to defence sector." IDEAS 2014 successfully Europe, Asia, and Far Two percent of the com- informed that record Rs 29 panies have been regis- to shutdown Pak, This was stated by him under the prevalent envi- East." billion have been allocated while addressing the clos- ronment is the manifesta- He said that impact of tered as non-profit associ- to Higher Education ing ceremony of IDEAS tion to build the image of the event will be large, it ations, trade organizations Commission for promotion 2014 held at the Expo Pakistan as a modern, pro- is an ongoing process and and foreign companies. of research and develop- Center. gressive and tolerant state major deals take time to One license has also says Rasheed ment. Major General Agha that is willing to co-exist be cemented. Pakistan is been issued for anon-prof- Minister of State for Masood Akram HI(M) DG peacefully with the inter- producing high quality it during the month. Federal Education and DEPO, Commodore Tahir national community. defence products which The services sector took Says Pak committed to defend its integrity Professional Training Javed, Director (Media) Meanwhile, Major are competitive in cost but the lead in new registra- Staff Reporter oblivious to the situation allowed to curb on their Baligh-ur Rehman DEPO and Brig. Mazhar General Agha Masood are equal in terms of qual- tions with the incorpora- around it. rights. informed the House during Mumtaz Qureshi, Director Akram also briefed the ity. Pakistan would con- tion of 33 companies, fol- KARACHI: Information He said the Government The Minister said the Question Hour that the Coordination DEPO and media, and added that tinue to hold IDEAS bien- lowed by trading with 31, Minister Pervaiz Rasheed is committed to strength- government has been mov- amount will be distributed Zohair Naseer, COO Pakistan had been in nially and has great poten- tourism with 28, construc- says Pakistan is committed ening the security forces ing in the right direction. by HEC among all the pub- Badar Expo Solutions defence production since tial to export its defence tion with 19, information to defend and preserve its by providing them all Our economic indicators lic sector universities of the were also present on the decades. products across different and technology with 18, territorial integrity, sover- available resources. have shown progress with country. occasion. He said: "Our some of continents of the world. broadcasting and telecast- eignty and dignity against He said Pakistan is pur- growing stock exchange, He said that HEC has ing with 14, fuel and ener- any aggression. suing the policy of non- strengthening rupee and been directed to focus on Partnership will improve livelihoods of 200,000 IDPs gy, and power generation Addressing IDEAS 2014 interference in internal reduction in electricity cri- the applied research to with 13 each, and pharma- Defence Exhibition in affairs of other countries. sis. meet the local needs of the ceutical with 11 compa- Karachi on Thursday, he Later talking to news- He said world made neg- country. nies. said the Government con- men, the Information ative predictions about He said that efforts are Switzerland, UNDP Foreign investment has siders it a sacred duty to Minister said no one can Pakistan's economy, but underway to strengthen been witnessed in 27 new defend the territorial be allowed to shutdown the government with its linkages between the companies. integrity of the mother- the country. wisdom proven them research organizations and These companies have land. He said business com- wrong. industries to achieve the to help rehab FATA foreign investors from Information Minister munity has the right to do Regarding the govern- desired targets. Belgium, China, Jordan, said Pakistan is a peace their business and students ment-PTI talks, Pervaiz He said since now more Libya, Norway, Panama, loving country and has no have right to go to schools. Rashid said if Imran Khan than 10,000 PhDs have South Africa, South aggressive designs against Neither their rights can be wants dialogue, he should been produced in the coun- displaced people Korea, Sweden, anyone but cannot remain snatched, nor anyone be change his tone. try while above 20,000 Switzerland, Tanzania, thousand Ph.D. scholars are Special Correspondent Turkey, the UK and the enrolled in different univer- US. Lifestyle Week to promote trade exports sities of the country. -APP ISLAMABAD: Matthias These companies are Weingart, the director of from power generation, Cooperation Swiss construction, fuel and Cultural diplomacy Export Agency for Development energy, food and bever- and Cooperation (SDC) in ages, services, textile, Management Pakistan, and Marc-André broadcasting and telecast- Franche, UNDP Pakistan ing, communications, to portrait Pak soft country director, signed engineering, healthcare, program an agreement for US$1.05 tourism and trading sec- million to improve the liv- tors. from 15th ing conditions and liveli- During the month, the image, says Malik LAHORE: The Lahore hoods of 200,000 internal- highest number of compa- DUBAI: Pakistan's only added a positive sense fabric and termed them as Chamber of Commerce & ly displaced people nies, i.e. 100, was regis- Industry (LCCI) is starting (IDPs) from the Federally tered at the Company Ambassador at Large and of patriotic fervor among the "Real Ambassadors of PM's Special envoy based the many Expatriate Pakistan". one week training pro- Administered Tribal Registration Office in UAE & Gulf region, Pakistanis but also He further said that, gramme `Certificate in Areas (FATA) and the IDP Pakhtunkhwa thus con- said: "I want to thank the (CRO), Lahore, followed Export Management' from hosting communities in Javed Malik has said that impressed the Arabs and Pakistan Fashion Week tributing to the SDC out Government of by 86 and 77 companies cultural diplomacy plays a people from other national- Dubai provides an opportu- Dec 15. Khyber-Pakhtunkhwa of fragility agenda. Switzerland for its gener- registered at CROs in The programme was province. vital role projecting a soft ities present at the packed nity for Pakistani design- Upon signing the agree- ous support. This partner- Islamabad and Karachi image of Pakistan globally venue at a prestigious hotel ers; textile exporters and aimed to equip young The partnership ment, Matthias Weingart ship supports and address- respectively. entrepreneurs and potential between SDC and UNDP and pave the way to in Dubai. fabric and jewelry traders said: "In complex emer- es the immediate needs of The CROs in Multan, explore new avenues to While addressing the to showcase their products export managers with state- will build resilience gency situations like the affected people, while Faisalabad and Peshawar boost our trade in the UAE audience Ambassador in UAE in an effort to find of-the-art exporting skills, through both community Pakistan, experience has at the same time enhanc- registered 22, 16 and 10 and Gulf region. Javed Malik appreciated new markets within the said LCCI President Ijaz A and institutional level shown that one of the most ing the capacities of the companies respectively, He was speaking after the organizers and CEO Mr region as well as for re- Mumtaz here on Thursday. interventions in support of effective ways to provide provincial and district while the CROs in Quetta inaugurating the Pakistan Shahid Mian for putting export. The registration is the Provincial Disaster sustainable support to cri- government authorities. and Sukkur registered 2 Fashion & Lifestyle week together impressive show. He pointed out that already in progress and Management Authority sis-affected countries is to It will empower and companies each. in Dubai. The proceedings He highlighted Pakistan's Pakistani fabrics were in keeping in view the impor- (PDMA) of Khyber- prepare population for build resilience of both In the month of started with National rich cultural heritage and high demand in UAE and tance of the training pro- Pakhtunkhwa province. eventual return while they the IDPs and the host November, returns for an Anthem of Pakistan as spoke passionately about there is a need to better gramme. It will improve the liv- are still in displacement. communities by improv- increase in the authorized Ambassador Javed Malik the talented artists, crafts- cater to this growing The programme has been ing conditions and liveli- This enables them to ing their livelihoods capital of 37 companies arrived accompanied by men, designers, poets and demand through effective designed to make partici- hood of crisis affected restart a better life when through immediate recov- were accepted, with the Arab dignitaries and CEO writers who have added channels of export promo- pants capable of independ- populations in the south- ently starting their own they return. ery, preparedness and total authorized capital Shahid Mian which not color to Pakistan's social tion.-NNI ern districts of Khyber- exporting businesses and Marc-André Franche rehabilitation." enhancement of Rs 9.66 ultimately play their signif- billion. icant role in enhancing In addition, 46 compa- country's exports to mini- CM Punjab raises 2pc nies filed returns for mize the trade deficit, the increase in the paid-up president said. capital with the total The skilled trainers, hav- enhancement amounting ing vast practical knowl- quota to 3pc for blinds to Rs 6.58 billion. -APP edge of their field, would conduct the training pro- LAHORE: Chief Minister Wednesday baton charged Secretariat. gramme. (CM) of Punjab Shahbaz disabled persons as they The police started in-dis- Traders' He said that participants Sharif will meet Pakistan tried to proceed to Chief criminatory baton-charge would be awarded certifi- Blind Association Minister's Secretariat on on the protesters as they cate of participation. Thursday at Model Town International Day for tried to advance towards delegation After highly successful in Lahore. Persons with Disabilities to the CM Secretariat which introduction of IT training Punjab government has protest against lack of left several injured. leaves courses, LCCI has taken decided to raise the quota availability of facilities. Following the baton- this valued initiative which of blinds from two percent Chief Minister Punjab charge, protesters with dis- would help potential entre- to three percent and Shahbaz Sharif took notice abilities started chanting slo- for India preneurs and exporters to assured to protect their of the incident and ordered gans against the government SARGODHA: A 26- develop necessary skills rights at any cost. to suspend the officers and demanded constitution- member delegation of DUBAI: Pakistan’s Ambassador at Large, Javed Malik with Arab Dignitaries and and emerge as successful Officials of special edu- involved in beating up the al rights including a quota in Sargodha Chamber of CEO Shahid Mian at Opening of Pakistan Fashion Week Dubai. -DNA exporters, he said. -APP cation and other relevant disabled persons. the government jobs. Taking Commerce and Industries departments have also been According to the details, notice of the incident, CM (SCCI) led by its president called on for the meeting. persons with visual impair- Punjab ordered Director Mirza Fazal-ur Rehman According to details, ment among other disabili- Inspector General (DIG) left for India through contract should be given to ties led a rally on Davis Operations to hold inquiry Sharif lauds Aga Khan's blind persons whereas to Road area of Lahore in over the incident. Wagah Border to take part make governmental which participants protest- Shahbaz Sharif said that in an International trade employees permanent is ed against lack of availabil- violence on disabled per- exhibition. also under consideration. ity of rights and wanted to sons will not be tolerated in According to SCCI press socio-economic services Earlier, the police on go to the Chief Minister's any case. -NNI release on Thursday the delegation would take part LONDON: Prime Minister He expressed these views during a for making small hydro-power proj- in International Tax Muhammad Nawaz Sharif on meeting with Prince Karim Aga ects in northern areas to provide Punjab Expo-2014 in Thursday lauded services of Prince Khan here and assured him that the electricity to rural areas. PTA conducts raid against Amritsar (India) starting Karim Aga Khan across the world, government would continue to work Aga Khan expressed his desire to particularly for the people of with the Aga Khan Foundation for create linkages between Aga Khan's from December-6. Pakistan in education and health alleviation of poverty and comple- universities in Central Asia and Besides taking part in sectors, poverty eradication, and tion of other social welfare and eco- Karakoram University in Gilgit- grey operator the exhibition the delega- socio-economic uplift of the poor. nomic activities. Baltistan. ISLAMABAD: Pakistan Telecommunication Authority (PTA) has unearthed an illegal tion would also discuss The Prime Minister also noted with The Government is keen to exploit He appreciated government's VoIP setup at Toba Tek Singh and recovered four illegal VoIP exchanges, comprising matter pertaining to trad- appreciation the continuous support the economic potential of Gilgit- efforts for the socio-economic devel- 36 ports and 10,000 SIMS. ing handicraft, textile and of the Aga Khan Development Baltistan especially the energy and opment of the people and assured that According to details, successful raid against grey operators were carried out along other products with the Network and Aga Khan Foundation natural resources for the prosperity various projects being undertaken by with Federal Investigation Agency (FIA) team. The raids against grey operators were members of important in taking lead in a number of impor- of the local residents and the entire the Aga Khan foundation for the made possible because of continuous monitoring, commitment and persistent efforts by Chambers of Commerce tant social sector projects, especially Pakistan, he added. socio-economic uplift of the people PTA in curbing the menace, thus curtailing loss to national exchequer. of India. -APP in Gilgit-Baltistan. Both sides agreed to work together of GB would be vigorously pursued. 4 Friday, December 5, 2014

The Financial Daily International Editor-in-Chief: Azfar Ashary Boko Haram onslaught and Editor: Shakil H Jafri Executive Editor: Manzar Naqvi Editor-at-Large: Muhammad Arif Honorary Advisory Board suicide attack Tariq Iqbal Khan, FCA Amir Abbas Ashary locate the girls. That effort has been most parties in the northeast, which abuse on both sides are called to Haseeb Khan, FCA Hasan Raza (U.S.A) fruitless. Boko Haram militants have has a militant stronghold, do not account. Asim Abbas Ashary, CPA Prof. Zakaria Sajid (KU) seized control of as many as 12 of 27 agree with the government's counter- President Goodluck Jonathan is districts in Nigeria's northeastern insurgency strategy. The army is expected to announce soon that he Dr. A. Hadi Shahid, FCA Munawar Naqvi Borno state in the past year. lacking in modern equipment, and it will run for re-election in February. S. Muneer Hussain Rizvi Ismat Sabir More than 1.5 million Nigerians is alleged by some parties that gov- He must spell out ways to distribute Head office have been forced to flee their homes, ernment policy is to keep the armies the nation's oil wealth more fairly the United Nations said last week. weak to discourage coups. and provide the jobs, education and 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 Mohammed Arifeen More than 7,000 Nigerians have died Nigeria has no choice but to devel- essential services many Nigerians URL: www.thefinancialdaily.com since Boko Haram began its insur- op a national strategy to destroy Boko lack. These are long-term measures Email Address: [email protected] Boko Haram launched two separate gency in 2009. In the first six months Haram's network. As in Pakistan, the no doubt but even signs of honest Lahore office attacks on state capitals in northeast of this year, the group killed 2,053 Nigerian government has neglected effort to address discrimination and 24- Peshawar Block, Fortress Stadium, Lahore Nigeria, when two female suicide civilians. Nigeria's minister of for- education, forcing people to send reform the army would help. Telephone: 92-42-6675595 Fax: 92-42-6664349 bombers hit a busy market and fight- eign affairs, Aminu Wali, claimed their children to the militants' Months before the mass kidnap- Email Address: [email protected] ers launched a major onslaught on that negotiations between his govern- schools. This enables the militants to ping of the nearly 300 schoolgirls, police. The blasts in Maiduguri and ment and Boko Haram were continu- educate young minds and turn them the Office of the Prosecutor at the the early morning raid in Damaturu ing and that a deal would be reached into huge murderers. Nigeria's main International Criminal Court said it came just days after a deadly mosque soon. Nigerians have heard such Muslim body, the JNI, attacked the was likely Boko Haram had been attack in the northern city of Kano promises before. government for failing to prevent the committing crimes against humanity. Balochistan left at least 120 people dead and hun- The large number of dead and deaths of ordinary people and called More than a thousand people have dreds injured. Almost daily atrocities wounded recently in massacre of the for civilians to act to protect them- died after attacks by the group this blamed on Boko Haram have brought faithful in a mosque shows the threat selves. year alone, a sad number that seems the northeast of the country on the which religious 'militancy poses not The government and political par- to grow by the day. falling-out verge of ruin. Boko Haram has killed only to the African countries but also ties are most important part of the After initially rejecting the possi- 2,000 civilians in 95 attacks in the to the entire Islamic world. Pakistan problem. The government has failed bility, it seems the Nigerian govern- Balochistan the largest province of Pakistan has become first six months of this year. Women knows from its vast experience that in its basic duty to protect some of ment may be open to talks. A military the home of separatist militancy and terrorism. There is and students are its special target. there are no temporary ways to the country's most defenceless citi- operation, with the help of the inter- always news of bullet riddled bodies found across Boko Haram extremist group seized encounter a well planned motivated zens and help the victims who have national community, is still a possi- Balochistan. Political rivalries, tribal enmities and sectar- the world's attention by kidnapping insurgency. The emergency declared escaped Boko Haram recover from bility. ian genocide, are the severe problems that Balochistan is 276 schoolgirls in Nigeria. After a by President Goodluck Jonathan in their shock. The army is corrupt, ill- The plight of the schoolgirls is out- facing today. Armed militants have targeted security "Bring Back Our Girls" campaign many northern states is now more equipped and understaffed. It has rageous and the world waits anxious- went vigorous on social media, the than a year old, but the militants' itself committed grave human-rights ly for their safe return. But no one forces and pro-government politicians for over seven United States, France, Britain and power has remained unharmed. abuses. The Nigerian government should forget the threat that many years in the province which borders Afghanistan and Iran China joined an international effort to Politics is playing a vital part and must ensure that trigger person of Nigerians live with every day. The major reason for lawlessness in the province is the presence of innumerable security and secret organizations at working closely. The Frontier Corp is running its own The energy imbroglio network, and the ISI is also always present but there is not much place for the police and suitable civilian agencies. It Talmiz Ahmad it "the Middle East's last hydrocar- the US retreating from West Asia, cially and politically. In the meantime, was hoped that the present provincial government be more bon frontier". while Russia and Iran are expanding Israel, after considerable domestic thoughtful to the province's problems than its former gov- Shared interests raise the possibility Israel has been in the forefront in their influence. Looking for a new debate, has decided to retain about 60 ernments but unfortunately there is very little hope for the of resolving festering problems developing this potential. It began regional alliance to safeguard its per cent of its production for domestic future. exploration in the 1990s, but its most interests, it seems to have found it in use and export mainly to its neigh- Recently Security forces seized a truck carrying around HE EAST Mediterranean significant find came in 2010, the east Mediterranean's energy exports. bours, Palestine (West Bank) and 5,000 kilogrammes of explosives as it was attempting to encompasses Cyprus, Israel, Leviathan field, which has reserves Israel and Cyprus envisage that, if Jordan, an unheralded first step in Jordan, Lebanon, Syria and of 22 tcf, which has made Israel self- they were to combine their gas regional reconciliation. enter Quetta, the provincial capital of Balochistan. They T Palestine. In 2010, it had a popula- sufficient in gas for several decades resources (estimated at 1100 bcm), Differences among the countries on recovered a large number of weapons during raids and tion of about 45 million, which is and even able to export. In 2011, they would be able to develop the the east Mediterranean littoral have searches conducted in Quetta, Panjgur and Zhob areas of expected to go to around 60 million Cyprus discovered gas in the required export infrastructure and, already generated some naval skir- the province. in 2030. This region has been at the Aphrodite field, which has reserves through an undersea pipeline, sell mishes: in early November this year, Weapons seized during the raids include landmines, heart of global commercial and cul- of five tcf. A small gas field abuts their gas in Europe, which is anxious just when an international consor- improvised explosives devices (IEDs), rocket launchers, tural interactions as the terminus of Palestine, off Gaza; there are also to diversify its imports away from tium began drilling in Cyprus's mortar bombs and a large number of AK-47 rifles along the old Silk Road. It continues to be indications of gas off Lebanon and Russia. Their preferred route to (EEZ), two Turkish war ships arrived with thousands of rounds of ammunition. Terrorists want- at the centre of world energy transit: Syria. Europe would be via Greece, which with a survey ship to explore the ed to enter surreptitiously into Balochistan after the mili- about five per cent of global oil and However, the region has its own would put in place an Israel-Greece- waters off Cyprus. The latter tary operation in tribal belt. Terrorists were facing a tough 15 per cent of global Liquefied share of disputes, which impinge on Cyprus axis: though based on energy responded with joint naval exercises time in the aftermath of operation Zarb-i-Azb and they Natural gas (LNG) passes through energy development. The Israel- interests, the nations concerned with Israel. Not to be outdone, were trying to hide in different parts of the country. The the Suez Canal annually, while six Palestine issue and unresolved believe it could evolve into a politi- Russian naval vessels began exercis- intelligence agencies and FC personnel played an impor- per cent of world oil transits through Israel-Lebanon problems have meant cal and even military bastion to pre- es 40 nautical miles off Cyprus. East tant role in frustrating of this major terror bid. The Afghan the land mass of Turkey and through that the offshore potential of vent "Eastern Mediterranean [from] Mediterranean is now the centre of the Bosphorus Strait. The region also Palestine cannot be developed, while becoming an Islamic lake", as an economic, political and maritime and Indian Intelligence services were engaged in creating has two small but important pipelines Lebanon believes that Israel's explo- Israeli scholar has asserted. competitions; energy has aggravated unrest in Balochistan. that link the Red Sea with the east ration has encroached into its eco- However, analysts and engineers historic faultlines and rivalries. We welcome the greater effort by intelligence units to Mediterranean: the Eilat-Ashkelon nomic zone. The other obstacle is the have raised doubts about the Greek However, east Mediterranean has seize these deadly consignments. The blame has pointed pipeline in Israel and the Suez- Cyprus issue, originating in the option on technical, commercial and another option as well: shared energy towards Afghan and Indian agencies who have been Alexandria (Sumed) pipeline in Turkish occupation of northern financial grounds, besides the fact interests and the promise of shared accused by the provincial of indulging in 'subversive Egypt. Cyprus in 1974, which has divided that it would pass through the prosperity raise the possibility of a actions' in Balochistan. That accusation may well be true, Till recently, the region itself was the island and strained Turkey's ties Turkish exclusive economic zone "grand bargain" in the region to considering that the province is not well-policed and is a energy-starved and met most of its with Cyprus and Greece. (EEZ). resolve its festering problems. This productive ground for all manner of operators. requirements through imports. This Recent developments have also had From the technical and commercial will enable the region to attract It is always observed that foreign agencies are inciting situation changed when in 2010, the an impact: the four-year conflict in point of view, the best route to Europe developers for cooperative energy trouble or rewarding discontented elements. But they for- US Geological Survey (USGS) esti- Syria has ensured that the country is would be a direct undersea pipeline projects and trans-national pipelines, get that policies of the government in the country are mated that the east Mediterranean unable to explore and develop its from Israel to Turkey, which are itself handle disputes relating to territorial responsible for creating a situation that is easily exploited basin had undiscovered technically potential; it has also meant that a major consumer, a regional energy waters and economic zones, and by betrayers. Nationalists find it easier to operate when recoverable natural gas of 122 tril- Syria's allies, Iran and Russia, have hub and a Nato member. But, this is eliminate the need for military grand- lion cubic feet (tcf), equal to 3455 asserted their strategic interests in not acceptable to Cyprus since it standing. This is the challenge con- there is highly denial of rights, extra judicial killings, and billion cubic metres (bcm), as also the Mediterranean. Again, from would pass through the Cypriot eco- fronting the nations interested in a general feeling of lack of concern towards such a large oil reserves of 1.7 billion barrels. Israel's perspective, the regional sce- nomic zone. Israel too has reserva- security and stability in the east and significant part of the country. This gas potential can meet the nario could not be worse: it now tions due to its strained ties with Mediterranean.-Courtesy: Khaleej Government must realize that Balochistan requires region's needs indefinitely. A com- needs to ensure the security of its off- Turkey and concerns about its long- Times. urgent action. If it is not attended to immediately, it will mentator has suggested that the east shore oil and gas assets, even as it term regional ambitions. The LNG present a far more complex of problems. Now instead of Mediterranean could become "the has lost its traditional friends, Turkey option, also under consideration, is The author is a former Indian pointing out should take stock of its own performance in next Gulf", while another has called and Egypt. In this situation, it sees expensive and not yet viable commer- ambassador to the UAE. determining what can be done to rescue Balochistan from the critical situation. For years the province has been unhappy with the centre and its neglect of development The goal is still far away for which there. Devolution has so far not had the predetermined effect, and Balochistan continues to record low socio-eco- nomic indicators, some of the worst in the entire country. For years, it has faced the security establishment's angri- the people of GB strive for ness which gave encouragement to the nationalist insur- and geo strategic locus of this area abstract there abundance of exist- the situation giving criminal rash- gency. To this day, the bodies of 'missing Baloch' turn up on the map of the world, it can ing natural resources. Whereas on ness statements against the system in various spots, despite the active interest the Supreme vividly and perspicuously be the north-western side situated and people of GB, such statements Court. The state has also been accused of turning a blind understand the fact that why this Afghanistan, this is indeed strate- are not only infuriating grief & eye to extremists who have added a new extent to fear in region has so importance among gically a very important country on rage among the people of the GB, the province. Extreme poverty combined with ethnic the powerful global nations and the map of the world which has rather it creates unrest among the cleansing, religious terrorism and intimidators' tactics by what sort of attraction this region already plaid a pivotal role in the inhabitants of the region. A modu- the security agencies are fast restricting all options for has gained to attract the aforemen- cold war of superpowers. As the late and harmonious milieu never recovering the situation. Abdullah Shah tioned countries. Whenever anyone world shrinks into global village suits for such sort of mendacious & behold into the overall aspects of the importance of the GB is also unscrupulous elements. They Balochistan Chief Minister Dr Abdul Malik Baloch has he history reveals that the this region, the fact will become enhanced gradually to its consider- deliberately initiate constraints on admitted that there has been no progress in his efforts to land of Gilgit-Baltistan, divulge to him, that this part of able level. Every patriot Pakistani the way of smooth going system of initiate talks with Baloch leaders living abroad. The self- Tfrom ancient to modern Pakistan is an expected future hub is well aware about this fact that administration even in other parts exiled Baloch leaders were not willing to engage in dia- time has always remained an for the trading of the most of the this part of the country was wrest- of the country as well. By this way logue. Dr Malik said he had a mandate from the federal important part of the world. In the developed and undeveloped coun- ed by the aboriginals from Indian they intend to create a chaotic situ- government and major political parties for initiating the British colonial aegis of India for tries of the world. If we will take a influenced Dogra rulers and later ation in order to carry out their dialogue, but he could do it only if other party was also the control of this part of the land cursory glance upon the map of the on the conspicuous persons of the treacherous plans. As Inference to ready for that. But he vowed to persevere in his efforts. He held many battles among the local world we can discern, that on the local strata beseeched to the then the aforesaid fact it becomes sub- said he would not rule out the involvement of a foreign inhabitants and British Indian eastern side of the GB situated the Pakistani government to take over stantial cause of creating vacuum hand in the law and order situation in Balochistan. The army; however in spite of proper emerging economical superpower the administration of the liberated in between the masses of the area foreigners were using local people for fulfilling their trained, B.I Army which was fully of the world, The people's republic territories of the region. In and the central govt of Pakistan. equipped with latest arsenals of of china, which has really per- response to that request the present Consequently this kind of behave wicked designs. The chief minister said civil and military that time has omit to surmount & plexed the powerful nations of the Gilgit-Baltistan was merged into towards the inhabitants of the area leaderships were jointly trying to maintain law and order subjugate the un skilled and world by its rapid economical part of Pakistan. In honour of that compelled them to deem about this in the province. untrained people of this rugged & progress with in short span of time. favour right from the day first up truth, that from a protracted period craggy region for a considerable Just On it is south eastern brink till today the people of the GB of time numerous central govern- Disclaimer: period of time. Indeed it was their located India the second largest have been deprived of their basic ments deprived them of their basic All reports and recommendations have been prepared for your information only. strong determination and the populated and our inveterate political and human rights. More rights by gulling them in the cloak Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The prowess which was giving unex- antagonist country and at the over it is ironically that the few of giving their basic rights. facts, information, data, indicators and charts presented have been obtained from sources pected success to the people of this northern side of the GB the newly unlettered, Machiavellian and Veritably they are also deeming believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising region. If we will meticulously emerged Russian states inviting knavery representative of the cen- that the goal is still for away for from use of these reports and recommendations. deliberate upon the topographic giant businessmen of the world to tral government without realising which they need to strive for. Friday, December 5, 2014 5 Tokyo stocks close up 0.94pc SKorean shares lifted by improving to new seven-year high US economy; won edges lower

KSE-100 Index Opening 31,872.73 Closing 32,090.93 Rally in airlines Change 218.20 % Change 0.68 KSE: Index closes Turnover (mn) 378.37 helps Britain’s LSE-25 Index Opening 5,808.37 Closing 5,822.13 FTSE edge higher Change 13.76 at record high on LONDON: British blue Leisure sector was up 0.9 % Change 0.24 chips edged higher on percent, taking its rally Turnover (mn) 5.43 Thursday, supported by trav- since lows on Oct. 16 to ISE-10 Index el and airline stocks after a over 20 percent as the sector Opening 3,974.29 number of encouraging cor- benefits from a lower oil buying in oil scrips porate updates from the sec- price. Closing 4,020.35 Change 46.06 tor. Britain's FTSE 100 edged Ghulam Raza Rajani bourse with benchmark index Pakistan increased by Rs 0.65 earnings outlook in banking % Change 1.16 TUI Travel rose 3.7 per- 0.1 percent higher to Turnover (mn) 0.71 closing new high. Rising Forex at Rs 13.30 on 25.45 million sector and institutional interest KARACHI: The Karachi reserves after the Sukuk issue shares and Adamjee Insurance in oversold oil sector played a cent, the top FTSE 100 6,723.69 at 0928 GMT. Major Gainers stock market closed record coupled with normalizing up by Rs 1.16 at Rs 49.63 on catalyst role in bullish activity riser, after it said profit It tilted into positive terri- Symbol Close Change high level on Thursday on political situation. DGKC, 16.46 million shares. at KSE ignoring major con- jumped 11 percent, beating tory after a flat start, helped NESTLE 8,500.00 200.00 account of buying in Oil sector AICL and PSO helped market Other actives were National cerns for pending receivables forecasts. by a 3 percent rise for con- BATA 3,350.00 120.00 crosses psychological 32,000- to post yet another gain. Bank surge by Rs 2.92 at Rs for OMCs." Airline easyJet rose 2.3 sumer goods firm Unilever RMPL 10,352.60 102.60 level. The advance to decline ratio 66.23 on 16.11 million shares The overall market capital- percent, with traders saying after it said it plans to form EXIDE 2,150.00 100.00 The benchmark KSE-100 in the broader market remained and Lafarge Pakistan down by ization up by Rs 62.17 billion sentiment in the travel and a new stand-alone business COLG 1,785.00 85.00 Index was up by 218.20 point in favour of bulls. Out of 402 Rs 0.07 at Rs 16.67 on 15.24 to Rs 7.327 trillion against Rs leisure sector had been unit for its struggling to close at 32,090.93 points. scrips, 207 scrips advanced, million shares. 7.265 trillion observed on last Major Losers boosted after easyJet and KSE All Share Index increased 176 declined while the value of According to Ahsan Mehanti, trading day. spreads business. Symbol Close Change by 206.75 to end at 23,275.65, 19 scrips remained intact. director at Arif Habib Nestle Pakistan and Bata Irish peer Ryanair, which is Sage group rose 3.6 per- UPFL 8,500.00 -299.00 KSE 30-Index higher by The ready market volume Corporations, "stocks closed Pakistan remained the top not in the FTSE 100, both cent, with the software firm WYETH 4,139.15 -217.85 116.29 points to conclude at decreased by 10.5 per cent to all time high led by banking, gainer by Rs 200 and Rs 120 to reported higher passenger benefiting after a spate of FEROZ 642.02 -33.70 20,886.49, whereas KMI 30- 378.37 million shares as com- fertilizer and oil sector scrips close at Rs 8,500 and Rs 3,350 numbers. broker upgrades following ARPL 667.26 -24.60 Index surge by 190.70 points to pared to 422.74 million shares on easing political concerns, respectively, while Unilver Ryanair was up 7.2 percent better-than-expected earn- MARI 664.26 -16.97 finish the day at 51,200.78 traded on last trading day. and speculations for policy rate Foods and Wyeth Pakistan at all-time highs after lifting ings on Wednesday. level. Bank of Punjab topped the cut after 11 year low CPI were the major loser which lost its profit guidance. list of actives, higher by 0.61 at Inflation data in Nov'14 report- Rs 299 and Rs 217.85 to close The index recouped some Top 5 Volume Leaders Samar Iqbal, equity dealer at The sector extended a rally Topline Securities said rising Rs 9.14 on 37.30 million ed this week. Upbeat data on at Rs 8,500 and Rs 4,139.15 of a 0.4 percent drop in the Symbol Close Vol (mn) momentum continued at local shares, followed by TRG DAP sales in Oct'14, strong respectively. from Wednesday, after the previous session. It was still BOP 9.14 37.31 UK finance minister George up 10.6 percent from a mid- TRG 13.30 25.45 Osborne said he was scrap- October low but was 2.8 AICL 49.63 16.46 Hong Kong ping air passenger duty for NBP 66.23 16.12 percent off the year's high of children. LPCL 16.67 15.24 European shares 6,904.86, set on Sept 4. shares close "Both easyJet and Ryanair Miners came under pres- Active Issues figures paint a similar pic- sure, with Anglo American Plus 207 steady ahead of ECB, higher as ture, and in combination down 2 percent and BHP Minus 176 with the low oil price, these Unchanged 19 Billiton down 1.3 percent China stocks traffic figures are especially after target price cuts from Sector Updates Ryanair surges encouraging," Tony Cross, BofA/Merrill Lynch. FERTILISER sizzle market analyst at Trustnet Utility Severn Trent was LONDON: The pan-European government bonds. scheme to prop up the tottering Direct, said. 000 tonnes down 1.8 percent as it traded FTSEurofirst 300 index stead- "Investors hope that Mario euro zone economy. HONG KONG: Hong Kong "The changes in air pas- without entitlement to its Urea Offtake (Jan to May 14) 2,047 shares rose on Thursday as ied near a 2-1/2-month high on Draghi will take the monetary Ryanair led the European senger duty weren't fully latest dividend payout, Urea Offtake (May 14) 408 Thursday, with investors avoid- stimulus exercise one step fur- Travel and Leisure index to mainland China markets Urea Price (Rs/50 kg) 1,827 reflected, and that's also along with Next, London ing strong positive bets ahead ther," said Philippe Gijsels, gain 1.4 percent, the biggest extended their blistering DAP Offtake (Jan to May 14) 342 going to help the low-cost of a meeting of the European head of research at BNP sectoral gainer. Ryanair surged rally, with financial and Stock Exchange, Whtibread DAP Offtake (May 14) 108 carriers." and Land Securities. - DAP Price (Rs/50 kg) 3,551 Central Bank. Paribas Fortis Global Markets 8 percent to a record high after energy stocks leading the ECB President Mario Draghi in Brussels. "This will clearly raising its full-year profit guid- gains. The FTSE 350 Travel and Agencies AUTOMOBILE ASSEMBLER will present updated forecasts for be the focus point of the day ance. TUI Travel was up 2.8 The Hang Seng Index rose PAK SUZUKI MOTOR growth in output and inflation at a and markets will be in a wait percent after its annual profit 1.7 percen, to 23,832.56 news conference after the meet- and see mode before that." rose 11 percent. points, while the China SE Asia stocks mostly Units ing. The euro zone's central bank The Federal Reserve's vice At 0844 GMT, the Production (July 13 to May 14) 69,257 Enterprises Index gained 3.8 could extend its debt purchases to chair Stanley Fischer was quoted FTSEurofirst 300 index was percent, to 11,481.03 points. Sales (July 13 to May 14) 69,866 include corporate bonds, but is as saying in an Italian newspaper down 0.03 percent at 1,399.51 Production (May 14) 6,503 China stocks soared to higher; Malaysia at unlikely to announce any radical that the ECB should follow the points after climbing to its high- their highest level since Sales (May 14) 6,993 move to shore up the economy, U.S. central bank in launching a est in more than two months on mid-2011 on Thursday, led such as printing money to buy quantitative easing bond-buying Wednesday. -Agencies INDUS MOTOR CO by financial and oil shares, 15-month closing low Production (July 13 to May 14) 31,880 as the market's rally on BANGKOK: Malaysia's key sellers of shares worth 172 mil- Sales (July 13 to May 14) 32,498 expectations of further eco- Production (May 14) 3,110 stock index hit a fresh 15- lion ringgit ($49.93 million), a Sales (May 14) 2,917 nomic stimulus measures month closing low on Thursday seventh straight session of net Gulf markets upbeat showed no signs of losing as the ringgit extended losses sales, according to a statement HONDA ATLAS CAR steam. while foreign selling continued from the Malaysian bourse. Production (July 13 to May 14)20,983 Among the most actively on concerns lower oil prices Stocks in Singapore, Sales (July 13 to May 14) 21,002 traded stocks on Hong would hurt economic funda- Indonesia and Thailand closed Production (May 14) 2,286 as oil prices rise Kong's main board were mentals in the oil exporting moderately higher while Sales (May 14) 2,260 CCT Land Holding, down country. Vietnam climbed 0.6 percent DUBAI: Most Gulf stock mar- lion riyals ($359.7 million) con- Holdings and sold a further 3 6.3 percent to HK$0.02, BANKING SECTOR kets gained on Thursday as oil tract from the government to million shares Other markets in the region led by banking shares. prices rose on U.S. stockpile data. build staff housing at King The company said it would Bank Of China, up 3.2 per- mostly ended in positive terri- The Thai stock market will be Scheduled bank (Rs in mn) cent to HK$4.16 and China Deposit (June 13, 14) 7,808,682 Brent crude was up 0.3 percent Khaled University. use the $532 million of funding tory amid increased speculation closed on Friday for a public at $70.10 a barrel at 0840 GMT Dubai's bourse rose 0.2 per- provided by the deal for new Construction Bank, up 2.4 Advances (June 13, 14) 3,789,443 over monetary stimulus by the holiday and will reopen on after data showed U.S. crude cent as most stocks advanced, investments, to repay debt and percent to HK$5.99. European Central Bank. Monday. Investments (June 13, 14) 4,103,575 stocks fell more than expected offsetting a 6.0 percent drop in general expenses. Chinese investment flow- Kuala Lumpur's composite Among weak spots, the Spread (May, 14) 6.11% last week as refineries hiked out- heavyweight Emaar Properties, Qatar's benchmark added 0.5 ing from Shanghai into index fell 0.7 percent to Philippine main index fell 0.8 OIL MARKETING CO put. which extended declines since percent, Kuwait edged up 0.3 Hong Kong through the 1,745.69, its lowest close since percent, with shares of Aboitiz Saudi Arabia's index rose 1.1 passing the record date for a spe- percent and Oman's bourse was mutual market access pilot September 2013. Tenaga Equity Ventures Inc down 3.4 (000 tons) percent. Major gainers included cial dividend. near-flat. programme took up 0.41 bil- Nasional Bhd, the country's percent, the second worst per- MS (July 13 to Apr 14) 3,107 blue chips Saudi Basic Abu Dhabi's index climbed 2.3 Outside the Gulf, Egypt's MS (Apr 14) 308 lion yuan of the 10.5 billion biggest electric utility, was the former on the index. Industries, which jumped 3.9 percent in a broad rally. First index added 1.2 percent as prop- yuan ($1.7 billion) daily Kerosene (July 13 to Apr 14) 130 percent, and Al Rajhi Bank, up Gulf Bank was the main support, erty stocks led gains. top loser on the index, down Aboitiz will spend $680 mil- Kerosene (Apr 14) 13 quota . 4.9 percent. lion to increase the capacity of 1.7 percent. surging 5.4 percent. Heliopolis Housing jumped Total trading volume of JP (July 13 to Apr 14) 610 Shares in construction firm Investment firm Waha Capital 5.2 percent, Talaat Moustafa The Malaysian ringgit fell to two of its coal-fired power JP (Apr 14) 68 Abdullah Abdul Mohsin al- rose 5.2 percent after saying on Group rose 2.2 percent and companies included in the 3.4475 per dollar, its weakest plants, and is also looking to HSD (July 13 to Apr 14) 5,358 Khodari and Sons surged 8.6 Thursday it had hedged 12 mil- Medinet Nasr climbed 3.1 per- the HSI index was 3.6 bil- since February 2010. invest in power generation in HSD (Apr 14) 548 percent after it won a 1.35 bil- lion shares it owns in AerCap cent. -Agencies lion shares. -Agencies Foreign investors were net Indonesia.-Agencies LDO (July 13 to Apr 14) 32 LDO (Apr 14) 3 Fuel Oil (July 13 to Apr 14) 7,563 Fuel Oil (Apr 14) 675 Dhiyan Cement looks Vibrant Ahmed Siddiqui Others (July 13 to Apr 14) 31 Others (Apr 14) 4 PRICES (Ex Refinery) Rs Zafar Moti Zia Shafi MS (1 May 14) 73.57 CEO, Zafar Moti Capital Securities Senior Equity Dealer, Invest Capital Market Pvt Ltd MS (1 Apr 14) 73.95 Market is expected to carryon posi- Market is giving the impression MS % Chg -0.51% tivity as chances are high regarding of remaining in positive zone as Kerosene (1 May 13) 73.88 Kerosene (1 Apr 14) 75.97 the negotiations between PTI and international oil prices are declin- Kerosene % Chg -2.75% government. Declining oil prices will ing considerably. With declining JP-1 (1 May 14) 74.14 lead market to series of bullish spell. oil prices cost of productions JP-1 (1 Apr 14) 76.24 JP-1 % Chg -2.75% At currently levels market seems slightly over- would down in terms would boost profitabil- JP-8 (1 May 14) 73.88 bought and a correction of 200 to 300 might be ity. Chances of interest rate would help mar- JP-8 (1 Apr 14) 75.97 seen in short run. Any dips would be an opportu- ket to further excel. Even the ice on political JP-18 % Chg -2.75% HSD (1 May 13) 79.47 nity to buy on lower rates. Cement sector looks front is starting to melt which is another HSD (1 Apr 14) 83.28 vibrant. Today market can witness an upside of market trigger. Today market may witness an HSD % Chg -4.57% 100 plus points. Investors are advised to focus to overall positive to mix trading day. Investors Fuel Oil (1 May 13) 60,721 Fuel Oil (1 Apr 14) 60,819 sell on strength for now. are advised to buy on dips. 6 Friday, December 5, 2014

Market Symbols KSE 100 Index All Share Index KSE 30 Index KMI 30 Index MTS LEVERAGE POSITION Volume 378,369,150 Advanced 207 Current 32,090.93 Current 23,275.65 Current 20,886.49 Current 51,200.78 SYMBOL Total Volume Total Value MTS Rate AHCL 165,200 3,251,389 17.88 Declined 176 High 32,237.24 High 23,349.00 High 20,982.26 High 51,599.38 Value 18,898,319,683 AICL 2,016,600 84,157,169 17.88 Unchanged 19 Low 31,872.73 Low 23,068.90 Low 20,748.40 Low 51,010.08 AKBL 1,433,000 26,872,834 17.88 Trades 117,222 Total 402 Change h218.20 Change h206.75 Change h116.29 Change h190.70 ATRL 420,800 69,123,018 16.38 BAFL 904,500 23,866,015 17.88 OIL AND GAS ELECTRICITY BAHL 16,000 641,642 - FOOD PRODUCERS BOP 14,568,900 102,237,277 17.88 Paid up Paid up Paid up CHCC 66,000 3,644,360 17.88 Company Cap(mn) PE Open High Low Close Chg Volume Company Cap(mn) PE Open High Low Close Chg Volume Company Cap(mn) PE Open High Low Close Chg Volume DAWH 18,500 1,207,605 - Adam Sugar 173 3.80 24.31 24.45 24.01 24.15 -0.16 11,000 DGKC 1,837,000 144,274,102 17.85 Attock Petroleum 829 9.75 534.02 545.00 532.05 537.68 3.66 68,050 AL-Noor Sugar 205 - 36.97 38.50 37.20 37.20 0.23 6,500 Altern Energy 3634 - 29.64 31.12 29.75 31.12 1.48 1,433,500 EFOODS 1,069,200 92,582,788 17.87 Attock Refinery 853 4.74 195.41 197.20 193.37 193.66 -1.75 283,200 Chashma Sugar 287 3.98 28.95 27.70 27.70 27.70 -1.25 1,000 Hub Power 11572 8.95 74.51 75.30 74.25 74.68 0.17 998,000 ENGRO 3,361,300 593,476,315 17.86 Burshane LPG XD 226 28.75 72.27 74.69 68.66 68.72 -3.55 325,000 Clover Pakistan 94 - 193.68 203.36 194.90 203.36 9.68 29,500 BYCO Petroleum 9779 - 9.86 9.97 9.80 9.82 -0.04 1,238,000 Ideal Energy 80 - 8.91 8.60 7.91 7.91 -1.00 39,000 FABL 3,793,700 57,107,962 17.88 Colony Sugar Mills 990 6.34 8.35 8.50 8.07 8.12 -0.23 54,000 Japan Power 1560 - 3.65 3.72 3.45 3.49 -0.16 2,031,000 Mari Gas Company 1103 22.99 681.23 687.99 661.05 664.26 -16.97 665,000 Data Agro 40 - 12.00 13.00 12.85 13.00 1.00 1,000 FATIMA 3,638,000 96,616,820 17.88 National Refinery 800 5.41 197.57 200.30 194.50 195.25 -2.32 152,400 K-Electric Ltd. 7932 35.63 8.68 8.80 8.44 8.55 -0.13 10,841,000 Dewan Sugar 365 - 3.85 3.90 3.85 3.90 0.05 17,500 FCCL 1,258,500 24,391,412 17.65 Oil & Gas Development 43009 8.53 218.67 222.00 218.05 219.84 1.17 447,300 Engro Foods Ltd. 7666 30.18 104.04 105.65 102.11 102.61 -1.43 3,231,900 Kohinoor Energy 1695 10.16 49.49 50.00 48.81 49.06 -0.43 81,500 P.S.O 2717 7.17 349.96 365.80 351.50 363.76 13.80 3,388,600 Faran Sugar 250 4.88 41.75 43.00 41.75 42.00 0.25 30,500 Kohinoor Power 126 - 3.25 3.25 3.12 3.20 -0.05 10,500 FFBL 338,500 12,511,245 17.87 Pak Oilfields 2365 7.83 422.01 430.00 423.70 426.90 4.89 449,100 Habib Sugar 750 30.07 43.11 43.38 42.86 43.30 0.19 15,500 Kot Addu Power 8803 8.77 74.61 76.50 74.50 75.72 1.11 213,000 FFC 104,300 10,568,404 - Pak Petroleum 19717 6.97 185.84 188.99 185.60 187.13 1.29 2,668,400 Habib-ADM Ltd 200 9.71 33.00 33.50 33.00 33.00 0.00 2,000 Pak Refinery Limited 350 4.31 150.52 153.00 150.02 150.99 0.47 7,600 Nishat Chunian Power Ltd 3673 7.05 51.61 52.00 51.10 51.60 -0.01 39,000 GATM 8,500 377,352 - Haseeb Waqas 324 - 6.38 6.02 5.81 6.01 -0.37 7,000 Shell Pakistan 1070 - 265.22 271.00 267.00 268.31 3.09 683,500 Nishat Power Ltd 3541 6.41 49.15 50.50 49.00 49.71 0.56 168,000 HUBC 2,392,000 141,474,191 - Ismail Ind 505 49.67 222.00 229.00 226.00 228.00 6.00 500 Pakgen Power Ltd 3721 4.66 25.07 25.90 25.20 25.46 0.39 3,134,000 J D W Sugar 598 156.31 330.00 335.00 322.00 322.00 -8.00 1,400 KEL 1,652,000 10,513,239 17.88 CHEMICALS Mehran Sugar 320 5.98 109.50 112.00 108.00 109.09 -0.41 5,700 S G Power 178 - 2.32 2.30 2.25 2.30 -0.02 16,000 LPCL 4,378,000 60,034,443 17.88 Sitara Energy Ltd 191 4.04 41.39 40.89 39.55 40.89 -0.50 1,000 Paid up Mirza Sugar 141 - 3.50 3.50 3.30 3.35 -0.15 40,500 LUCK 61,300 24,221,912 17.88 Mithchells Fruit 79 36.87 728.54 747.50 721.00 726.99 -1.55 4,750 Southern Electric 1367 - 2.67 2.75 2.52 2.55 -0.12 872,500 Company Cap(mn) PE Open High Low Close Chg Volume Noon Pakistan 118 - 39.22 41.18 39.50 41.18 1.96 143,500 Tri-star Power XD 150 27.97 1.82 1.94 1.75 1.79 -0.03 44,000 MCB 63,500 15,646,040 17.88 Noon Sugar 165 3.88 34.00 35.70 34.35 35.70 1.70 23,500 OGDC 169,300 30,234,248 - Agritech Limited 3924 - 8.38 9.10 8.59 8.62 0.24 182,000 Pangrio Sugar 109 - 3.25 3.50 3.50 3.50 0.25 5,000 PAEL 976,000 24,034,021 14.00 Bawany Air 75 1.58 7.01 7.60 7.25 7.50 0.49 54,000 Punjab Oil 54 14.39 95.81 95.00 93.70 95.00 -0.81 2,000 GAS WATER AND MULTIUTILITIES Biafo Ind 200 13.79 194.13 200.00 190.00 194.69 0.56 131,200 PIOC 796,500 48,080,040 17.88 Quice Food XR 785 - 7.73 8.24 7.90 8.03 0.30 1,398,000 Paid up Dawood Hercules 4813 251.49 88.79 90.40 87.90 88.02 -0.77 290,500 Rafhan Maize 92 57.46 10250.00 10475.00 10200.00 10352.60 102.60 320 PKGP 189,500 3,749,646 - Descon Chemical 1996 - 4.88 4.98 4.56 4.61 -0.27 559,500 S S Oil 57 2.69 43.00 45.15 45.15 45.15 2.15 2,000 Company Cap(mn) PE Open High Low Close Chg Volume Descon Oxychem Limited 1020 - 6.11 6.20 6.00 6.04 -0.07 224,500 PPL 1,223,000 192,238,546 17.85 Dewan Salman 3663 - 2.03 2.20 2.06 2.07 0.04 2,775,000 Sakrand Sugar 223 - 3.05 3.24 3.00 3.10 0.05 12,500 PSO 1,187,100 350,506,989 17.54 Shahmurad Sugar 211 27.83 59.75 59.00 57.40 59.00 -0.75 17,000 Dynea Pak 94 6.72 58.50 58.90 56.01 58.90 0.40 15,500 PTC 6,013,500 111,679,557 17.71 Engro Corporation Ltd 5170 22.48 224.33 226.56 218.65 219.82 -4.51 2,385,500 Shahtaj Sugar 120 6.02 66.00 69.30 69.30 69.30 3.30 2,500 Sui North Gas 6342 11.46 25.66 26.94 26.55 26.94 1.28 3,578,000 Engro Polymer 6635 12.74 13.08 13.26 12.71 12.74 -0.34 1,768,000 Shakarganj Mills 695 3.91 18.25 18.01 17.75 17.99 -0.26 5,500 Sui South Gas 8809 15.44 36.48 38.30 37.90 38.30 1.82 2,132,000 SNGP 726,000 14,285,774 17.88 Fatima Fertilizer 21000 10.16 31.99 32.65 31.81 32.52 0.53 6,166,000 SSGC 4,136,000 112,344,228 17.88 Fauji FertilizerSPOT 12722 8.63 124.03 125.92 124.25 124.89 0.86 1,324,400 HOUSEHOLD GOODS BANKS UBL 3,026,100 457,021,644 17.88 Fauji Fertilizer Bin Qasim 9341 8.53 42.95 44.99 42.85 44.70 1.75 8,884,500 Ghani Gases Ltd 743 12.16 28.39 29.80 28.45 29.80 1.41 1,885,000 Paid up Paid up Total 66,637,800 3,225,171,002 17.76 ICI Pakistan 924 56.07 544.25 553.90 538.01 542.23 -2.02 31,100 Company Cap(mn) PE Open High Low Close Chg Volume Ittehad Chemical 500 3.68 29.00 30.45 29.00 29.85 0.85 43,500 Company Cap(mn) PE Open High Low Close Chg Volume Leiner Gelatine 75 11.99 13.87 14.87 14.87 14.87 1.00 3,000 Diamond Ind 90 9.88 34.08 32.40 32.40 32.40 -1.68 1,000 UPTO 100 VOLUME Linde Pakistan Ltd. 250 20.14 228.13 233.80 218.10 222.16 -5.97 47,200 Hala Enterprise 68 - 10.55 11.48 10.70 10.85 0.30 36,000 Allied Bank Limited 11451 10.60 111.18 114.98 110.00 114.15 2.97 642,400 Lotte Chemical 15142 12.39 7.25 7.39 7.02 7.06 -0.19 3,560,000 Feroze 1888 Mills Limited 3768 18.62 61.60 59.01 59.01 59.01 -2.59 1,000 Symbols Open High Low Close Change Vol Mandviwala 74 - 5.08 5.84 4.90 5.03 -0.05 814,000 Pak Elektron 2949 53.67 34.27 35.24 33.70 34.35 0.08 10,445,500 Askari Bank 12603 16.76 22.40 22.90 22.30 22.79 0.39 2,473,500 UPFL 8,799.00 8,500.00 8,401.00 8,500.00 -299.00 60 Nimir Ind Chemical 553 55.61 27.05 27.49 26.90 27.25 0.20 104,000 Singer Pak XR 454 24.13 20.92 21.96 21.10 21.96 1.04 53,500 Bank Alfalah 13492 10.23 31.70 32.85 31.50 32.64 0.94 12,206,500 NESTLE 8,300.00 8,500.00 8,499.00 8,500.00 200.00 40 Pak Gum 42 17.79 324.62 340.85 334.89 340.85 16.23 8,800 Bank AL-Habib 11114 10.42 47.15 47.55 47.02 47.50 0.35 578,500 Pak PVC SPOT 150 - 7.10 8.10 6.10 6.33 -0.77 773,000 Tariq Glass Ind 735 17.84 45.87 48.16 45.80 48.16 2.29 1,216,000 WYETH 4,357.00 4,139.15 4,139.15 4,139.15 -217.85 40 Shaffi Chemical 120 13.39 3.60 3.98 3.75 3.75 0.15 7,000 Bank Of Khyber 10004 6.93 9.20 9.50 8.91 9.43 0.23 67,000 Sitara Chem Ind 214 6.50 306.46 312.00 305.00 306.15 -0.31 10,800 PERSONAL GOODS Bank Of Punjab 15551 2.96 8.53 9.23 8.55 9.14 0.61 37,309,000 Sitara Peroxide 551 - 14.09 14.40 13.80 13.97 -0.12 853,500 BankIslami Pak 5280 - 10.50 10.73 10.36 10.49 -0.01 48,500 BOOK CLOSURES Wah-Noble XD 90 5.71 67.30 67.90 67.00 67.00 -0.30 10,500 Paid up Faysal Bank 10433 16.11 17.95 18.18 17.85 18.04 0.09 2,003,000 Company From To Div/Bonus Spot Date AGM/ Company Cap(mn) PE Open High Low Close Chg Volume Habib Bank Ltd XD 14669 14.60 201.15 205.00 201.55 204.39 3.24 559,800 /Right EOGM FORESTRY AND PAPER (Colony) Thal 56 - 5.87 5.74 5.70 5.74 -0.13 2,000 Habib Metropolitan Bank 10478 13.09 37.60 37.99 37.70 37.70 0.10 105,000 Paid up Ali Asghar Textile 222 - 5.20 5.95 5.95 5.95 0.75 500 JS Bank Ltd 10725 21.88 6.95 7.19 6.92 7.00 0.05 1,140,500 United Bank 05-Dec 11-Dec 25(III) -- Amtex Limited 2594 - 2.76 2.88 2.75 2.79 0.03 279,000 KASB Bank Ltd 19509 - 1.59 1.80 1.60 1.76 0.17 1,518,500 Company Cap(mn) PE Open High Low Close Chg Volume Ghani Glass # 06-Dec 31-Dec -- 31-Dec Apollo Textile XD 83 17.88 58.90 55.96 55.96 55.96 -2.94 1,000 MCB Bank Ltd XD 11130 15.17 291.45 297.00 292.04 296.22 4.77 497,700 Pakgen Power # 08-Dec 15-Dec -- 15-Dec Artistic Denim 840 14.86 119.40 125.37 117.00 124.71 5.31 729,000 Century Paper 1470 10.93 48.90 50.30 48.60 49.41 0.51 263,500 Meezan Bank 10027 42.93 47.92 48.50 47.77 48.08 0.16 5,386,500 Lalpir Power # 08-Dec 15-Dec -- 15-Dec Aruj Industries 62 6.33 16.54 17.54 17.00 17.54 1.00 12,500 Pak Paper Product 60 12.00 73.07 76.72 73.00 75.00 1.93 74,500 National Bank 21275 8.57 63.31 66.47 63.30 66.23 2.92 16,119,500 Fauji Fertilizer 08-Dec 14-Dec --- Security Paper 593 8.30 77.25 79.00 77.55 78.98 1.73 27,500 Asim Textile 152 2.34 15.90 16.89 16.89 15.90 0.00 500 NIB Bank 103029 10.05 1.99 2.03 1.98 2.01 0.02 1,166,500 Azgard Nine 4493 1.10 6.10 6.20 5.94 5.97 -0.13 2,095,500 Engro Powergen Qadirpur 09-Dec 22-Dec 15(I) -- Samba Bank 10082 82.25 6.60 6.90 6.40 6.58 -0.02 194,500 Babri Cotton 37 1.05 54.75 56.00 53.10 55.00 0.25 11,500 Hala Enterprises # 12-Dec 19-Dec -- 19-Dec INDUSTRIAL METALS AND MINING Silkbank Ltd 26716 - 2.08 2.16 2.08 2.14 0.06 1,311,500 Bannu Woolen 95 3.96 60.82 63.00 60.50 60.82 0.00 199,000 Fauji Fertilizer Bin Qasim 12-Dec 18-Dec 7.5(II) -- Soneri Bank 11025 11.25 13.56 13.60 13.42 13.50 -0.06 316,500 Paid up Bata (Pak) 76 27.26 3230.00 3350.00 3295.00 3350.00 120.00 220 Gatron Industries # 13-Dec 22-Dec -- 22-Dec Company Cap(mn) PE Open High Low Close Chg Volume Bilal Fibres 141 2.78 6.49 6.20 6.20 6.20 -0.29 1,500 Stand Chart Bank 38716 15.50 23.75 23.80 23.60 23.72 -0.03 15,500 Blessed Tex Mills 64 3.38 168.99 177.43 170.00 177.11 8.12 2,000 Summit Bank Ltd 10780 - 4.15 4.20 4.01 4.10 -0.05 7,659,500 Nishat Power 13-Dec 19-Dec 10(I) -- Brothers Textile 98 12.33 9.54 9.50 9.00 9.00 -0.54 16,500 United Bank Ltd XD 12242 12.94 178.11 180.35 176.20 179.51 1.40 936,700 OGDC 16-Dec 23-Dec 25(I) -- Crescent Steel 621 4.61 54.80 57.30 54.75 56.93 2.13 2,308,000 Chenab Limited 1150 - 5.67 5.74 5.55 5.60 -0.07 23,000 Ismail Industries # 17-Dec 24-Dec -- 23-Dec Dost Steels Ltd 675 - 3.80 3.85 3.70 3.73 -0.07 65,000 Chenab Ltd Pref 800 - 1.99 2.00 1.92 1.93 -0.06 92,500 Huffaz Pipe 555 - 21.89 22.98 22.25 22.98 1.09 112,000 Colgate Palm 480 49.35 1700.00 1785.00 1783.00 1785.00 85.00 480 NON LIFE INSURANCE Indications Inter.Steel Ltd. 4350 73.94 24.42 25.00 24.30 24.40 -0.02 566,500 Crescent Jute 238 - 4.12 4.23 3.91 4.17 0.05 59,500 Paid up # Extraordinary General Meeting International Ind 1199 15.26 67.41 69.00 66.80 67.00 -0.41 562,000 Crescent Textile 492 8.09 18.38 18.31 18.06 18.20 -0.18 157,000 Company Cap(mn) PE Open High Low Close Chg Volume Siddiqsons Tin 785 - 6.96 7.18 7.00 7.07 0.11 84,000 D S Ind Ltd 600 2.49 4.60 4.73 4.45 4.58 -0.02 37,500 Dawood Lawrencepur 591 29.23 128.02 131.80 127.25 129.80 1.78 4,900 BOARD MEETINGS CONSTRUCTION AND MATERIALS Dewan Farooque Spinning 978 285.38 3.79 3.90 3.71 3.71 -0.08 22,500 Adamjee Insurance 3500 9.83 48.47 50.89 48.61 49.63 1.16 16,462,500 Company Date Time Paid up Dewan Textile 135 1.33 8.95 8.50 8.30 8.41 -0.54 2,000 Ask Gen Insurance 388 7.05 27.31 28.45 27.50 27.93 0.62 79,000 Ellcot Spinning 110 2.86 84.90 85.00 84.90 85.00 0.10 3,000 Company Cap(mn) PE Open High Low Close Chg Volume Atlas Insurance 702 11.67 79.51 83.00 77.51 78.43 -1.08 271,500 Nishat Chunian Ltd 05-Dec 3:00 Faisal Spinning 100 3.23 162.50 169.99 155.00 164.19 1.69 10,400 Century Insurance 457 16.06 24.96 26.20 24.90 25.70 0.74 296,000 Fazal Cloth 300 5.09 134.46 141.18 139.00 141.18 6.72 2,900 Universal Insurance Co Ltd 06-Dec 11:00 Fazal Textile 62 14.81 860.00 889.50 860.00 860.00 0.00 1,150 Crescent Star Insurance 620 - 5.00 5.08 4.82 4.86 -0.14 5,500 Bank AlFalah Ltd 14-Dec 4:30 Attock Cement 1145 8.51 176.29 183.60 176.90 177.50 1.21 1,029,900 Cyan Limited 586 4.00 86.72 88.45 87.00 87.28 0.56 134,000 Gadoon Textile 234 6.94 297.31 302.00 292.30 293.88 -3.43 62,400 Siemens (Pak) Engineering Comp Ltd 19-Dec 10:00 Balochistan Glass Ltd 1716 - 4.59 5.00 4.51 4.94 0.35 12,000 EFU General Insurance 1600 12.13 156.12 160.00 155.00 155.59 -0.53 217,900 Berger Paints 182 68.65 96.77 101.60 97.01 101.60 4.83 1,254,000 Ghani Value Glass 188 5.43 18.10 18.88 18.39 18.88 0.78 6,000 Bestway Cement 5794 14.54 117.60 123.48 123.45 123.45 5.85 6,500 Glamour Textile 266 22.00 63.46 60.35 60.29 60.29 -3.17 2,000 Habib Insurance 619 11.47 22.51 22.65 22.30 22.59 0.08 107,500 Buxly Paints 14 - 49.03 51.48 51.48 51.48 2.45 2,500 Gul Ahmed Textile 2285 19.24 68.94 69.90 66.53 67.16 -1.78 429,500 IGI Insurance 1227 43.03 249.31 261.77 249.00 258.15 8.84 416,500 OTHER SECTORS Gulistan Spinning 146 - 2.99 3.00 2.68 2.68 -0.31 7,500 Cherat Cement 1051 5.17 68.16 68.99 66.00 66.51 -1.65 939,500 Pak Gen Insurance 375 2.77 10.50 10.10 10.10 10.10 -0.40 1,000 Symbols Open High Low Close Change Vol Dadabhoy Cement 982 - 4.32 4.79 4.25 4.25 -0.07 187,500 Gulshan Spinning 222 - 3.30 3.14 2.85 3.14 -0.16 28,000 Pak Reinsurance 3000 8.58 31.13 32.50 31.10 31.57 0.44 1,145,000 Dadex Eternit 108 501.78 47.00 46.98 45.01 45.16 -1.84 5,500 H M Ismail 120 - 3.05 3.25 3.25 3.25 0.20 1,000 PICIC Ins Ltd 350 - 11.00 11.00 11.00 11.00 0.00 6,000 Johnson & Philips 21 20.11 20.1 20.1 -0.9 1500 Dandot Cement 948 - 10.25 10.70 10.70 10.70 0.45 500 Hira Textile Mills Limited 787 8.11 12.67 13.24 12.51 13.05 0.38 1,827,000 Reliance Insurance 403 4.39 11.86 12.30 11.96 11.98 0.12 8,000 Pakistan Cables 162.85 169.99 156.01 160.15 -2.7 2500 Dewan Cement 3891 6.74 8.17 8.45 7.82 8.02 -0.15 5,343,500 Ibrahim Fibres 3105 4.25 75.40 79.17 78.99 79.17 3.77 23,000 TRG Pak Ltd 12.65 13.4 12.81 13.3 0.65 25454500 DG Khan Cement Ltd 4381 7.24 97.71 99.95 96.80 97.39 -0.32 12,558,500 Idrees Textile 180 5.40 14.60 14.70 14.70 14.70 0.10 500 Shaheen Insurance 450 - 6.02 6.10 6.10 6.10 0.08 1,000 EMCO Ind 350 - 4.41 4.50 4.50 4.50 0.09 13,000 Ishaq Textile 97 2.29 15.50 15.83 15.00 15.31 -0.19 24,500 Silver Star Insurance 306 2.28 9.14 9.31 9.00 9.24 0.10 7,500 Murree Brewery 1104.84 1100.01 1060 1100 -4.84 4140 Fauji Cement 13311 16.06 24.64 25.00 24.11 24.25 -0.39 3,010,500 J ATextile 126 3.48 5.05 5.00 5.00 5.05 0.00 500 United Insurance 920 10.11 28.49 29.00 28.50 28.60 0.11 49,000 Shezan Inter. XDXB 1054.41 1100 1035 1079.85 25.44 7000 Fecto Cement 502 5.62 78.60 79.78 75.10 75.95 -2.65 539,500 J K Spinning 609 3.17 28.70 28.65 28.50 28.50 -0.20 2,000 Grays of Cambridge 94.57 93.4 89.85 91.1 -3.47 5500 Flying Cement Ltd 1760 - 7.56 7.68 7.45 7.50 -0.06 101,000 Frontier Ceramics 379 - 6.12 6.75 6.10 6.20 0.08 58,500 Janana D Mal 48 1.49 98.70 95.00 93.77 94.00 -4.70 7,500 LIFE INSURANCE Khyber Tobacco XD 381 389 385 386.67 5.67 400 Gammon Pak 283 - 20.13 20.13 19.13 19.13 -1.00 117,500 Jubilee Spinning 325 39.20 5.66 6.60 5.50 5.88 0.22 21,000 Pak Tobacco XD 875.96 917 905 905 29.04 160 Kohat Textile XD 208 3.41 18.60 18.89 18.25 18.44 -0.16 17,000 Paid up Gharibwal Cement 4003 10.90 18.50 19.40 18.20 18.85 0.35 61,000 Shifa Int.Hosp 203.34 206 193.18 193.7 -9.64 144900 Kohinoor Ind 303 10.81 3.40 3.56 3.39 3.46 0.06 44,500 Company Cap(mn) PE Open High Low Close Chg Volume Haydery Const 32 247.00 2.25 2.70 2.30 2.47 0.22 188,000 Media Times Ltd 2.73 2.83 2.7 2.7 -0.03 1079500 Javedan Cement 583 2.55 26.25 26.39 25.88 26.06 -0.19 18,500 Kohinoor Mills 509 0.54 14.75 15.14 14.90 14.90 0.15 54,000 Kohat Cement 1545 8.73 167.42 175.79 169.00 172.77 5.35 1,127,600 Kohinoor Spinning 1300 9.91 22.58 23.00 22.19 23.00 0.42 12,500 P.I.A.C.(A) 7.81 8.05 7.65 7.74 -0.07 5025500 Lafarge Pakistan Cement 14561 16.67 16.74 16.99 16.51 16.67 -0.07 15,241,000 Kohinoor Textile 2455 11.26 31.64 33.08 32.00 32.55 0.91 2,516,500 East West Life 594 - 9.13 9.92 8.85 9.48 0.35 45,500 AKD Capital XD 59.76 62.74 62.74 62.74 2.98 2000 Lucky Cement 3234 16.88 477.83 484.50 472.00 473.32 -4.51 1,317,900 Land Mark Spinning 121 - 8.26 9.26 8.52 9.26 1.00 63,000 EFU Life Assurance 1000 15.42 165.00 165.80 165.00 165.80 0.80 3,400 Pace (Pak) Ltd. 3.52 3.62 3.4 3.43 -0.09 397000 Maple Leaf Cement 5277 6.53 38.94 39.38 37.85 38.03 -0.91 10,302,500 Leather Up 60 - 12.76 12.75 12.50 12.73 -0.03 27,500 Jubilee Life In 721 48.95 379.99 398.98 380.00 397.45 17.46 17,100 Netsol Tech. 37.88 39.59 38.1 38.34 0.46 1601500 Pioneer Cement 2271 11.87 76.64 77.60 75.50 76.65 0.01 2,956,000 Maqbool Textile 168 2.82 23.21 23.20 23.00 23.20 -0.01 4,000 Power Cement Ltd. 3657 3.99 6.02 6.45 5.92 6.23 0.21 2,829,000 Masood Textile XD 600 13.48 128.63 135.06 128.28 131.73 3.10 64,500 Safe Mix Concrete XR 200 22.43 8.15 8.59 8.27 8.30 0.15 210,500 Mohd Farooq 189 - 7.71 7.70 7.10 7.15 -0.56 171,500 FINANCIAL SERVICES Shabbir Tiles 757 16.54 10.94 11.15 10.70 10.75 -0.19 58,500 Mubarak Textile 54 - 5.41 5.50 5.31 5.37 -0.04 4,500 Thatta Cement 997 27.98 30.00 31.50 30.00 30.50 0.50 3,500 Paid up Alert ! Unusual Movements Mukhtar Textile 145 - 2.44 2.40 2.30 2.39 -0.05 31,500 Company Cap(mn) PE Open High Low Close Chg Volume Nagina Cotton 187 2.15 65.50 66.00 65.50 65.50 0.00 1,000 GENERAL INDUSTRIALS Nishat (Chunian) 2002 3.70 47.91 48.05 46.55 46.76 -1.15 2,297,500 First Dawood Investment Bank Limited Paid up Nishat Mills 3516 8.94 136.52 138.40 131.31 132.62 -3.90 1,971,200 MCB-ARIF Habib 720 9.19 20.09 20.75 20.40 20.50 0.41 198,500 Arif Habib Limited 550 3.95 49.80 49.80 49.02 49.23 -0.57 46,500 Technical Analysis Fundamental Highlights Company Cap(mn) PE Open High Low Close Chg Volume Olympia Textile 108 - 9.26 10.00 10.00 9.26 0.00 39,000 Pak Synthetic 560 68.25 15.54 16.38 16.38 16.38 0.84 2,500 Arif Habib Corp 4538 14.16 23.73 24.20 23.70 23.79 0.06 252,500 As on Jun 30, 2013 Paramount Spinning 174 - 5.52 5.50 5.50 5.50 -0.02 500 Cap Assets Leasing 107 4.22 6.00 6.20 6.00 6.20 0.20 2,000 Balochistan Particle 30 26.87 9.27 8.75 8.27 8.33 -0.94 76,000 Premium Textile 62 1.71 109.26 114.72 111.50 114.60 5.34 2,100 Dawood Equities 250 31.50 2.52 2.55 2.40 2.52 0.00 3,000 RSI (14-day) 49.19 Total Assets (Rs in mn) 1,143.75 Cherat Packagin XD 275 21.79 138.84 145.78 139.00 145.78 6.94 446,500 Prosperity 185 2.38 39.11 40.00 38.00 40.00 0.89 12,500 First Credit & Invest Bank Ltd 650 - 6.75 6.99 6.50 6.50 -0.25 1,500 MA (10-day) 1.23 Total Equity (Rs in mn) 232.16 ECOPACK Ltd 230 - 17.21 17.40 16.55 16.95 -0.26 79,000 Quetta Textile 130 3.99 50.00 50.00 49.85 49.92 -0.08 5,000 First National Equity 1418 - 2.60 2.60 2.25 2.60 0.00 30,500 Ghani Glass 1232 9.42 60.74 63.77 61.00 63.77 3.03 206,000 Ravi Textile 250 - 3.85 3.82 3.80 3.80 -0.05 12,500 Grays Leasing 215 15.33 6.88 6.90 6.75 6.90 0.02 1,000 MA (100-day) 1.33 Revenue (Rs in mn) 66.79 MACPAC Films 389 1.91 18.65 18.50 18.30 18.50 -0.15 3,500 Reliance Weaving 308 2.73 37.00 37.10 37.10 37.10 0.10 500 IGI Investment Bank 2121 - 1.67 1.80 1.65 1.70 0.03 2,480,500 Merit Pack 403 - 22.02 22.70 21.83 22.09 0.07 493,500 Rupali Poly 341 - 13.50 14.50 14.50 14.50 1.00 5,000 MA (200-day) 1.46 Interest Expense 14.99 Packages Ltd 844 23.82 671.64 699.00 666.00 675.57 3.93 148,450 Saif Textile XD 264 2.08 29.47 30.00 28.50 29.49 0.02 3,500 Invest and Fin Sec 200 5.60 18.50 18.60 18.15 18.60 0.10 1,500 Siemens Engineering 82 - 1290.00 1294.95 1275.00 1292.20 2.20 640 Sally Textile 88 0.95 19.75 19.10 18.75 19.00 -0.75 15,000 Invest Bank 2849 2.48 1.67 1.76 1.67 1.76 0.09 170,000 1st Support 0.93 Profit after Taxation 49.91 Ist Cap Securities 3166 - 2.33 2.33 2.22 2.32 -0.01 13,000 Tri-Pack Films 300 18.30 276.08 285.00 272.05 275.18 -0.90 173,600 Salman Noman 45 - 6.00 6.25 5.75 5.76 -0.24 14,500 2nd Support 0.58 EPS 13 (Rs) 0.797 Samin Textile 267 - 16.50 17.50 16.50 17.50 1.00 164,500 Ist Dawood Bank 684 - 1.25 1.27 0.75 1.26 0.01 238,500 INDUSTRIAL ENGINEERING Sapphire Fibre 197 419.05 435.90 457.69 435.00 440.00 4.10 6,900 Jah Siddiq Co 7633 2.41 14.55 15.09 14.53 14.93 0.38 9,798,000 1st Resistance 1.45 Book value / share (Rs) 3.71 Sapphire Textile 201 4.79 400.00 419.95 419.50 419.95 19.95 1,000 JS Global Cap XD 500 8.91 36.25 36.25 36.00 36.00 -0.25 2,000 Paid up 2nd Resistance 1.62 PE 13 E (x) (15.75) Saritow Spinning 298 1.94 10.27 10.50 10.25 10.30 0.03 38,000 JS Investment 1000 6.93 12.33 13.09 12.30 12.76 0.43 5,400,000 Company Cap(mn) PE Open High Low Close Chg Volume Service Ind 120 91.03 961.51 979.00 950.00 964.00 2.49 1,400 KASB Securities 1000 12.77 6.02 6.24 6.00 6.13 0.11 206,000 Pivot 1.10 PBV (x) 0.34 Service Textile 44 1.00 18.57 19.45 18.00 18.13 -0.44 39,000 Orix Leasing 821 12.36 47.20 47.80 46.80 47.47 0.27 50,500 Ados Pak 66 5.25 50.03 50.60 49.25 49.68 -0.35 10,500 Shahzad Textile 180 1.42 24.25 25.46 25.46 24.25 0.00 1,500 FDIBL closed up 0.01 at 1.26. Volume was 845% above AL-Khair Gadoon 100 6.39 12.00 11.50 11.50 11.50 -0.50 500 Pervez Ahmed Sec 1866 30.55 3.43 3.54 3.32 3.36 -0.07 1,388,500 Suraj Cotton 240 2.71 108.00 112.50 108.50 111.31 3.31 4,200 Saudi Pak Leasing 452 1.72 2.78 2.75 2.66 2.68 -0.10 49,000 average (trending) and Bollinger Bands were 17% narrower AL-Ghazi Tractor 290 19.74 424.93 429.15 419.00 419.34 -5.59 12,000 Taha Spinning 41 4.74 11.80 11.10 11.10 11.10 -0.70 1,500 Sec Inv Bank 514 16.81 2.73 2.69 2.27 2.69 -0.04 5,500 Bolan Casting 115 - 63.00 64.00 62.00 62.75 -0.25 17,500 Tata Textile 173 2.32 39.68 40.39 39.09 39.15 -0.53 4,500 than normal. Dewan Auto Engineering 214 - 3.25 3.35 3.26 3.26 0.01 2,000 Security Leasing 363 - 3.11 3.78 3.04 3.50 0.39 8,000 Ghandhara Ind 213 8.34 48.91 50.00 48.15 48.35 -0.56 330,000 Thal Ltd 405 16.91 295.61 310.39 293.00 309.06 13.45 271,800 FDIBL is currently 16.6% below its 200-period moving aver- Treet Corp 540 37.28 143.94 146.00 139.00 140.19 -3.75 818,000 Stand Chart Leasing 978 8.26 8.95 9.00 9.00 9.00 0.05 1,500 Hinopak Motor 124 406.64 888.94 914.00 889.00 890.55 1.61 12,200 Trust Brokerage 100 - 3.67 4.00 4.00 4.00 0.33 1,000 age and is in a downward trend. Volatility is relatively normal KSB Pumps 132 16.20 167.35 173.25 165.10 165.88 -1.47 87,500 Tri-Star Poly 215 - 1.59 1.65 1.56 1.57 -0.02 172,000 Millat Tractors 443 13.53 649.31 655.50 638.00 639.70 -9.61 82,700 Yousuf Weaving 400 3.71 5.14 5.49 5.15 5.41 0.27 24,500 Trust Inv Bank 586 - 1.29 1.29 1.29 1.29 0.00 2,000 as compared to the average volatility over the last 10 peri- Pak Engineering 57 - 137.67 132.00 131.00 131.00 -6.67 1,000 ZahidJee Textile 1275 2.69 15.90 15.45 15.45 15.90 0.00 1,500 ods. Our volume indicators reflect volume flowing into and Zephyr Textile Ltd 594 4.94 9.35 9.30 8.70 8.90 -0.45 30,500 EQUITY INVESTMENT INSTRUMENTS INDUSTRIAL TRANSPORTATION Zil Limited 61 188.73 86.28 90.59 90.59 90.59 4.31 300 out of FDIBL at a relatively equal pace. Our trend forecast- Paid up ing oscillators are currently bearish on FDIBL. Paid up PHARMA AND BIO TECH Company Cap(mn) PE Open High Low Close Chg Volume Company Cap(mn) PE Open High Low Close Chg Volume First Elite Capital Modaraba Paid up 1st Fid Leasing 264 12.24 3.50 3.67 3.47 3.55 0.05 114,000 Pak Int Container Terminal 1092 12.89 296.00 302.00 299.99 300.00 4.00 1,500 Company Cap(mn) PE Open High Low Close Chg Volume AL-Noor Modaraba 210 11.80 5.31 5.40 5.31 5.31 0.00 28,500 Technical Analysis Fundamental Highlights PNSC 1321 53.79 134.67 141.38 136.00 140.39 5.72 732,000 B R R Guardian Modaraba XD 780 21.38 6.24 6.24 6.10 6.20 -0.04 227,000 As on Jun 30, 2013 Abbott (Lab) XD 979 46.39 877.90 887.90 850.00 870.32 -7.58 58,200 Crescent St Modaraba XD 200 8.25 2.01 2.03 1.98 1.98 -0.03 122,500 AUTOMOBILE AND PARTS Ferozsons (Lab) 302 60.80 675.72 708.00 641.94 642.02 -33.70 631,200 Elite Cap Modaraba 113 5.93 4.11 4.09 3.76 4.09 -0.02 31,000 RSI (14-day) 47.24 Total Assets (Rs in mn) 193.47 GlaxoSmithKline 3185 39.27 240.74 245.00 240.00 241.90 1.16 462,200 Equity Modaraba XD 524 15.15 5.00 5.00 5.00 5.00 0.00 2,000 Paid up MA (10-day) 4.07 Total Equity (Rs in mn) 133.69 Highnoon (Lab) 182 39.46 273.94 278.39 260.25 262.02 -11.92 143,200 Golden Arrow 760 2.52 10.02 10.30 9.85 10.19 0.17 436,500 Company Cap(mn) PE Open High Low Close Chg Volume IBL HealthCare Ltd 299 35.17 159.41 163.00 158.55 160.38 0.97 118,700 Habib Modaraba 1008 6.38 9.00 9.25 8.50 9.00 0.00 165,500 MA (100-day) 4.13 Revenue (Rs in mn) 61.78 Otsuka Pak 110 36.72 94.18 98.88 92.15 95.84 1.66 61,500 KASB Modaraba XD 481 - 3.25 3.60 3.50 3.60 0.35 1,000 Agriautos Ind 144 17.03 156.00 157.40 156.00 156.48 0.48 3,000 Searle Pak 858 26.42 272.48 283.50 272.48 279.28 6.80 1,533,900 MA (200-day) 4.19 Interest Expense 0.01 Atlas Battery 174 22.39 784.43 823.65 786.00 823.65 39.22 38,900 Mod Al-Mali 184 - 2.52 2.21 2.21 2.21 -0.31 5,000 Atlas Honda 1034 - 321.44 321.50 314.99 315.47 -5.97 14,600 FIXED LINE TELECOMMUNICATION Pak Modaraba XD 125 11.44 1.98 1.86 1.83 1.83 -0.15 20,000 1st Support 3.91 Profit after Taxation 9.04 Baluchistan Wheels Limited 133 19.69 63.95 67.14 61.01 67.14 3.19 98,000 PICIC Growth Fund 2835 5.65 26.14 26.75 25.82 26.43 0.29 246,000 Dewan Motors 1087 - 9.15 9.42 8.82 8.87 -0.28 2,227,500 Paid up 2nd Support 3.67 EPS 13 (Rs) 0.797 Exide (PAK) 78 28.74 2050.00 2150.00 2020.00 2150.00 100.00 9,100 PICIC Inv Fund 2841 5.21 12.40 12.50 12.14 12.15 -0.25 367,500 General Tyre 598 29.36 146.63 153.96 145.90 147.10 0.47 1,457,000 Company Cap(mn) PE Open High Low Close Chg Volume Prud Modaraba 1st XD 872 6.24 1.82 1.81 1.75 1.81 -0.01 32,000 1st Resistance 4.24 Book value / share (Rs) 11.79 Ghandhara Nissan 450 - 56.46 57.65 56.00 56.35 -0.11 276,500 Punjab Modaraba 340 - 3.93 4.17 3.90 4.00 0.07 162,000 Ghani Automobile Ind 500 - 6.15 6.35 6.02 6.09 -0.06 1,564,000 2nd Resistance 4.33 PE 13 E (x) 6.82 Pak Datacom 98 6.93 76.50 77.89 76.50 77.26 0.76 3,500 Stand Chart Modaraba 454 10.89 26.30 25.81 25.65 25.81 -0.49 3,500 Honda Atlas Cars 1428 2403.33 222.37 230.60 212.25 216.30 -6.07 2,616,500 Pivot 4.00 PBV (x) 0.35 Indus Motors 786 37.23 925.56 950.00 920.00 926.28 0.72 52,250 Pakistan Telecomm Co A 37740 - 22.58 23.19 22.65 22.82 0.24 7,321,500 Tri-Star Mutual 50 1.41 4.46 4.67 4.67 4.46 0.00 46,500 Trust Modaraba XD 298 7.21 4.01 4.11 4.02 4.11 0.10 7,500 Pak Suzuki 823 22.17 407.08 414.50 386.73 390.14 -16.94 1,465,300 Telecard 3000 57.00 3.46 3.60 3.40 3.42 -0.04 885,500 FECM closed down -0.02 at 4.09. Volume was 9% above Sazgar Engineering 180 13.98 34.57 35.50 33.00 35.24 0.67 135,500 WorldCall Tele 8606 - 1.61 1.66 1.60 1.64 0.03 532,000 U D L Modaraba 264 12.92 26.03 26.40 25.11 25.46 -0.57 80,000 average and Bollinger Bands were 29% wider than normal. FECM is currently 3.3% below its 200-period moving aver- age and is in a downward trend. Volatility is high as com- pared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of KSE 100 INDEX National Bank of Pakistan Dera Ghazi Khan Cement Co Ltd Bank Al-Falah Ltd FECM at a relatively equal pace. Our trend forecasting oscillators are currently bearish on FECM. Technical Outlook Brokerage House Target Price Recommendations Brokerage House Target Price Recommendations Brokerage House Target Price Recommendations Arif Habib Ltd 59.6 Hold Arif Habib Ltd 129 Buy Arif Habib Ltd 35.1 Buy Kohinoor Mills Limited Technical Analysis Leverage Position AKD Securities Ltd 65 Accumulate AKD Securities Ltd 118.2 Buy AKD Securities Ltd 33.8 Accumulate Technical Analysis Fundamental Highlights TFD Research 64.8 Neutral TFD Research 109 Positive TFD Research 30.8 Neutral RSI (14-day) 67.03 Support 1 31,897 As on Jun 30, 2013 MA (5-day) 31,628.42 Support 2 31,702 Technical Outlook Technical Outlook Technical Outlook RSI (14-day) 57.27 Total Assets (Rs in mn) 5,860.06 MA (10-day) 31,490.22 Resistance 1 32,261 Technical Analysis Leverage Position Technical Analysis Leverage Position Technical Analysis Leverage Position MA (10-day) 14.22 Total Equity (Rs in mn) 521.43 MA (100-day) 30,016.84 Resistance 2 32,432 RSI (14-day) 74.81 MTS Shares `000 1,705.500 RSI (14-day) 71.24 MTS Shares `000 2,024.500 RSI (14-day) 69.51 MTS Shares `000 1,284.500 MA (100-day) 12.94 Revenue (Rs in mn) 8,451.77 MA (10-day) 63.01 MTS Rs `000 90,464.43 MA (10-day) 92.14 MTS Rs `000 158,253.49 MA (10-day) 30.99 MTS Rs `000 33,781.64 MA (200-day) 14.15 Interest Expense 505.42 MA (200-day) 29,086.83 Pivot 32,067 MA (100-day) 60.32 MTS Rate 17.76 MA (100-day) 83.02 MTS Rate 17.87 MA (100-day) 28.93 MTS Rate 17.64 1st Support 14.86 Profit after Taxation 1,008.67 KSE 100 INDEX closed up 218.20 at 32,090.93. Volume was MA (200-day) 59.00 ** NOI Rs (mn) 114.72 MA (200-day) 86.24 ** NOI Rs (mn) 327.34 MA (200-day) 28.29 ** NOI Rs (mn) 21.38 Free Float Shares (mn) 505.05 Free Float Rs (mn) 33,449.35 Free Float Shares (mn) 240.97 Free Float Rs (mn) 23,467.63 Free Float Shares (mn) 674.58 Free Float Rs (mn) 22,018.23 135% above average and Bollinger Bands were 38% narrow- 2nd Support 14.76 EPS 13 (Rs) 19.812 Target price for Dec-14 & **Net open interest in Future market Target price for Dec-14 & **Net open interest in Future market Target price for Dec-14 & **Net open interest in Future market er than normal. As far as resistance level is concern, the mar- 1st Resistance 15.10 Book value / share (Rs) 10.24 NBP closed up 2.92 at 66.23. Volume was 459% above aver- DGKC closed down -0.32 at 97.39. Volume was 170% above ket will see major 1st resistance level at 31,261 and 2nd resist- BAFL closed up 0.94 at 32.64. Volume was 279% above 2nd Resistance 15.24 PE 13 E (x) 3.45 age (trending) and Bollinger Bands were 3% wider than nor- ance level at 32,432, while Index will continue to find its 1st average (trending) and Bollinger Bands were 20% wider than average (trending) and Bollinger Bands were 9% narrower mal. normal. Pivot 15.00 PBV (x) 1.45 support level at 31,897 and 2nd support level at 31,702. than normal. NBP is currently 12.2% above its 200-period moving average DGKC is currently 12.9% above its 200-period moving aver- KML closed up 0.15 at 14.90. Volume was 198% above KSE 100 INDEX is currently 10.3% above its 200-period mov- BAFL is currently 15.4% above its 200-period moving aver- and is in an upward trend. Volatility is extremely high when age and is in an upward trend. Volatility is high as compared average (trending) and Bollinger Bands were 2% narrower age and is in an upward trend. Volatility is high as compared ing average and is in an upward trend. Volatility is relatively compared to the average volatility over the last 10 periods. to the average volatility over the last 10 periods. Our volume than normal. normal as compared to the average volatility over the last 10 Our volume indicators reflect very strong flows of volume into indicators reflect moderate flows of volume into DGKC (mild- to the average volatility over the last 10 periods. Our volume KML is currently 3.5% above its 200-period moving average periods. Our volume indicators reflect moderate flows of vol- NBP (bullish). Our trend forecasting oscillators are currently ly bullish). Our trend forecasting oscillators are currently bull- indicators reflect moderate flows of volume into BAFL (mildly and is in an upward trend. Volatility is high as compared to the ume into INDEX (mildly bullish). Our trend forecasting oscilla- bullish on NBP. Our momentum oscillator is currently indicat- ish on DGKC. Our momentum oscillator is currently indicating bullish). Our trend forecasting oscillators are currently bullish average volatility over the last 10 periods. Our volume indica- tors are currently bullish on INDEX. ing that NBP is currently in an overbought condition. that DGKC is currently in an overbought condition. on BAFL. tors reflect volume flowing into and out of KML at a relatively equal pace. Our trend forecasting oscillators are currently bull- Fauji Fertiliser Bin Qasim Ltd Pakistan Telecommunication Co Ltd Pakistan State Oil Co Ltd Fauji Cement Co Ltd ish on KML.

Brokerage House Target Price Recommendations Brokerage House Target Price Recommendations Brokerage House Target Price Recommendations Brokerage House Target Price Recommendations First Punjab Modaraba Arif Habib Ltd 55.7 Buy AKD Securities Ltd 29.7 Neutral Arif Habib Ltd 495.7 Buy Arif Habib Ltd 21.5 Hold Technical Analysis Fundamental Highlights AKD Securities Ltd 49.3 Buy TFD Research 33.3 Positive TFD Research 430 Positive TFD Research 22.3 Neutral As on Jun 30, 2013 TFD Research 41.1 Neutral RSI (14-day) 52.59 Total Assets (Rs in mn) 1,567.96 Technical Outlook Technical Outlook Technical Outlook Technical Outlook MA (10-day) 3.82 Total Equity (Rs in mn) 31.08 Technical Analysis Leverage Position Technical Analysis Leverage Position Technical Analysis Leverage Position Technical Analysis Leverage Position MA (100-day) 3.87 Revenue (Rs in mn) 347.25 RSI (14-day) 74.34 MTS Shares `000 321.500 RSI (14-day) 59.43 MTS Shares `000 6,468.000 RSI (14-day) 55.78 MTS Shares `000 923.300 RSI (14-day) 68.66 MTS Shares `000 1,164.000 MA (200-day) 3.76 Interest Expense 139.61 MA (10-day) 42.71 MTS Rs `000 11,592.41 MA (10-day) 22.08 MTS Rs `000 120,229.91 MA (10-day) 357.87 MTS Rs `000 269,371.96 MA (10-day) 22.99 MTS Rs `000 22,096.48 1st Support 3.83 Loss after Taxation (111.62) MA (100-day) 40.75 MTS Rate 17.01 MA (100-day) 23.76 MTS Rate 17.19 MA (100-day) 365.60 MTS Rate 17.63 MA (100-day) 20.58 MTS Rate 17.89 MA (200-day) 40.85 ** NOI Rs (mn) 44.68 MA (200-day) 26.42 ** NOI Rs (mn) 52.07 MA (200-day) 382.80 ** NOI Rs (mn) 438.23 MA (200-day) 19.17 ** NOI Rs (mn) 54.91 2nd Support 3.73 EPS 13 (Rs) (3.281) Free Float Shares (mn) 732.11 Free Float Rs (mn) 17,753.76 Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,614.15 Free Float Shares (mn) 588.11 Free Float Rs (mn) 13,420.61 Free Float Shares (mn) 126.41 Free Float Rs (mn) 45,983.75 1st Resistance 4.10 Book value / share (Rs) 0.91 Target price for Dec-14 & **Net open interest in Future market Target price for Dec-14 & **Net open interest in Future market Target price for Dec-14 & **Net open interest in Future market Target price for Dec-14 & **Net open interest in Future market 2nd Resistance 4.27 PE 13 E (x) 6.67 FFBL closed up 1.75 at 44.70. Volume was 807% above PTC closed up 0.24 at 22.82. Volume was 172% above aver- PSO closed up 13.80 at 363.76. Volume was 95% above FCCL closed down -0.39 at 24.25. Volume was 43% Pivot 4.00 PBV (x) 4.38 average (trending) and Bollinger Bands were 19% narrow- age (trending) and Bollinger Bands were 5% narrower than average and Bollinger Bands were 4% narrower than nor- below average and Bollinger Bands were 38% wider than er than normal. normal. mal. normal. FPJM closed up 0.07 at 4.0. Volume was 15% above average FFBL is currently 9.4% above its 200-period moving average PTC is currently 13.6% below its 200-period moving average PSO is currently 5.0% below its 200-period moving average FCCL is currently 26.5% above its 200-period moving and Bollinger Bands were 41% narrower than normal. and is in an upward trend. Volatility is extremely high when FPJM is currently 9.9% above its 200-period moving average and is in an upward trend. Volatility is extremely high when and is in an upward trend. Volatility is high as compared to average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. and is in a downward trend. Volatility is extremely low when Our volume indicators reflect very strong flows of volume into compared to the average volatility over the last 10 periods. Our the average volatility over the last 10 periods. Our volume compared to the average volatility over the last 10 peri- compared to the average volatility over the last 10 periods. FFBL (bullish). Our trend forecasting oscillators are currently volume indicators reflect moderate flows of volume into PTC indicators reflect moderate flows of volume into PSO (mild- ods. Our volume indicators reflect moderate flows of vol- Our volume indicators reflect volume flowing into and out of bullish on FFBL. Our momentum oscillator is currently indi- (mildly bullish). Our trend forecasting oscillators are currently ly bullish). Our trend forecasting oscillators are currently ume into FCCL (mildly bullish). Our trend forecasting FPJM at a relatively equal pace. Our trend forecasting oscilla- cating that FFBL is currently in an overbought condition. bullish on PTC. bullish on PSO. oscillators are currently bullish on FCCL.3 periods. tors are currently bearish on FPJM. Friday, December 5, 2014 WORLD BUSINESS 7 Penney's Groupon Olympus jumps posts Dubai speed plans 3Q loss bigger as shares may NEW YORK: JC Penney holiday Co. reported a net loss in machine defies the third quarter as the push this yr department store operator's results were weighed down LONDON: Groupon Inc avoid de-listing by restructuring costs and is trying to grab a much management transition slowdown larger share of con- charges. sumers' holiday spending Its adjusted results this year following the biggest daily deal com- topped Wall Street esti- pany's initial public mates, but it offered a offering. fourth-quarter outlook that Groupon launched its was below what analysts first holiday shopping expected, signaling the push last year. challenges the moderate Grouponicus, as it is price retailer has ahead to known, offered discount get its middle-income deals in 15 cities last shoppers to buy during the year. This year, holiday shopping season. Grouponicus will target "While our more affluent 41 cities in the United customers continued to States and Canada, respond well to J.C. including New York, Los Penney's attractions, the Angeles and Dallas. moderate customer contin- In 2010, Groupon ues to have limited discre- focused on smaller deals, tionary spending capabili- DUBAI: The world's top flooding the market by attended by the ruler of but this year the compa- ty, and that was apparent ny will offer bigger-tick- TOKYO: Shares in But there were warnings status for Olympus in the planemakers issued bullish pointing to European Dubai, could force Airbus during the quarter," said forecasts for sales from the superjumbos flying into to do another rework of its et items. Groupon plans Olympus Corp rose by the that the buy orders were wake of the scandal. Mike Ullman, executive Middle East, underlining Dubai. future A350, Aboulafia to offer so-called "Epic maximum allowed on signs probably driven by specula- The other two top banks, chairman of Penney, who the region's importance to Emirates is the largest said. Deals" starting Dec 4. the scandal-hit maker of tors. "If any investors are SMFG and Mitsubishi UFJ ceded his CEO title to for- the industry a day after customer for the 525-seat Few if any A350 orders These will be specific cameras and endoscopes buying today because week- Financial Group, declined to mer Apple executive Ron Boeing unveiled a block- Airbus A380 superjumbo are expected at the show, experiences, such as a may escape having its shares end media reports suggest say if they took similar Johnson on Nov. 1. buster deal to sell 777 jet- with 90 of the world's but sales chief John Leahy round-the-world trip and de-listed. Olympus might remain list- action. The Tokyo Stock Ullman noted, however, liners to host airline largest airliner on order said he felt under no pres- a cooking class and A source familiar with the ed, that relief is premature Exchange placed Olympus that Johnson and the new Emirates. and there have been signs sure to drum up new sales group dinner with Chef case said that Japan's securi- and speculative at this shares on its supervisory team are developing strate- The American company it might buy even more. for the aircraft, whose Todd English. ties watchdog may only rec- point," said Masayoshi post last week, and warned gies for the "next phase of predicted that carriers in "The three big Gulf air- development has been Groupon also plans to ommend a fine against the Okamoto, head of dealing at the stock could be de-listed J.C. Penney's transforma- the Middle East will need lines are attacking other delayed. offer a national deal with company, while proposing Jujiya Securities. if it fails to report earnings tion." 2,520 airplanes worth people's traffic. They are The opening day brought retailer American criminal charges be sought Okamoto said there was a by December 14. Johnson, who joined $450 billion by 2030, converting oil wealth into a raucous display of speed Apparel Inc, as well as against the individuals real chance Olympus could David Herro, chief invest- Penney's board this sum- shortly after its European an aviation market posi- and power across the discounts on products behind dubious M&A deals be bought, because its assets ment officer for Harris mer, took over merchandis- archrival Airbus said it tion," said aerospace ana- southern Gulf as rival like electronics, home used to cover up its massive have value. "But any poten- Associates, Olympus's ing and marketing respon- saw demand for 1,920 air- lyst Richard Aboulafia of Typhoon and Rafale fight- goods and fitness prod- investment losses. tial buyer would have to fourth-largest investor with sibilities and will assume craft worth $347 billion in Virginia-based consultan- er jets screamed over ucts. "We learned a lot But Olympus's bankers, wait until the company sorts a 4 percent stake, has called the rest of Ullman's CEO the same period. cy Teal Group. Dubai and the airline- from last year," said who will meet company out its problems, and it's for the Olympus board to be responsibilities on Feb. 1. Aaron Cooper, chief of executives, warned they unclear if its shares will replaced. "We believe Ullman will serve as exec- gifting at Groupon. would take action if the remain listed or not." Olympus needs to bring in utive chairman during the Groupon's main busi- company was found to have Authorities are investigat- new management to build three-month transition. ness -- offering big dis- used loans for other than ing Olympus after it admit- stakeholder confidence and Clearly, Johnson's impact counts on local services their agreed ted hiding investment losses make sure reforms are is already being felt. and products and split- purpose.Investors are keen for decades using funds made," he said in a state- Penney hired Target's top ting the revenue with to ensure that Olympus, from M&A payments. ment. "The existing top marketing executive merchants -- was criti- caught up in one of corpo- Media reports said police management lacks stake- Michael Francis in October cized as the company rate Japan's largest gover- and regulators were joining holder confidence in its abil- as the company's new pres- traveled a tortured road nance scandals, can continue forces in a rare collaborative ity to make reforms." ident. Penney, which has to being a public compa- operating its lucrative diag- effort to examine the cover- Olympus's former been forced to discount ny earlier this year. The nostic endoscope business, up. Chairman and President heavily to get its customers company pulled the IPO which has a 70 percent share Sumitomo Mitsui Financial Tsuyoshi Kikukawa has quit to buy, is also overhauling off, raising at least $700 of the global market. Group, Olympus's largest over the scandal and two a new price strategy start- million in an offering That business makes about lender, said it would consid- other senior officials have ing for next spring. The that valued it at around 70 billion yen ($900 million) er support for the troubled either been fired or offered $15 billion. company hasn't revealed in operating profit, with firm after seeing a report by to resign. Herro's comments If Groupon has a big any details yet. profit margins of 19 per- a third-party panel set up to also highlighted investor holiday season, that Penney is in need of a cent.Olympus's shares set- examine the questionable interest in preventing the could help support its boost. Like many depart- The forecasts and Gulf airlines say they sponsored Formula One tled at 540 yen, up by the M&A deals. That report is scandal from undermining shares in its crucial first ment stores, J.C. Penney Emirates airline's $18 bil- simply operate a better circuit rolled into neigh- most allowed for one day, due early next month. Olympus's endoscope busi- lion order for 50 wide- service, but geography is boring Abu Dhabi. few months as a public and up 17 percent at close. But another creditor, ness. has been expanding its company. In another assortment of exclusive body Boeing aircraft also on their side. The Gulf A potential $11 billion The stock, which had lost Mizuho Financial Group "While Olympus has seri- boosted the Middle East's region is reachable from order for French jets was change, Grouponicus more than four-fifths of its Inc, said action must be ous problems with corporate merchandise. Last year, it holiday offers will show became the only U.S. largest industry event and nearly every major city on thrown into doubt when value since the scandal taken if loan funds are governance, it remains a pushed talk of global earth in a single flight the four-nation consortium the value of the service broke, was untraded as buy shown to have been misap- business with strong cash retailer to sell Liz on a voucher given as a Claiborne and Claiborne recession to the sidelines - given the range of modern that builds the Typhoon orders overwhelmed offers propriated. The bank said it flows and good future - though analysts said get- jetliners, making it a natu- said it had been invited to gift, rather than the price to sell. lowered its internal credit prospects," he said. -DNA women's wear, though the paid. Isaac Mizrahi-designed Liz ting aircraft financing was ral global hub for passen- give a sales pitch to mili- proving an increasing gers and cargo. tary officials of the United "Going into the holiday Claiborne New York brand challenge. Airline chiefs played Arab Emirates. season, Groupon may get went to QVC. Last month, Qatar Airways looked set down the risk of contagion The combat jet is sup- used for gift giving which Liz Claiborne agreed to to give its final verdict on from Europe's debt crisis, plied by Eurofighter part- could boost the numbers," Buffett builds sell to Penney the domestic said Fred Moran, an ana- a long-awaited Airbus but the head of Boeing's ners Britain, Germany, and international trade- order that sources said commercial division said it Italy and Spain. France is lyst at The Benchmark Co. mark rights for both its Liz would include A380 super- was a "watch item" and anxious to win its first Some other, more estab- Claiborne brands and the jumbos, but talks appeared Brazil's Embraer trimmed Rafale export order but lished e-commerce com- $10.7 billion U.S. and Puerto Rico trade- panies are also offering to be continuing. a forecast for business jet analysts said it was mark rights for the Monet Sources familiar with the deliveries due to the down- unclear whether the UAE daily deals this holiday jewelry brand. matter said Abu Dhabi's turn. request signaled a change season. DNA Penney has cut costs by Etihad Airways was ready Still, the sales chief of in requirements or was stake in IBM closing some stores, outlets to buy an extra 12 Boeings Airbus warned that merely a tactic to put BofA to LONDON: Warren $10.7 billion. Berkshire of history's great value and a call center. It is also including 10 787 European lenders, espe- pressure on manufacturer Buffett said his Berkshire started buying the shares investors, appears to have discontinued its catalog Dreamliners and two more cially French banks, which Dassault Aviation over sell most of Hathaway Inc has accumu- in March, with a goal of gotten into IBM late in the business. But the depart- 777s, but may not have been major financiers Rafale prices. announce at the show. for Mideast carriers' deals, "They are sending lated a 5.5 percent stake in building a $10 billion posi- game. By early March, ment store has struggled as remaining IBM, the billionaire tion, he said. when he started buying the its middle-class customers investor's biggest bet in the Buffett said IBM did not stock, the shares had risen face high unemployment CCB stake technology field he has know that he was building more than 25 percent from and a weak economy. historically shunned. a stake and that the compa- their low of six months The store has also under- NEW YORK: Bank of Buffett said he was con- ny was finding out about earlier. performed compared with America Corp plans to sell vinced by IBM's long-term his investment for the first Even the stock's lowest some of its peers. Penney's most of its remaining stake roadmap and by its time as he disclosed it on point during the third quar- revenue at stores opened at in China Construction entrenched position with television. An IBM ter, when Buffett built the least a year fell 1.6 percent Bank Corp <0939.HK> for major businesses -- part of spokesman declined to rest of his stake, was one during the third quarter. $6.6 billion in cash to boost the durable competitive comment. of its highest levels ever. That compares with the ailing U.S. bank's capi- advantage that he looks for Buffett said he has At close of $187.38, the increases of 4 percent at tal levels. when investing in a com- always looked at IBM's stock is nearing analysts' Macy's and 2.1 percent at The private sales to a pany. annual report -- his pre- median price target of Kohl's for the same period. group of investors are "I don't know of any ferred method of identify- $200, according to data. The measure is a key expected to generate a gain large company that really ing companies to invest in One place where Buffett indicator of a retailer's of about $1.8 billion after has been as specific on -- but this year "I read it is not investing is health. taxes, Bank of America what they intend to do and through a different lens." European banks. Buffett, Penney said it lost $143 said in a statement. The how they intend to do it as He said follow-on con- who put $5 billion into million, or 67 cents per income will allow the bank IBM," Buffett told CNBC versations with various Bank of America Corp ear- share, for the three months to realize deferred tax in an interview. technology executives lier this year, comes up ended Oct. 29. That com- assets, boosting a measure The move puts Buffett's throughout the Berkshire whenever there is talk of a pares with net income of The Gulf's big three are have become risk-averse Dassault a signal, that of capital known as tier 1 money squarely in the conglomerate convinced large European bank need- $44 million, or 19 cents per buying wide-body aircraft because of the eurozone much is certain," an aero- common capital by about heart of the technology him to start building the ing to raise capital, partic- share, in the year-ago peri- to serve Asia and the debt crisis. space industry executive $2.9 billion. industry, a sector he has stake. ularly in the current envi- od. United States and redraw "We are watching it care- said. France said it CCB and Bank of steadfastly avoided on the Berkshire is due to make ronment of writedowns on The results included the world's transport and fully," John Leahy said at a remained in what Defense America still have an grounds he simply did not a quarterly report of its sovereign debt. costs of $27 million, or 10 logistics map with the Gulf news conference. "We Minister Gerard Longuet agreement to cooperate on understand it. equity holdings. Though it But he told CNBC that at the center, thanks to its have done some aircraft called a late stage of talks cents per share related to areas including investment One long-term Berkshire started buying IBM shares he would need to under- ability to reach most of the financing in euros. Some with the UAE on the the series of management banking through 2016. The investor said the invest- in March, Buffett's com- stand European banks bet- world's population in one European banks are having Rafale. changes, including the hir- deal follows Bank of ment was a global play. ments suggested Berkshire ter before investing in long-haul hop. trouble accessing U.S. dol- "Getting information on ing of Johnson "More confirmation that did not cross reporting them, and that he has not And Kuwaiti lessor lars ... this is more of a different systems is fine," America's agreement in It said its adjusted earn- he sees international as thresholds on the invest- yet seen an investment Alafco placed a $4.6 bil- short-term thing than any- General Jean-Paul August to sell $8.3 billion ings without the one-time more important," said ment until the third quar- opportunity there in which lion expanded order for 50 thing else." Palomeros said on the worth of CCB shares to a Michael Yoshikami, chief ter. According to data, a he wants to take part. items amounted to 11 cents Airbus A320neo passenger Emirates said it had ade- sidelines of the Dubai Air group of investors, equal to executive of wealth man- 5.5 percent position in The "Oracle of Omaha" per share. That topped the 9 jets, adding to the flood of quate financing in place Show. "I know that the about half its stake at the ager YCMNET Advisers, IBM would tie Buffett and Berkshire Hathaway cents per share that ana- orders. for 2012 and planned a Emirates air force is very time. which manages about $1 with State Street Global chief executive said he lysts expected. Revenue The battle to redirect mix of funding options for keen with Rafale, that's Bank of America will billion and holds Berkshire Advisors for the largest expects Europe's economy slipped almost 5 percent to flows of people and cargo the latest 777 order, for sure because they told hold about 1 percent of shares. stake in the company. to show improvement 10 $3.98 billion from $4.19 via the Gulf has provoked including Islamic finance. me that they like the air- CCB's common shares Buffett said he had IBM shares rose nearly 1 years from now but that billion largely reflecting sharp exchanges with air- Record sales of the Boeing craft, they know how after its most recent deal bought about 64 million percent in premarket trad- getting there will be diffi- the discontinuation of its lines in Europe. Emirates 777 capped by the operational it is."- closes in November 2011. shares of IBM, paying ing. Buffett, known as one cult. -DNA catalog business.-DNA hit back at charges that it is Emirates announcement, Agencies DNA 8 Friday, December 5, 2014

Islamic finance Islamic banking push faces body AAOIFI to industry gaps: study Pakistan's central bank underpins Islamic with half concentrated in more familiar with equity- said they would "never" revise four standards has released a study of finance. But the study the urban centres of based contracts, even become a client of a con- Islamic banking, the first also showed customers' Karachi, Lahore and though most products on ventional bank offering The Bahrain-based trading in the secondary AAOIFI wants to clarify of its kind in the country, choice of bank was only Islamabad. Meanwhile, offer are debt-based; a Islamic services. Close to Accounting and Auditing markets. distinctions between oper- which shows latent partly driven by religious over 83 percent of cus- product known as muraba- 70 percent of all respon- Organization for Islamic Year-to-date, sukuk ating and financing leases. demand for sharia-com- belief, with only 23 per- tomers of all types of ha accounts for 40 percent dents said lenders should Financial Institutions issuance totals $110.9 bil- Industry practice is cur- pliant finance but many cent of respondents citing bank did not understand of all Islamic financing offer Islamic banking (AAOIFI ) will revise four lion through 665 deals rently not aligned with the obstacles such as small this as the main reason to Islamic banking services; contracts in Pakistan. either by establishing sep- of its standards in the first globally, up from $97.3 ijara standard, known as branch networks and a use Islamic banks, behind unbanked respondents arate companies, or by half of next year while billion through 703 deals FAS 8; proposed changes lack of product awareness customer satisfaction and were further behind. NEVER CONVEN- converting themselves expanding its guidance for a year earlier, according to would cover income recog- among consumers. quality of service. Forty-seven percent of TIONAL into full-fledged Islamic Islamic bonds, the indus- Zawya, a Thomson nition, balance sheet classi- Consumer outreach, rural The findings have poli- respondents did not see a Pakistan introduced banks. try body said. Earlier this Reuters company. fication, depreciation, banking and the need for cy implications and could difference between the Islamic banking in the More than half of the month, AAOIFI issued AAOIFI is also revising amortization and disclo- stand-alone Islamic banks influence the strategies of terms "sharia-based" and 1970s but for most people, companies in the study two new standards and its accounting standards sures, according to a sepa- are among issues that incumbent Islamic banks "sharia-compliant", and it remains a new phenom- said they would prefer to revised three others as it covering investment rate conference document. must be addressed if the as well as a number of some said such terms were enon: two-thirds of raise finance though takes a more proactive accounts, takaful (Islamic AAOIFI's murabaha industry is to reach a reg- conventional banks which confusing and should be Islamic banking clients Islamic products, approach under its new insurance), and ijara and standard will be ulatory target of 15 per- plan to expand into the avoided. Sharia-compliant have had such a relation- although most were neu- secretary general, Hamed murabaha financing struc- redesigned to stipulate the cent of total banking sector. The study found banking merely obeys the ship for fewer than three tral when it came to Hassan Merah. tures. A revised invest- use of collateral for the assets, from under 10 per- 74 percent of bank cus- industry's rules, while years. Conventional banks using Islamic bonds. AAOIFI held its annual ment accounts standard is recovery of receivables, cent now, the study said. tomers were willing in sharia-based business also want to retain clients and The study, conducted by conference this week, to be released by the end while specifying account- Pakistan is the world's principle to switch to follows Islamic principles several plan to offer London-based Edbiz after which it said it of 2014, important for ing treatment and disclo- second most populous Islamic banking, but 69 such as an emphasis on Islamic financial products, Consulting and financed would seek either to Islamic banks which are sure requirements, a third Muslim nation and the percent said the lack of an transactions based on real but in doing so they will by Britain's Department revise or supplement its seeking greater clarity on document showed. The study, based on a nation- Islamic bank in their area economic activity rather have to ensure a clear seg- for International existing standard for how to classify their body is also engaging its wide survey of 9,000 was the reason for not than monetary specula- regation of the two busi- Development, recom- sukuk, to provide the deposits. Consultations on counterpart in convention- households and 1,000 switching. tion. There was also a nesses. mended that the role of industry with more exten- takaful, ijara and muraba- al finance, the London- companies, confirmed As of December, mismatch when it came to More than half of all sharia scholars be sive guidance. "We ha will be conducted in based International widespread consumer Islamic banks had a com- the types of financial bank customers and 64 enhanced and made are...looking at the possi- the first half of 2015, Accounting Standards acceptance of the ban on bined network of 1,304 products on offer. Islamic percent of nonbank more public to help pro- bility of developing clear- AAOIFI said. Board; AAOIFI invited interest payments which branches across Pakistan, banking customers were respondents, however, mote the industry. er guidance on sukuk that On takaful, AAOIFI is IASB officials to its annu- will incorporate account- considering how to extend al conference in Manama. ing, legal, technical and its guidance to retakaful, An IASB official said tax-related aspects," the issue of fixing agency on the sidelines of the Islamic finance definitions Merah said in a statement. fees rather than linking the conference that his organ- Sukuk issuance is fees to profits or perform- ization would seek to Islamic finance, based on (makruh), or forbidden law, which is believed to reclaimed at any time. It funds contributed by all increasing worldwide but ance, and clarifying the develop non-binding religious principles which (haram). be built on three objec- is legitimate for a borrow- policy holders, but does the structures used to cre- definition of benevolent guidance on the interpre- avoid interest and pure Ijara: Lease or rental tives: purification of the er to repay more than the not necessarily bear risk ate the instruments aren't loans (qard hassan), a con- tation of their standards monetary speculation, is arrangement; for exam- soul, upholding justice amount borrowed as long itself. uniform, which limits ference document showed. by Islamic financial firms, growing rapidly, support- ple, one party leases and protecting interests of as that is not stated as an Tawarruq/tassiyeel: their cross-border accept- For ijara, a sale and to help reduce uncertainty ed by large pools of equipment, buildings or all sides. obligation in the contract; Monetisation, to convert ance by investors and lease-back contract, in the marketplace. sharia-compliant funds in other facilities to a client Maslaha'ammah: The some Islamic banks cope something to cash. One the Gulf and the opening for an agreed rent. In a public good or benefit. with this constraint by party purchases an asset of new markets. Here is common form of ijara Maysar: Gambling, charging servicing fees on on credit from a second summary of commonly sukuk, the originator sells which is impermissible. loans. A "qard hasan" is a party on a deferred pay- $500 million Sukuk used terms and concepts: assets to a special-pur- Mudaraba: Investment loan in which no addition- ment basis, and then sells Amana: Deposit in pose vehicle which in management partnership; al amount is repaid. it on to a third party, trust; a widely applied turn issues sukuk certifi- one party provides funds Rabb al mal: Owner of receiving instant cash. bonds: Dar in Dubai term that refers to any- cates to obtain funding to while the other provides capital, investor. Used by some Islamic thing in the safekeeping pay for the asset. expertise and manage- Riba: Interest; any banks to provide cash of another. Ijtihad: Decision-mak- ment (the mudarib). Any increase in a loan or sale financing to customers Arboun: Down pay- ing in Islamic law by per- profits are shared that accrues to the lender, (also known as "commod- to hold roadshow ment; an advance pay- sonal effort, independent- between the two parties seller or buyer without the ity murabaha"). In ment which is counted as ly of any school of on a pre-agreed basis, provision of an equivalent "organized" tawarruq, the Finance Minister Ishaq Dar left for Dubai on Saturday to hold roadshow to float $500 part of the purchase price jurisprudence. To be valid while losses are borne by counter value to the other first party does not take million Sukuk bonds in the international market, sources said. Sources added the if the buyer decides to it has to be rooted in the provider of the capi- party. Riba is impermissi- material ownership of the Finance Minister after holding a roadshow in Dubai on Monday would leave for complete the transaction, Islamic scripture and tal. Mudaraba is a com- ble; the term encompasses asset; this is controversial London. Dar stated during a recent media briefing that the government plans to but which becomes the hadith, and there must be mon structure for sukuk. various types of illicit among some scholars. increase country's foreign exchange reserves to $15 billion by December 31, 2014 property of the seller if no established doctrine Mudarib: Investment gain, of which banking Wa'd: Unilateral through floating $500 million Sukuk bonds and receiving the fourth and fifth tranche the deal is not completed. ruling the case. manager. interest is one example. promise; the primary dif- amounting to $1.1 billion from the International Monetary Fund (IMF). Can be used as a form of Istijrar: Continuous Murabaha: Cost-plus Salam: Deferred deliv- ference between this and He had further stated that the government would first hold roadshows and then float short-selling. purchase or supply con- sale; a financial institu- ery sale, the sale of fungi- a contract is that the Sukuk bonds in Middle East and Europe. An official said Finance Secretary and Bay: Sale; an agree- tract; the supplier under- tion agrees to purchase ble goods to be delivered promise is binding only Governor State Bank of Pakistan may hold a roadshow for issue of Sukuk bonds in ment between two parties takes to provide a particu- merchandise for a client in the future for a price to on the maker of the Singapore. The government has budgeted Rs 49.5 billion inflows from external in which ownership of an lar product on an ongoing and the client promises to be paid in the present. It promise, whereas a con- resources on account of Sukuk bond sale for the current fiscal year but if foreign inter- item is transferred from basis at an agreed price buy it from the institution resembles a forward con- tract binds both parties. est in the bonds is as high as is being projected, the government may well increase the seller to buyer for a price. with payment made in an at an agreed mark-up. In a tract in conventional Wakala: Agency; a amount of issue, sources added. Fatwa: Religious opin- agreed manner. common form of muraba- finance. standard Islamic practice A senior official maintained that the prevailing low interest rate environment inter- nationally provides an opportunity to the government to benefit. He further stated that ion under Islamic law - a Istisna: Manufacturing ha sukuk, a special-pur- Sharia: Islamic law where one party acts as interest rate was quite high when Sukuk bonds were launched in 2006 but the situation formal response issued by contract; a type of sale, pose vehicle is set up to originating in Islamic an agent (wakil) for in terms of interest rate is very positive for floating of Sukuk today. an expert scholar. similar to salam, in which raise funds from sukuk scripture, as defined in another. In a wakala However, political uncertainty in the country may be an issue in terms of attracting Fiqh: Islamic jurispru- a price is paid for goods holders and purchases an practices and explana- sukuk, certificates are foreign interest in Sukuk bonds. The official further stated that declining prices of dence; it provides supple- that are subsequently asset which the SPV will tions by the Prophet issued by an originator to crude oil and other essential commodities have proved a blessing in disguise and eased mental legal reasoning in manufactured and deliv- in turn sell to the origina- Mohammed. purchase specific assets, the growing pressure on balance of payment position. The disadvantage of low prices cases where explicit rules ered on a stipulated date. tor at a mark-up. The Sukuk: Islamic invest- which in turn are given is that the government would suffer revenue loss projected at import stage, which may are not available in sharia Istisna-based sukuk are originator takes delivery ment certificates; a term to a wakil for manage- be around Rs 50 to Rs 60 billion, he added. law. commonly cited for use of the asset and makes used to describe equiva- ment (who charges an Gharar: Contractual in infrastructure and proj- periodic payments to the lents to conventional debt agency fee, which can ambiguity due to igno- ect financing. SPV which flow to sukuk issues such as bonds. In include a performance rance of an aspect of the Kafala: Guarantee; a investors. contrast to debt issues, fee). The originator Indonesia revises goods, in which one or standard Islamic transac- Musawama: A negoti- sukuk holders are the undertakes to buy the both parties stand to be tion in which a guarantor ated sale, in which the legal and/or beneficial assets at maturity at an deceived. Gharar should (kafil) agrees to assume price of a commodity is owners of the underlying agreed price. Islamic banking rules as be avoided but there are responsibility for the negotiated without overt assets, sometimes through Waqf: Charitable trust, different levels of it and debts of a creditor (mak- reference to the price pre- a special-purpose vehicle. an endowment set up for only some of them are ful 'anhu). viously paid by the seller. As such, they receive the Islamic purposes (usual- banned outright. The con- Khiyar: Option; power Musharaka: equivalent of a coupon ly for education, mosque industry growth slides cept is cited to ban pure to cancel a contract. Investment partnership. from the performance of building or the poor). It monetary speculation. Jurists recognise different In a typical musharaka the yielding asset. involves tying up a prop- Indonesia's regulator has least 15 percent of the much as 14 percent. Hadith: Report of the types including khiyar al agreement, two or more Sunna: The actions, erty in perpetuity so that issued revised Islamic market by 2023, but the This requirement sayings or actions of the ru'yah (option to cancel parties agree to provide deeds, endorsements and it cannot be sold, inherit- banking rules covering sector's growth is stalling. applies only to full- Prophet Mohammed. upon viewing), khi- capital towards the characteristics of the ed or donated to anyone. asset quality and capital As of September, there fledged Islamic banks and Halal: Lawful, a deed yaral'ayb (option to can- financing of a commercial Prophet Mohammed. Zakat: Zakah tax, the adequacy to help clarify were 11 full-fledged not to the Islamic units of permitted by Allah. cel if undesirable), khiyar venture, share profits Takaful: Islamic insur- third pillar of Islam; market practices, while Islamic banks and 23 conventional banks. The Haram: Unlawful, al naqad (option to cancel according to a stipulated ance, an alternative to obligatory alms giving. industry growth has now Islamic business units in rules also detail the types impermissible. on non-payment), khiyar ratio, and share losses on conventional commercial Every Muslim who has dropped to single-digits. Indonesia with combined of capital-boosting debt Hukum: Ruling. There al shart (option to rescind the basis of equity partici- insurance based on the wealth above a pre- Authorities want to assets of 244 trillion rupi- that Islamic banks can are five categories: oblig- sale), and khiyar al majlis pation. concept of mutual sup- scribed amount is encourage a wider product ah ($20.1 billion), repre- issue, which must include atory (wajib/fard), rec- (option to cancel during Qard: Loan; X lends Y port. It provides mutual required to give money range to help Islamic senting a 7.2 percent a loss absorption feature ommended (mustahabb), the life of the contract). some wealth to be repaid protection of assets and to the Islamic authority banks grab a bigger share growth year-on-year. This that allows regulators to neutral/permissible Maqasid al Sharia: The after a specified amount property; the takaful com- for distribution to the of the Indonesian market, remains above the 3.7 per- convert such debt into (mubah), reprehensible higher purposes of sharia of time, but which can be pany oversees a pool of poor and the needy. a sector which remains cent growth of conven- equity if a lender faces behind more mature mar- tional banks, although the insolvency. kets in Malaysia and the OJK had projected Asset quality require- Middle East. Islamic banking assets ments address profit- Senate for promotion of Islamic banking Indonesia's financial would grow by 14.4 per- sharing financing such as The Senate on Monday Minister for Science and promotion of the Islamic to amend Article 247 of Pakhtunkhwa Assembly services authority, cent in 2014 under a mod- mudaraba and mushara- unanimously adopted Technology Zahid Hamid banking and licenses are the Constitution to enable unanimously adopted a Otoritas Jasa Keuangan erate scenario, down from ka, common equity-like three separate resolutions said that there are 22 being issued without any the parliament to enact a resolution in May 2012, (OJK), announced the 24.2 percent in 2013 and contracts used in Islamic on promotion of Islamic Islamic banking institu- hurdles," he said. legislation for FATA and urging the federal govern- move on Wednesday as 34.1 percent in 2012. finance. Banks must banking system, amend- tions and they have a total There is also an over- also extend the jurisdiction ment that FATA people part of a package of 20 include the proposed ment in Article 247 of the of 1300 branches across whelming demand by the of the Supreme Court and should be granted equal new rules, which range REQUIREMENTS profit sharing ratio in the Constitution to enable the country "Islamic bank- public for Islamic bank- the High Court to those rights, he said, adding that from corporate gover- Under the revised rules, contract, which must be Parliament to enact legis- ing system has had 10 per- ing, he said, and the gov- areas to protect and pro- the Peshawar High Court nance to microfinance. Islamic banks must hold calculated based on a fea- lation for FATA and to cent of the banking indus- ernment plans to establish mote fundamental rights has also recommended Indonesia has the world's increasing levels of capi- sibility analysis of a cus- constitute a Senate com- try's share and with 20 per- a center of excellence for and integration of the trib- amendment in the biggest Muslim popula- tal depending on their risk tomer's business and cash mittee to examine the cent growth per annum," promotion of the project. al people in the main- Constitution. Senator tion but its Islamic finance profile, with regulators flows. The rules also impact of privatization he said. "The deputy governor of stream. "There are consti- Mushahid Hussain said it market only holds a 4.5 outlining four such cate- address issues such as the from 1973 to 2013. The Minister said it is the State Bank is also tutional contradictions to is a colonial style of gov- percent of total banking gories. The previous capi- separation of Islamic Senator Hafiz Hamdullah estimated that the Islamic heading a committee for deal with FATA people; ernance and tarnishing assets in the country as of tal adequacy requirement units from conventional moved the resolution that banking share in the indus- promotion of banking," he therefore we recommend image of Pakistan. "This is September, the latest cen- for Islamic banks was 8 parents and guidance for the government may take try would be doubled by said. Senator Farhatullah Article 247(7) of the the only place in the world tral bank data showed. percent, while the highest conventional firms that effective steps to promote 2020. "The State Bank of Babar moved the resolu- Constitution be abol- where local administration Authorities want risk profile would require want to become sharia- Islamic Banking in the Pakistan is also taking tion that the government ished," he said. can abolish houses of the Islamic banks to hold at such banks to hold as compliant ones. country. Giving details, appropriate measures for may take appropriate steps The Khyber locals," he said. 9 Friday, December 5, 2014

South Africa's Major Central Banks Overview Euro falls below $1.23 rand vulnerable Central Bank Next Meeting Last Change Current Interest Rate to weaker euro Bank of Canada 1/21/2015 9/8/2010 1.00% JOHANNESBURG: South Bank of England 1/8/2015 3/5/2009 0.50% ahead of ECB, yen weak Africa's rand weakened slightly against a robust dol- Bank of Japan 01-01-0001 12/19/2008 0.10% LONDON: The euro fell below porate bonds or he will ease the Prime Minister Shinzo Abe's coali- lar early on Thursday, look- European Central Bank 1/22/2015 9/4/2014 0.05% $1.23 for the first time in more than terms of the TLTRO (loans), then I tion may keep its two-thirds majori- ing vulnerable to bets that two years on Thursday, as the market think the euro will jump," said ty in the lower house of parliament the European Central Bank Federal Reserve 12/17/2014 12/16/2008 0.25% bet the European Central Bank Graham Davidson, a spot currency in elections on Dec. 14 supported the would announce easing Reserve Bank of Australia 2/3/2015 8/6/2013 2.50% would inject more stimulus into trader with National Australia Bank dollar. measures later in the day. theeuro zone economy. in London. More yen printing would be With little on the domestic Reserve Bank of New Zealand12/10/2014 7/23/2014 3.50% data calendar until next The yen also fell against the dollar, The euro gained early, helped by expected after the election if Abe's Swiss National Bank 12/11/2014 8/3/2011 0.00% although dealers said at least $1 bil- nerves amongst players who had bet mix of easy monetary policy, gov- week's current account num- lion in sell orders was fending off a it would fall once Draghi speaks. By ernment spending and reforms gets a bers, the rand is taking its Division of National Bank of Pakistan (NBP) break through 120 yen per dollar. 1255, it was flat at $1.2315 after strong mandate. cues from offshore, dealers KARACHI, December 4, 2014 Treasury Management Division of National Bank of Pakistan (NBP) As expected, the ECB kept interest falling as low as $1.2295. Overnight in Asia, the dollar set a said. Monday issued the following Exchange rates: rates unchanged and traders doubt The dollar touched another seven- 5 1/2-year high against a basket of A weaker euro, the curren- Countries Selling Buying Buying Thursday's policy review will year high against the yen, rising as currencies at 89.044, its highest cy of South Africa's biggest announce quantitative easing. But high as 119.98 yen on trading plat- since March 2009. But it then trading partner bloc, drove TT & OD TT Clean OD/T.CHQ some believe the ECB may lay the form EBS. Several attempts to push retreated to 88.91. the rand to trade near the U.S.A 101.60 101.40 101.19 previous session's 2-1/2 groundwork for QE early next year. it above 120 yen failed. The Australian dollar fell 0.2 per U.K 159.33 159.02 158.69 Any detailed discussion of QE by "There seems to be strong interest cent to $0.8372, having touched week lows as investors sold EURO 125.02 124.78 124.52 Governor Mario Draghi or a clear to sell the dollar at 120 but I would $0.8358 earlier, its lowest since mid- the single currency ahead of an ECB rates decision. indication the bank plans such a pro- imagine it would go at some point," 2010. CANADA 89.34 89.16 88.93 The rand also came under gramme in the first quarter is expect- said another London-based dealer. Better-than-expected retail sales SWITZERLAND 103.91 103.71 103.43 pressure from dollar buying ed to push the euro lower. Just indi- "Draghi could well be the trigger data provided only short-lived sup- as US Federal Reserve offi- AUSTRALIA 85.19 85.02 84.80 cating the bank would move ahead there as well." port. Data on Wednesday showed cials said the US economy SWEDEN 13.50 13.47 13.44 with corporate bond buying or easier The dollar last traded at 119.94 economic growth slowed last quar- was doing better. JAPAN 0.8472 0.8455 0.8433 terms on loans for banks might not yen, up 0.1 per cent on the day. ter, prompting markets to price in Analysts said the differ- NORWAY 14.43 14.40 14.36 be enough. ABE BOOST more chance of a rate cut by the ence in the stance of the Fed "If he only says they will buy cor- Japanese media projections that Reserve Bank of Australia. -Reuters compared with a more SINGAPORE 77.32 77.17 76.97 dovish South African central DENMARK 16.81 16.77 16.73 bank was encouraging rand SAUDI ARABIA 27.07 27.02 26.95 Indian rupee bears. Sterling steadies as mkt At 0600 GMT, South HONGKONG 13.10 13.08 13.04 ends little Africa's currency traded at CHINA 16.52 16.49 16.44 11.2275/dollar, slightly KUWAIT 348.21 347.53 346.61 changed; weaker than its close in New MALAYSIA 29.47 29.41 29.34 scrutinises Osborne's York on Wednesday. "With the euro/dollar NEWZEALAND 78.68 78.53 78.32 ECB meet under pressure, small hints QATAR 27.90 27.84 27.77 of further ECB policy eas- U.A.E 27.66 27.61 27.53 watched ing in the form of QE will be longer-term forecasts KR. WON 0.0911 0.0909 0.0906 a constructive signal for dol- MUMBAI: The Indian lar/rand," said Anisha Arora, THAILAND 3.088 3.082 3.073 rupee ended little changed LONDON: Sterling ther act to cool down the $1.47. emerging market analyst at on Thursday, as gains in steadied on Thursday as market. UK rate forecasts have 4Cast. domestic shares were offset traders who had initially Sterling was flat at been pushed back dra- The rand pushed to by caution ahead of the reacted positively to $1.5693, around a cent matically over the past 11.2400/dollar in the previ- European Central Bank British finance minister away from a 15-month few months, with some Won leads Asia FX ous session and dealers said (ECB) policy meeting later George Osborne's latest low of $1.5585 hit earlier now not expecting a hike the door was now open to in the day. fiscal statement looked in the week. Against the until early 2016. That 11.35 levels that were last Although the ECB is not more closely at negative euro, the pound was also pushback of expectations tested in early November. expected to announce aspects including a cut to flat at 78.475 pence. has helped send sterling losses as yen Government bonds immediate actions such as longer-term growth fore- "If the market is con- down almost 9 per cent tracked the rand and traded a potential plan to buy cor- casts. vinced that the growth since it hit a six-year near Wednesday's one- porate bonds, it is expected While Osborne, in his profile for the UK going high near $1.72 in July, week lows, with the yield to downgrade growth and Autumn Statement on forward is going to be when many were expect- on the benchmark 2026 nears 120 inflation forecasts. Wednesday, raised lower because of further ing a 2014 hike. bond trading at 7.735 per Further, US November SINGAPORE: Most tum. The won has a chart growth forecasts for fiscal austerity measures, Later on Thursday, the cent. -Reuters non-farm payrolls data due Britain's economy for that's going to take the BoE is expected to keep emerging Asian currencies By contrast, the euro resistance area between on Friday will also be this year and 2015 and shine off of sterling," interest rates unchanged slid on Thursday as the zone economy may be on 9.2000-9.3000, levels watched. offered tax cuts, he also said Ian Stannard, head at their historic lows. Kenyan shilling dollar stayed at multi-year the verge of another con- struck July and August Traders said relatively said the government of European FX strategy "The BoE meeting highs against major curren- traction, prompting some 2008 during the early healthy domestic shares would miss its budget at Morgan Stanley. today will probably be steady amid cies on solid US jobs data expectations that the ECB stages of the global finan- and potential support from deficit goals and the Stannard said he had ignored again -- and and ahead of an European may be preparing to add cial crisis, analysts said. Central Bank policy meet- more stimulus, although a RUPIAH the Reserve Bank of India Office for Budget revised down his fore- rightly so," intervention ing later in the day. full-blown quantitative The rupiah eased 0.2 per would likely prevent the Responsibity -- the fiscal cast for sterling to $1.45 Commerzbank analysts rupee from falling too South Korea's won easing programme is seen cent to 12,319 per dollar, watchdog -- lowered its by the third quarter of said in a research note. speculation much compared to other underperformed regional as unlikely at the policy its weakest since economic growth fore- 2015, as uncertainty over "The BoE ... continues to Asian currencies. NAIROBI: The Kenyan peers as the yen plumbed review later in the day. November 2008. "Even if the rupee weak- casts for 2016-2018. the outcome of next concentrate on inflation shilling held steady against seven-year lows against "If the ECB signals The official Jakarta ens from hereon, there will Data released on year's general election developments and the dollar on Thursday in the dollar, heading towards another easing, the dollar Interbank Spot Dollar Rate be buying support at Thursday showed British and lower growth weigh should these continue to cautious trades amid specu- the 120 per dollar level. will gain momentum fur- (JISDOR), which the cen- 62.30/40 levels. So the house price growth on the currency. disappoint we would not lation the central bank The Indonesian rupiah ther and Asia FX will tral bank introduced last downside for the currency slowed again in the three Following a rate hike exclude the BoE delay- would intervene again to hit a six-year low on dollar weaken," said Yuna Park, a year in an effort to manage in the immediate term is in months to November, that Stannard expects in ing rate hikes once again prop up the local currency. demand from local corpo- currency and bond analyst exchange rate fluctuations, a way limited," said keeping pressure off the November 2015, the -- possibly as far as At 0650 GMT, commer- rates. The country's second at Dongbu Securities in was fixed at 12,318 rupiah Surendran A.V., head of Bank of England to fur- pound would rebound to 2016." -Reuters cial banks posted the biggest party on Seoul. per dollar, the weakest treasury at Dhanlaxmi shilling at 90.20/30, Wednesday re-elected "A less dovish ECB may since the launch. Bank in Mumbai. unchanged from the previ- tycoon Aburizal Bakrie as help the euro rebound and Foreign banks sold the The partially convertible ous day's close. its chief for Asian currencies may fol- rupiah, and most govern- rupee closed at Australian dollar's The central bank sold an the next five years, dim- low that, but that would be ment bond prices fell. 61.9250/9350 per dollar unspecified amount of dol- ming hopes that the oppo- only temporary." The rupiah, however, compared with lars to banks just before the sition party would join WON pared some of its earlier 61.9050/9150 on market closed on President Joko Widodo's The won slid against the losses as the central bank Wednesday. Wednesday, traders said, minority coalition. dollar on caution that was spotted intervening The local unit saw some rally short lived helping to lift the shilling The dollar index, the South Korea's foreign around 12,320 via state- support after the NSE SYDNEY: The in the end it turned out to Australia at some time in from its intraday low of greenback's performance exchange authorities may run banks to limit the cur- index hit a record high on Australian dollar is back be short lived. the nearest future is also 90.40/50. against six major curren- intervene to check their rency's decline, traders "Markets will remain continued hopes for global below the US84.00 cent "There is so much neg- adding fuel to the fire cies, hovered around its currency's strength against said. cautious because it looks monetary stimulus meas- mark today even as the ative bias surrounding and when you combine highest since March 2009. the yen. "It is possible to test like the central bank does ures. Trading volumes latest retail sales figures the Aussie dollar at the all of these negative fac- US private companies The won hit 9.2872 to 12,350 in a near term, but not want to see anything added workers at a fairly the Japanese unit, its the 12,320 is capped for could take a hit on Friday, come in well above moment" claim analysts tors it is hard to be bull- below 90.30. It is like an brisk pace in November strongest since August now with unlimited offers as staff at state-run lenders expectations. from Fibogroup forex ish on the Aussie dollar unofficial protection," said and the service sector 2008. Two countries com- there," said a Jakarta-based in the Western region, A 4.13pm (AEDT) the brokers at the moment" they including Mumbai, will be a trader with a leading com- expanded strongly, indicat- pete in exports markets for currency trader, referring local currency is trading "With Iron ore prices noted. mercial bank. He said the ing the world's top econo- various products such as to dollar selling by state- off work. at US83.94 cents after hovering around five Key data due out later Bank unions across India central bank has intervened my holds growth momen- cars. run banks. -Reuters trading as high as year lows, a potential today includes the latest three times in recent weeks are pressing for early wage US84.28 cents following slowdown in China and a Jobless claims figure whenever the exchange rate increases through a four- the release of the data. resurgent US economy it from the US as well the has slipped past the 90.30 day relay strike action. In the The monthly retail difficult for the HIA/AiG Performance of level. -Reuters offshore non-deliverable for- sales number came in at Australian dollar to keep Construction Index from C$ steady as focus wards market, the one-month 0.4% against Analysts its head above water" Australia which could contract was at 62.18/28, while expectations of 0.0% "Speculation of an see the local currency Nigerian the three-month was at which gave the Aussie Interest rate cut from the come under further pres- 62.70/80. -Reuters dollar a quick boost but Reserve bank of sure. -Agencies naira closes turns to jobs reports slightly weaker TORONTO: The ment reports, market par- these levels mostly as peo- Canadian dollar was little ticipants were holding off ple await the job reports," LAGOS: The Nigerian changed against the green- making big bets. said Chandler, noting that Rouble weakens after Putin naira closed at 180.10 naira back on Thursday as the "It does not appear that the US labor report may to the dollar on Thursday, market paused in anticipa- we're getting much in the have a bigger influence on slightly weaker than tion of Friday's release of way of independent direc- the loonie on Friday. Wednesday's close of US and Canadian employ- tion at this point from In Canada, economists speech disappoints markets 179.90. The currency was ment reports for energy," said Mark and analysts expect 5,000 steady at 180.30 naira for November. Chandler, head of new jobs to have been MOSCOW: The rouble weakened The rouble saw a weak rally when my, or ease market pressure on much of Thursday's session The currency has had big Canadian fixed income added in November and on Thursday, reversing strong morn- the Russian President began elaborat- Russian assets. This is old school, in relatively calm trades. swings of between half a and currency strategy at for the unemployment rate ing gains, as a keynote state-of-the- ing pro-business reforms, including Cold War stuff," Standard Bank ana- At a forex auction late on cent and more than a cent Royal Bank of Canada. to have crept up to 6.6 per nation speech by Russian President an amnesty on capital returning to lyst Tim Ash said in a note. Wednesday, the central over the past five sessions, "I would argue ... the cent from 6.5 per cent. Vladimir Putin left investors unim- Russia, a freeze on higher taxes, and The rouble had seen strong gains in bank sold $289 million at mostly in reaction to a better data that we've seen, Chandler said a slight pressed by promised reforms. an easing of regulations for small the morning, when the central bank plunge oil prices after the firmer bank stance, that pullback was expected At 1025 GMT, the rouble was 0.3 businesses. published a statement that reiterated 168 naira to the greenback, more than the $200 million Organization of the may have offset some of after the extraordinarily per cent weaker on the day at 53.37 Putin also called for "harsh" meas- its readiness to intervene in the mar- Petroleum the negative in energy and robust job gains of the it offered, to meet demand versus the dollar and 0.1 per cent ures against currency speculators, ket to defend the currency, and Exporting Countries it's hard to discern now the previous two months. for dollars. weaker at 65.71 against the euro. without elaborating. slashed its interest rate on foreign decided not to pull back on balance between the two." Canadian government The rouble had been up around 1.1 However, the Russian currency currency repo loans designed to The central bank did not production despite a glut At 9:02 a.m. (1402 bond prices were mixed per cent against both currencies at was back in negative territory by the address forex shortages. intervene in the market, in the market. Canada is a GMT), the Canadian dollar across the maturity 0900 GMT, but fell sharply into neg- end of the speech, which left markets The bank has resumed interven- dealers said, adding that major oil exporter. was at C$1.1362 to the curve, with the two-year ative territory after Putin began his unimpressed either by steps to tions this week, with $700 million in expectations of the bank's A less dovish statement greenback, or 88.01 US up half a Canadian cent speech with harsh rhetoric repeating resolve the confrontation over forex sales on Monday. Traders said intervention reduced from the Bank of Canada cents, steady from to yield 1.021 per cent his long-standing criticisms of Ukraine, or by domestic economic the bank had intervened by a similar volatility on Thursday. on Wednesday helped prop Wednesday's close at and the benchmark 10- Western policy towards Ukraine, and reforms. "Net-net, not seeing any amount on Wednesday. The bank Some commercial lenders up the Canadian dollar, but C$1.1366, or 87.98 US year down 5 Canadian defended Russia's actions towards its new big ideas in this speech which releases data on interventions with a sold dollars on behalf of with little key economic cents. cents to yield 1.945 per neighbour. are going to help the Russian econo- two-day delay. -Reuters their clients. -Reuters data until Friday's employ- "We're trapped at around cent. -Reuters 10 Friday, December 5, 2014 Oil falls below $70 after Saudi price cut LONDON: Brent crude oil "(The) Saudis are making it below $68 a barrel on Monday Petromatrix in Zug, fell below $69 a barrel on clear they don't want to lose after averaging around $110 a Switzerland, said Saudi Arabia Thursday after Saudi Arabia market share," Richard barrel in 2011 to 2013. was targeting a $60 to $70 announced deep cuts in selling Mallinson, an analyst at con- More than 30 economists price range and the kingdom prices for Asian and US buy- sultancy Energy Aspects, told and analysts polled by Reuters hoped a fall below $60 would ers, a week after refusing to the Reuters Global Oil Forum. after OPEC's Nov. 27 meeting be brief. support OPEC output cuts. Brent was down 60 cents at forecast an average Brent Fellow OPEC member The kingdom's state-owned $69.32 a barrel by 1440 GMT, price of $82.50 a barrel in Nigeria lowered its oil price oil company cut its January up from a low of $68.81 earli- 2015, down $11.20 from the budget assumption on price for its Arab Light grade er in the session. US crude previous poll. This was the Thursday by 11 per cent to $65 for Asian customers by $1.90 was down 90 cents to $66.48 a biggest downgrade in average a barrel in its 2015 budget, a barrel from December to a barrel, having fallen to 66.09 forecasts since the global eco- down from $73. discount of $2 a barrel to the in early New York trade. nomic crisis in 2008. "There is a very real danger FAISALABAD: Farmers busy in trimming and cutting the sugar cane crops for selling purposes. -APP Oman/Dubai average. Oil prices have been volatile The Wall Street Journal, cit- of the downtrend re-asserting The Arab Light Official since the Organization of the ing people familiar with the itself," said Robin Bieber, Selling Price to the United Petroleum Exporting situation, reported on director and technical analyst Iron ore States was set at a premium of Countries (OPEC) said last Wednesday that Saudi Arabia at brokerage PVM Oil Arabicas rise after $0.90 a barrel to the Argus week it would not lower out- now believes oil prices could Associates. "Treat the market holds near Sour Crude Index (ASCI) for put despite an oversupplied stabilise at around $60 a bar- with maximum care and keep January, down 70 cents from market. rel. exposure limited until the next the previous month. Brent hit a five-year low Olivier Jakob, oil analyst at leg is clear." -Reuters 2009 low as hitting 2-1/2-month Wheat falls, glut weighs low, sugar steadies Gold pares losses on market LONDON: Arabica coffee make sugar instead of the bio- extends SINGAPORE: Iron ore held at futures edged up on Thursday fuel. However, the fall in its weakest level in more than after briefly dipping to the prices has come too late to five years in a well-supplied lowest level since late have much impact on the cur- two-day as ECB statement market, with analysts not September on pressure from rent crush, which is ending expecting Chinese steel forecasts for rain in top grower soon. losses to demand to pick up during win- Brazil. "The weak oil prices do not ter when construction activity Raw sugar hovered near a 2- have any fundamental impact sparks euro rebound slows. 1/2-month low, due to concern on the crushing of the remain- nearly 3pc Iron ore for immediate deliv- about ethanol prices after the der of the cane crop in LONDON: Gold pared losses were down $2.80 at $1,205.90. policy before other central ery to China's Tianjin port oil market's recent plunge, 2014/15," Uhlenbrock said, SYDNEY: US wheat futures on Thursday as the euro The euro bounced from a 28- banks. slipped 0.3 per cent to $69.50 a while cocoa inched up in light referring to the crush in centre- fell 0.5 per cent on Thursday rebounded against the dollar month low to rise 0.3 per cent. A rise in US interest rates tonne on Wednesday, according chart-based dealings. south Brazil. to extend two-day losses to after European Central Bank Uncertainty ahead of a key would lift the opportunity cost to The Steel Index. In arabica coffee, rains in March raw sugar traded up nearly 3 per cent over con- chief Mario Draghi said the reading of US non-farm pay- of holding non-yielding gold The price of the steelmaking Brazil eased pressure on 0.03 cent, or 0.2 per cent, at cerns that US supplies are bank would reevaluate the case rolls on Friday and caution and further boost the dollar. raw material dropped to $68 parched trees after a drought 15.12 cents a lb, having fallen uncompetitive. for more stimulus next year, after wide swings in gold A report released on last week, its lowest since June earlier this year, but some ana- on Wednesday to 15.07 cents, Corn fell, losing all the but remained under pressure prices on Monday limited Thursday showed the number 2009. lysts believe the drought has the lowest since Sept. 26. gains from the previous ses- ahead of key US data on gains and kept prices from of Americans filing new claims A jump in iron ore output of inflicted irreversible damage December March white Friday. building on gains, traders said. for unemployment benefits fell on the 2015/16 crop. sugar was down $0.10 or 0.03 sion, while soybeans edged big, low-cost miners such as Strength in the US currency "The market is extremely last week, pointing to an "I don't see any recovery in per cent at $396.20, after hit- lower. Vale and Rio Tinto this year has makes dollar-denominated nervous. A lack of direction is improving labour market. added to the supply glut at a Brazilian output in the next ting a contract low of $395.70. Chicago Board of Trade gold more expensive for hold- keeping everyone on their toes Demand for gold from Asian harvest, due to the impact of Cocoa futures edged higher, March wheat futures, the time when the Chinese econo- ers of other currencies. (with) Monday still very fresh consumers has been firm this my is slowing. drought," said Stefan with dealers focused on the pace most actively traded contract, Investors had been looking in everyone's minds," Afshin week. India, the world's sec- "I think the market would Uhlenbrock, a soft commodi- of bean arrivals in leading pro- fell 0.51 per cent to $5.86-1/2 for a clear sign from Draghi Nabavi, head of trading at ond-biggest consumer of the stay around $70 in the short ties analyst with F.O. Licht. ducers Ivory Coast and Ghana. a bushel, having closed down that the ECB was heading for a MKS in Switzerland, said. metal, last week scrapped a term with winter cutting con- ICE March arabica coffee March New York cocoa trad- 2.3 per cent on Wednesday. move into the sort of outright "(Gold is) just following the rule mandating traders to struction activity," said a traded up 0.75 cent, or 0.4 per ed up $18, or 0.6 per cent, at "US wheat is looking printing of money, or quantita- euro tick by tick," export 20 per cent of all gold Shanghai-based iron ore trader. cent, at $1.8440 per lb at 1216 $2,870 a tonne. expensive compared to alter- tive easing, carried out by Friday's payrolls data will imported into the country. "Physical trades picked up this GMT, after touching a 2-1/2- "Any rebound and subse- other central banks in recent help investors gauge the Among other precious met- native origins," Tobin Gorey, week although there's still a lot month low of $1.8290 per lb. quent moves on the upside, years. strength of the US economic als, spot silver was up 0.9 per agricultural commodities of supply in the market." January robusta coffee was up building on tentative support Spot gold was at $1,204.80 recovery and how it will cent at $16.54 an ounce. Spot $7, or 0.3 per cent, at $2,058 a at the 10-day moving average, Among the deals done this strategist, Commonwealth an ounce at 1448 GMT, down impact interest rates. A run of platinum was up 1.6 per cent at tonne. could test levels towards week, an Australian cargo of 61 Bank of Australia, wrote in a 0.4 per cent but off an earlier upbeat US data has supported $1,237.20 an ounce, while spot In sugar, futures steadied $2,914 while protracted per cent grade Pilbara iron ore research note. low of $1,201.07, while US the view that the Federal palladium was up 04 per cent with dealers focused on the moves higher will look to tar- fines sold at $68.39 a tonne, "Some of the crop dangers gold futures for December Reserve will tighten monetary at $797.50 an ounce. -Reuters impact of weak crude oil get the 40-day moving aver- are receding too. Weather down from a sale above $70 for prices on cane-derived ethanol age at $2,935," said Kash forecasters continue to expect the same grade earlier, traders biofuel. Kamal, research analyst with said. [former Soviet Union temper- Weak crude prices erode the Sucden Financial. London A Brazilian cargo of 64.2 per atures to rise from critical Palm eases in rangebound competitiveness of cane- cocoa rose 13 pounds, or 0.7 cent grade iron ore was sold at levels into the weekend, so derived ethanol, and boost per cent, to 1,908 pounds a $77.60 a tonne, traders said. Brazilian mills' incentives to tonne. -Reuters for now there's unlikely to be While China's manufacturing further crop damage." sector remained weak, surveys Concerns over the prospects trade, Chinese demand on Wednesday showed that its for US wheat exports rose to service sector grew slightly TOCOM ends up 1.2pc prominence after Egypt, the faster in November. world's largest buyer of "It would appear from recent wheat, on Tuesday said it had hopes lend support data that October-November on weak yen, oil gain bought 175,000 tonnes of the KUALA LUMPUR: git to suffer its largest two-day rates. has been the bottom in this cur- TOKYO: Benchmark Tokyo "TOCOM has been trading grain from Romania and Malaysian palm oil futures fell loss since the 1997-98 Asian "You can see that the weath- rent slowdown cycle, although rubber futures ended up 1.2 within 4 to 6 yen from the 200 Ukraine, ignoring US sup- in rangebound trade on financial crisis. er market has not really taken the country's steel industry will percent on Thursday, getting yen level recently, and we're plies. Thursday as crude price volatil- By Thursday's close, the effect yet. This month's pro- not benefit much until March ity kept investors on edge, benchmark February contract duction is definitely going to from any significant lift in serv- support from the yen hovering right at the neutral 200-yen US supplies offered in the although optimism that cheaper on the Bursa Malaysia go down ... you can already ices, given winter, while prop- at a seven-year low against the level," said a Tokyo-based tender were priced more than palm prices would attract buy- Derivatives Exchange had see off and on floods," the first erty oversupplies still weigh on dollar and firm oil prices. dealer. $25 per tonne above the ing interest limited losses. eased 0.1 per cent to 2,169 trader added. steel consumption patterns," The Tokyo Commodity Brent crude rose above $70 a wheat Egypt purchased. Market players said palm ringgit ($630) per tonne, with Elsewhere, traders and Standard Bank analyst Melinda Exchange rubber contract for barrel on Thursday, gaining March corn futures fell 0.4 prices, which plunged 7 per prices trading between 2,152 industry players said an immi- Moore said in a note. May delivery finished up 2.3 nearly 1 percent along with per cent to $3.80-1/2 a cent from last Thursday's top to ringgit and 2,189 ringgit. nent fall in India's rapeseed In the futures market on yen at 200.5 yen($1.67) per kg. U.S. futures as a fall in crude bushel, having closed up 0.2 2,083 ringgit on Monday, Total traded volume stood at output in 2014/15 will prompt Thursday, the most traded May Tokyo Commodity Exchange stockpiles in the United States per cent in the previous ses- would draw in bookings espe- 44,200 lots of 25 tonnes, above the top edible oil buyer to turn iron ore contract on the Dalian (TOCOM) futures, which set supported prices. sion. cially from China as the world's the usual 35,000 lots. to palm oil imports from Commodity Exchange rose as the tone for tyre rubber prices The most-active rubber con- No.2 edible oil consumer Some traders said short-cov- Indonesia and Malaysia. much as 4 per cent to hit its in Southeast Asia, have barely tract on the Shanghai futures January soybean futures fell stocks up ahead of the festive ering by investors after the sud- In other markets, Brent 0.23 per cent to $9.96 a upside limit of 496 yuan ($81) a moved from around the 200- exchange for May delivery season in February. den plunge in prices would also crude steadied around $70 a tonne. It closed up 3.6 per cent yen level for more than a rose 215 yuan to finish at bushel, having closed up 0.25 "China needs to buy to lend support to the benchmark barrel on Thursday as per cent in the previous ses- at 494 yuan. month, staying not far five- 12,680 yuan ($2,061) per replenish their stocks, and with contract in the near term. investors searched for a stable It was tracking gains in other sion. year lows hit in October amid tonne. the weak ringgit and low "We assume that crude palm price range after a near 40 per commodities traded in China, prices, it is a really good time oil futures bears are taking cent fall since June. an oversupply. The front-month rubber con- Analysts said both corn and which were given a lift by a for them to buy," said a trader advantage of crude oil weaken- In competing vegetable oil The dollar was quoted at tract on Singapore's SICOM soybeans remain under pres- rally in Chinese equities on with a foreign commodities ing to pocket in profits," said a markets, the US soyoil con- 119.86 yen at 0822 GMT, up exchange for January delivery sure from expectations of expectations of further econom- from around 119.28 a day ear- last traded at 148.60 U.S. cents large crops in Brazil and firm in Kuala Lumpur. second Kuala Lumpur-based tract for December shed 0.1 The steep fall in palm prices dealer. Market participants are per cent in late Asian trade, ic stimulus measures. -Reuters lier. per kg, up 0.8 cent. -Agencies Argentina, with more benefi- had come after OPEC decided watching for signs of while the most active May cial rains expected in those not to curb output despite a December's monsoon rains and soybean oil contract on the countries in the coming days. supply glut, sending crude oil flooding to curb yields of palm Dalian Commodity Exchange -Reuters markets crashing and the ring- fruit and reduce oil extraction rose 1.4 per cent. -Reuters Daily opening & closing rates Copper up on ECB hopes, PMEX Index 2,736 Total Volume (Lots): 10,131 Traded Value (Rs): 2,504,158,003 China uncertainty caps gains Commodity Price Quotation Open Close KUALA LUMPUR: Copper signal more action to prevent for copper demand from top might be some caution ahead of CRUDE OIL $ Per Barrel 67.26 67.38 rose on Thursday as investors the bloc going into reverse. consumer China, where eco- US non-farm payrolls data due SILVER $ Per Ounce 16.4 16.362 hoped for more stimulus in The hopes for Europe also lift- nomic growth has been slowing on Friday. GOLD $ Per Ounce 1,198.50 1,210.30 Europe and worried about the ed world shares as China and and the property sector cooling, In other metals, nickel was the GOLD Rs Per 10 gms 39,556 39,918 impact of a fire at a mine, Japan also geared up for more has prevented copper prices biggest mover, gaining 1.5 per MTOLAGOLD Rs Per Tola 47,376 47,846 though concerns about the out- stimulus. from registering stronger gains, cent in official rings to $16,840 GOLD Rs Per Tola 47,376 47,846 look for demand from top con- Traders said copper prices analysts said. a tonne as investors became RICEIRRI6 Rs Per 100 kg 3,282 3,281 sumer China limited gains. also were supported by a fire at China cut benchmark interest more certain that Indonesia PALMOLEIN Rs Per Maund 3,623 3,622 Three-month copper on the Mongolia's Oyu Tolgoi copper rates for the first time in two would keep its ban on ore SUGAR Rs Per kg 46.16 46.15 London Metal Exchange (LME) mine, which has been brought years last week in an attempt to exports, analysts said. ICOTTON US Cents per pound 60.55 60.7 gained 0.9 per cent to $6,434 a under control. The impact on jumpstart the economy, giving Aluminium rose 0.1 per cent WHEAT Rs Per 100 kg 3,439 3,438 tonne in official trading, revers- production was not immediately metals prices a boost. to $1,973 a tonne in official ing two days of falls. known. "There is still optimism that trading, zinc added 0.5 per cent On Wednesday at Pakistan Mercantile Exchange (PMEX) value traded was PKR 2.50 billion as Bolstering financial markets The dollar index retreated the Chinese bank will trigger to $2,225 and tin dipped 0.2 per compared to PKR 2.21 billion reported on Tuesday, an increase of 13 percent. Number of lots was a meeting of the European from recent highs. A weaker further stimulus, and if that does cent to $20,405. traded were 10,131. Central Bank, which kept the dollar makes commodities take place it could be positive Lead failed to trade in offi- PMEX Commodity Index increased by 0.38 percent and closed at 2,736. cost of borrowing at record priced in the US unit cheaper for news for metals," said Naeem cial rings and was last bid at Major business was contributed by crude oil amounting to PKR 1.58 billion, a 27 percent lows. Investors hoped that ECB holders of other currencies. Aslam, chief market analyst at $2,030 a tonne, up 0.1 per increase when compared to the previous trading day. This was followed by gold (PKR 865 mil- President Mario Draghi would Uncertainty about the outlook Ava Trade, adding that there cent. -Reuters lion) and silver (PKR 58 million). Sports & Continuations 11 Friday, Deceember 5, 2014

No #1 Continued from page 1 No #7 Continued from page 1 The PM House stated that Pakistan played a key role in bring- On November 14, the State Bank of Pakistan placed KASB Bank ing about the agreement following a series of tough negotiations Limited under moratorium for a period of six months. The central Sarfraz steers carried out by the working group, led by Secretary Water and bank has suspended certain debt and other obligations. It has Power Mohammad Younus Dagha and Additional Secretary Omer allowed bank depositors to withdraw up to Rs300,000 and placed Rasul. curbs on withdrawals above that level. The final resolution came when Federal Minister for Water and The $216 million or Rs22.2 billion constituted 35% of the total Pakistan to 7-wicket Power Khwaja Asif joined in and managed to get all four member deposits of Rs63.1 billion of KASB Bank in December last year. countries to agree on the terms of the contract. Officials of the finance ministry argued that the issue of deposits “This is a historic achievement of the present government was between the Iranian government and the private bank and towards opening a regional economic corridor between central there was no binding obligation on the federal government to sort win over New Zealand Asia and South Asia,” the statement said. it out. DUBAI: Opener Sarfraz a 24-ball 27 not out. ing his previous highest of 20 However, they added, the options of seeking exemption from the No #2 Continued from page 1 Ahmed made a career best 76 Akmal finished the match not out against the US sanctions and settling the money in barter trade could be con- not out to guide Pakistan to a with a huge six off Jimmy Netherlands in Chittagong Interior Minister Chaudhry Nisar Ali Khan, speaking to a selec- sidered. comfortable seven wicket win Neesham. earlier this year. tive group of journalists in his National Chamber, confirmed the They did not rule out the possibility of clearing the dues during over New Zealand in the first In between Pakistan lost New Zealand lost stand-in move, saying he spoke to Dar regarding the resumption of talks the moratorium if both the sides found a solution pertaining to the of two Twenty20 internation- Mohammad Hafeez (two) skipper Kane Williamson for with the PTI. sanctions. als in Dubai on Thursday. and Haris Sohail (11) but first-ball duck and Ross Taylor Sources in the PML-N said Prime Minister Nawaz Sharif, after Final decision would be taken by the finance minister during the Chasing a modest 136-run Sarfraz kept one end intact for just four. returning to Pakistan on December 6 from the UK, will call on not inter-ministerial meeting ahead of the JMC sitting, they said. target, Pakistan were lifted by and bettered his previous best Pakistan's two left-arm only the party's senior leadership but also parliamentary heads of According to the officials, Tehran will also have to establish its Ahmed's 64-ball innings of just five in his previous pacemen Sohail Tanvir (2- various parties in the National Assembly to discuss the issue of case and the government will take a decision only when the State which had eight fours and two four Twenty20s. 24) and Mohammad Irfan (2- negotiations. Bank of Pakistan confirmed the deposits. sixes as they completed the New Zealand owed their 27) shared the bowling hon- The initial agenda of talks with the PTI committee will be set, Owing to the US curbs, Pakistan has also not been able to pay win in 19.1 overs for a 1-0 total to a career best 37-ball 48 ours. Shahid Afridi, Raza and both committees will meet on December 7, added the sources. roughly $200 million to Tehran for electricity purchases. This lead. by Corey Anderson after they Hasan and Anwar Ali also The expected agenda of the talks will be the Terms of Reference delay in payment came under discussion in the meeting and it was The second and final were put into bat on a flat took a wicket each. for a judicial commission to probe the alleged rigging in the 2013 suggested that Iran could buy rice, sugar and wheat from Pakistan Twenty20 will also be played Dubai stadium pitch. New Zealand were without general elections. instead of seeking cash payment. in Dubai on Friday. Anderson lifted his team their regular skipper Brendon On the other hand, PTI chairman Imran Khan has not only given Dar and the Iranian ambassador also reviewed the proposed Ahmed added a quick 51 from a precarious 15-3 with a McCullum who along with a go-ahead to the party to resume talks with government but also agenda of the upcoming meetings, according to a handout issued for the first wicket with 46-run stand for the fourth paceman Trent Boult and Tim has also provided them the minimum agenda. by the finance ministry. Awaiz Zia who made 20 with wicket with opener Martin Southee left for home after the According to initial reports, sit-ins and protests will continue, The minister was of the view that the upcoming visit of Iranian two boundaries and then Guptill (32) and another 51 for drawn 1-1 Test series. even during the talks. finance minister would help in enhancing economic cooperation continued the good work the fifth wicket with Luke Both teams also play a five- Further, Imran will lay emphasis on the government on the between the two countries. Islamabad was looking forward to any with a dominating 43-run Ronchi who made 33. match one-day series, the first inclusion of Military Intelligence and the Inter-Services suggestion from the Iranian side to deepen bilateral trade and eco- stand for the fourth wicket Anderson hit four towering of which will be played in Intelligence (ISI) in the judicial commission and not the Special nomic relations, he said. with Umar Akmal who made sixes and a boundary, better- Dubai on Monday.-Agencies Investigation Team (SIT). Dar was also very optimistic about the success of the JMC meet- Sources said the PTI chief believes the commission's recom- ing as the leadership of the two countries was serious about mendations are more liable to be implemented as compared to addressing the issues and taking steps for better cooperation. police are formally participating in the IDEAS exhibition so that awareness could be created among SIT's findings. the public about explosive material, fingerprint machines and other modern gadgets. -APP Continued from page 12 He neither trusts the government nor the judiciary, and believes No #8 No #11 Continued from page 12 Musharraf claimed four million refugees moved to Pakistan and if the investigation team finds something wrong in the election period of last fiscal year. Exports during July to November 2014 recorded a decline of 2.00 per- religious militancy in Fata, Khyber-Pakhtunkhwa and other cities audit, the findings might not be endorsed and accepted by the cent compared with same period last year. The overall situation during first five months of current started. commission, added the sources. fiscal year showed a healthy growth of 6.35% compared to the same period of last fiscal year. "The world's focus became South Asia as a result," he added. Meanwhile, The Express Tribune has learnt that the PTI chair- Analyzing zone wise dispatches, the north based cement mills dispatched 8.872 million tons to the "During this tumultuous period, frankly, not one civilian gov- man and his party are willing to conduct an audit of 35 National domestic markets during July to November 2014 that was 11.03 percent higher than the dispatches ernment performed socio-economically for Pakistan. Not one. Assembly seats, instead of a complete audit of the house. during same period of last fiscal. Exports from north however declined during this period to 2.183 Other than the military government," the military ruler asserted. Sources said the PTI wants the 2013 election results to be million tons i.e. by 8.023 percent over last fiscal year. Musharraf added that policies can be adjusted according to envi- declared as "doubtful" come what may, and the party believes that In southern region, the cement mills experienced slow growth in domestic markets as against dis- ronment but national interests are constant. of its identified 35 national seats for audit, rigging on 20 of them patches of 1.664 million tons during July to November 2013, the domestic dispatches inched up by Taking a jab at the current government, the former president is clear.-Agencies only 1.52 percent to 1.689 million tons. However there was a definite turnaround in exports that said, "The economy is nose-diving and terrorism is prevalent in all increased by 10.45 percent to 1.266 million tons from 1.146 million tons during the corresponding No #3 Continued from page 1 provinces." period last year. short, mid and long term energy projects to overcome the energy "We must deal with terrorism in all its connotations in Cement dispatches to domestic markets during the month of November 2014 were 2.370 million crisis. Pakistan," he said, citing in Khyber-Pakhtunkhwa there is Taliban tons compared with 2.125 million tons during same month last year showing an increase of 11.51%. He was talking to the Chief of Rostec Global Resources Andrei and al Qaeda, separatism and sectarianism in Balochistan, ethnic Exports during November 2014 were 0.659 million tons against 0.601 million tons during Korobov in London on Thursday. and sectarianism in Sindh and sectarianism in Punjab. November, 2013 showing an increase of 9.76%. Total dispatches during November, 2014 were 3.029 He hoped the Corporation would play a vital role in strengthen- Shifting his focus to India, Musharraf said, "Tension between million tons compared to 2.726 million tons during same month last year showing increase of 11.13 ing Pakistan's energy sector. Pakistan and India has always existed." "Kashmir is a bone of percent. Speaking on the occasion, Chief of Rostec Global Resources contention between Pakistan and India." -Agencies The spokesman said that Cement sector is one of the few documented sectors of Pakistan. The welcomed Prime Minister's interest in Rostec energy projects. Continued from page 12 cement companies are listed in stock exchanges and have annual internal and external audits from Rostec Global Resources is Russian-based corporation, which No #9 well reputed Chartered firms like A.F Ferguson, Ford Rhodes etc. besides all the relevant informa- was established in 2007 for civil, military and dual-purpose high- COAS Raheel Sharif also exchanged views with the foreign del- tion being available on the websites of respective companies, says the spokesperson. technology industrial production development, manufacture and egation. The stalls set up at the Expo Center displayed arms and Thus, he said, drawing illogical and ridiculous conclusions and releasing them as a conviction exportation promotion. ammunition from countries including China and Turkey. report not only puts industry's integrity in question but that of the whole corporate sector which by The corporation comprises 663 organizations that are currently General Raheel Sharif carried out a detailed examination of the the way is biggest contributor to such institution initiatives. part of 13 holding companies, eight of which operate in the mili- local arms on display. He also examined the locally manufactured tary-industrial complex, and five in civilian sectors. Azb sniper gun. No #12 Continued from page 12 Apart from that, he reviewed the drone aircraft, bullet proof Prince Shah Karim Aga Khan also called on Prime Minister In fact, the London Conference on Afghanistan is the follow-up of the Tokyo conference held in jackets, badges and flight simulators. Nawaz Sharif in London on Thursday. July 2012 in which the government of former president Hamid Karzai agreed to fight corruption as The event was also attended by Pervaiz A Rasheed, Minister for During the meeting, the Prime Minister lauded his services for a condition for the international community's assistance. Information and Broadcasting, during his address he said that the social and economic development. -NNI In the Tokyo Conference on Afghanistan, the international community pledged 16 billion U.S. dol- 'Defense Industry is one of the most significant industries world- lars in civilian aid over the next four years after the then Afghan government agreed to fighting cor- No #4 Continued from page 1 wide. With new and emerging threats and trends in terrorism, ruption. Party has started to communicate workers from all over the defense transformation is taking place. city in order to get a greater number for 12th December President Ghani has vowed to fight corruption. The bold step against corruption since he assumed Now war is not limited to the battle field only but it includes lat- office is reopening the cases of the biggest financial scandal in the post-Taliban Afghanistan. demonstration. The news of Imran Khan's visit to Karachi is est trends like cyber warfare, kinetic warfare etc. to deal with the also expected. -NNI Nevertheless, a good omen for president Ghani to prove his resolve in fighting corruption at the emerging threats, new methods, technology and ideas need to be London Conference is the improvement in graft index shown in Corruption Perceptions Index ( CPI) No #5 Continued from page 1 produced at the same pace as that of the emergence of new threats' 2014 which indicated Afghan government's efforts in fighting corruption. The Federal Minister appreciated the armed forces, security The conflict-ridden and cash-strapped country is largely depending on foreign aid. This project will strengthen the beneficiary communities includ- agencies, police and public servants for their resolute fight against ing vulnerable women, private sector players and live stock and Citing finance ministry officials, media reported in September that the government was barely able terrorism. He said 'We are eternally grateful to those who have dairy development Department. After execution, the project will to pay the salaries of its employees and to cover the payroll the finance ministry demanded 537 mil- made the ultimate sacrifice, while defending us and our values'. bring 50% increase in the net income of the targeted households lion U.S. dollars from international community. We are going through defining moments of our history. and cause 50% and 33% decrease in mortality of cows/buffaloes The Afghan delegation at the London Conference, besides presenting its plan for the next five Our courageous armed forces are combating and eradicating the and small ruminants respectively by the end of the project. years and the next decade, would also pledge to fight corruption, ensure good governance and social menace of extremism and terrorism from our soil. In the process, ECNEC also approved in principle the Construction of justice. Havelian-Thakot (120.12km) road as phase I of Islamabad - they are making tremendous sacrifices of which the entire nation President Ghani, who is an economist and served as a World Bank official in the past, has said that Raikot section of China-Pak Economic Corridor. Ministry of is proud. The only message that my country wants to iterate is that Afghanistan does not like to be dependent on foreign aid forever, asking national and international Communication had moved the proposal for this project which Pakistan desires peace and tranquillity both within and outside its firms to invest in his country and take it toward self-reliance. -NNI borders. Dr. Ishrat ul Ibad, Governor, Government of Sindh, has a total cost of Rs 95410 million. Continued from page 12 The project's execution agency is NHA. The construction of the Islamic republic of Pakistan spoke during the Special Session: No #13 project will significantly enhance the potential for increased inter- Security Outlook 2025 and Future of Defense Production saying become possible to overcome the energy woes of the country. national trade between the neighboring countries and the central that 'Pakistan is currently passing through a very decisive moment Sources said the PM is also actively pursuing Clean Affordable Reliable Energy (CARE) pro- Asian developing countries. and if it would not be wrong to say that we are fighting the war of gramme, which will add 2,600 MW of power to the existing system, which currently has a genera- ECNEC considered and approved Green Line Bus Rapid Transit survival. The threats to our security are multidimensional and tion capacity of 21,000 MW. System from Municipal Park Saddar to KESC power House very complex. During the meeting, the premier was told that after their completion, CARE programme, Chowrangi Surjani, Karachi at a total cost of Rs. 16085.10 mil- The traditional threat from India is still very much alive and the Nandipur, Guddu and Quaid-e-Azam Solar Park power projects will add 28% additional power to lion. recent aggressive posture from the hardliner Indian government the national grid and load shedding will reduce significantly. The project by Ministry of Communication, envisages construc- should be a great concern for our security. But the imminent and The CCE was told that negotiations were underway with Chinese investors to set up coal-based tion of 17.80 km long 2-lane dedicated signal free Bus Rapid greatest challenge we face today is the terrorism that has serious- power plants in the country. The meeting was further informed that Chinese leadership had con- Transit system at Karachi. JICA has conducted a detailed feasibil- ly jeopardize the internal security. veyed the importance of completion of power projects by 2017. ity of the project and this corridor, after completion, shall benefit This has multiple dimensions, both internal and external. The The prime minister advised to take up the issues of power projects with Chinese counterpart very 400,000 passengers per day. Finance Minister, Ishaq Dar said, the menace of terrorism has caused a huge loss to not only precious carefully. He emphasised that every effort must be made not to disappoint the Chinese, whose project was a gift from the Prime Minister to the people of lives of Pakistani people but also in terms of socio-economic loss- biggest concern was the security of their manpower in Pakistan. Karachi as it was being undertaken on his initiative. es as well therefore, the first and foremost priority of government The PM also categorically directed to complete energy projects on fast track basis by overcoming The proposal by Ministry of Defense for procurement of six is to neutralize this threat'. all impediments.-Agencies Maritime Patrol Vessels (MPVs) for Pakistan Maritime security The chief minister concluded his address by saying that current- No #14 Continued from page 12 Agency at Karachi ship yard & Engineering Works/ foreign ly the problems Pakistan is facing are rigorous but I am very opti- "Also anyone who blows whistle against corruption/fraud will be eligible for a financial reward builders Shipyard with the total cost of Rs.13871 million was also mistic about the future of this great nation. He added 'Pakistan has given the claim is successful as well as the money is recovered. They will be allowed to take home approved by ECNEC with the condition that the boats will be pro- come a long way since its independence. What we have achieved, about as much as 25 percent of the retrieval," Khattak announced speaking to media here. cured on concessional credit with prior approval of terms and con- despite formidable internal and external challenges, is a testimo- Khattak also opposed construction of Kalabagh Dam, saying that if the proponent of the dam con- ditions of loan by the Ministry of Finance. ny to the enormous strength and resilience of our people'. vinced him about its utility he would convince the opponent of the dam. -NNI Another proposal by Ministry of Railways for the Special Dr. Maria Sultan, DG SASSI, also gave the welcome address in Repair of 100 diesel Electric Locomotives (DELs) was approved the inauguration session saying that, "The rapid development No #15 Continued from page 12 by ECNEC which will cost Rs. 4967 million. After repairs the trends of globalization, including increased trade relations As soon as it is launched its wings appear and dodging the hurdles in its way it hits the target with locomotives would further improve freight and passenger service between countries and regions, have essentially reconfigured the 250 kg explosive material. It has a range of 80 to 100 kilometers. of Pakistan Railways. NNI defense industrial sector with international collaborative linkages Saudi defence delegation takes keen interest in Takbir and other defence products like drones, Al- No #6 Continued from page 1 edging out erstwhile stand alone national defense industries. Khalid tank and F-17 jet fighters. Saudi delegation also calls on Army Chief Gen. Sharif at side line The emergence of new consumer market and industrial produc- He was then made chief justice of Peshawar High Court in April of Ideas 2014 expo in Karachi.-Online tion capabilities, and facilities, has ushered in a new era necessi- 2000, two years after which he was appointed to the Supreme tating the creation of sustainable joint collaborative projects and No #16 Continued from page 12 Court. meeting the ever dynamic need of the Defense section with that peace in neighborhood is important for development. However, there is no immediate break Addressing the media following the meeting, Rafiq Rajwana - changing land scope of National security." through expected in resumption of bilateral dialogue with India. head of the Parliamentary Committee on the Appointment of The conference was divided into three sessions. The first one She said Pakistan acted in good faith and Prime Minister Nawaz Sharif accepted invitation from Chief Election Commissioner-said that all parties had been con- was titled National Security: Terrorism and Counter Terrorism India to attend oath taking ceremony of Indian Prime Minister Narendra Modi. sulted by Shah and lengthy discussions were held with the prime Challenges and was chaired by Lt.Gen Sikander Afzal, The sec- The Spokesperson said relations between Pakistan and Afghanistan is broadening and deepening minister. ond one was Land Forces: Smart Defence in Warfare, and the after the installation of the new Government in Afghanistan. She reiterated that Pakistan wants sta- He went on to say that Justice (retd) Raza had been elected in third session was titled Security Outlook 2025 and Future of bility, peace and prosperity in Afghanistan. accordance with the Constitution and as per Article 218. Defense production, Pakistan. She refuted reports that Pakistan is interfering in Afghanistan's internal affairs and hopes that other "It is the responsibility of the Election Commission of Pakistan Lt. Gen Mohammad Ahsan Mahmood, Chairman Pakistan countries would do the same. (ECP) to hold transparent elections so that no blame can be attrib- Ordinance Factories Board, POF also gave a commendable Answering a question, she said Pakistan is practicing the policy of non-interference in Afghanistan uted to the ECP," he added. speech and said; "Pakistan's defence industry is diverse and is and expected that everyone else will practice non-interference. When questioned about the absence of Pakistan Tehreek-e-Insaf developed by Government funding, which is acting like a force She said the statements of Afghan leadership are very encouraging saying that they will not allow members during today's meeting, Rajwana said that "as per behind the forces for Pakistan."-Agencies Afghan territory to be used against any neighbor and will also not allow proxy war on its territory. Article 213, if anyone is absent from the meeting or if there is a Speaking about the possible visit by US President Barrack Obama later on this month, Aslam said vacancy in the committee, it will have no impact on the decision No #10 Continued from page 12 that as of yet, Obama is not scheduled to visit Pakistan after his trip to India. being made." Further, President Mamnoon Hussain approved the to police officers and Jawans for their sacrifices, said a handout She confirmed that few suspects have been taken into custody on the suspicion of walk chalking nomination of Justice (retd) Sardar Raza for the position of chief issued from the Police Department here on Thursday. for Islamic State (IS) group in Multan and other parts of the country. She said that the suspects are election commissioner. The IGP told the Army Chief that for the first time the Sindh not from IS and investigations are underway.-Agencies 12 Friday, December 5, 2014

Pak had no hand in 'self created' TTP: Former President Musharraf speaks for Army's constitutional role KARACHI: Former President and ance there was", he said. the Afghan Taliban regime, in power Chief of Army Staff General "Tensions on Western border and from 1996 until 2001 when the US- (Retired) Pervez Musharraf has said in Baluchistan are not new. The con- led invasion resulted in its overthrow. that the army should play its consti- spiracies to destabilize Pakistan have "The world looked at us negative- tutional role in Pakistan. continued ever since this country ly because of this," the military ruler "No matter what happens in came into being. Attempts to pro- said, explaining that in 2000 then US Pakistan, the system should not be mote chaos in Pakistan from western president Bill Clinton came to KARACHI: Chief of the Army Staff, General Raheel Sharif viewing the modern weapons displayed during 8th International derailed", said Musharraf. He said, border started during '50s and '60s", Pakistan to reprimand him for his Defense Exhibition and Seminar IDEAS-2014 Pakistan Arms for Peace at Expo Center.-APP "People discuss dictatorship and said Pervez Musharraf. recognition of the Taliban. democracy despite being completely Former president Pervez "I told him my thinking is differ- Info Minister, Governor Sindh attend Defence Conference ignorant of what both actually are". Musharraf refuted allegations that ent. I think our strategy ought to be Addressing the Youth Parliament Pakistan created the Tehreek-e- we all recognize Taliban and open Thursday, Pervez Musharraf said that Taliban Pakistan, saying, "The our missions in Afghanistan and then Pakistan had enormous level of tal- Taliban is not our creation. It was try to moderate them from within," Forces determined to ent, resources and abilities but no self-created from within the Musharraf recalled. government ever worked for Afghanistan environment." He added in hindsight he was cor- improvement of Pakistan's economy The former military dictator was rect in his stance, claiming if there and development. "I feel proud say- addressing the Youth Parliament in were missions from around the world ing that only army-men have worked Karachi on Thursday. in Afghanistan, the Afghan govern- root out terror: COAS for improving Pakistan's economy", He alleged that the Soviet Invasion ment would have taken steps. Musharraf said. of Afghanistan in 1979 changed the "But because none of this hap- Says resolution of Kashmir, Palestine disputes vital for peace Musharraf said that Pakistan was political climate worldwide and three pened, the events led to 9/11." faced with many challenges. blunders were created by the United Moving on to the third blunder and KARACHI: Chief or Army Staff thirty five years and increasing "Pakistan should attain a respectable States who also left the area. post-9/11, the former president said General Raheel Sharif has said the poverty and joblessness are big chal- position in the global community by "The US left without rehabilitating the invasion of US-led Nato forces in army had clear objective of rooting COAS visits lenges. He further said that Pakistani improving its economy on its own. the 25,000 Afghan mujahideen who Afghanistan pushed militants to out terrorism from the country and nation is very brave and we have to We do not need anyone's help. We came here, which led to the forma- mountainous areas neighbouring no one should doubt this intent. Police Camp work for the protection of our vision. first have to improve our economy. tion of al Qaeda," he claimed. Afghanistan. "Terrorists are a threat of not only Earlier, General Raheel Sharif Nothing will work if the economy Claiming that 1990 onward, war- "A vacuum was created in to Pakistan but also the whole of the arrived at the Expo Center and visit- doesn't improve", he said. lords emerged, freedom fights started Afghanistan which had to be over- world peace," he said. at IDEAS ed different stalls in the defence Former president said that no gov- and the Taliban were created in 1996, come by changing military victory He was addressing at the defence exhibition where he was briefed over ernment, president or prime minister the former president alleged it was into a political victory," he said, exhibition IDEAS-2014 at Expo KARACHI: Chief of Army Staff sophisticated arms made by Pakistan could work well without proper because of the mujahideen left explaining an ethnically balanced Centre in Karachi on Thursday. He (COAS) Gen Raheel Sharif along and other countries. check and balance. "I had made behind. government representing Pakhtuns said that it was imperative to resolve with Corps Commander Karachi The four-day exhibition, which National Security Council to keep a "The second blunder was the was needed. the issue of Kashmir and Palestine. Lt.-Gen. Naveed Mukhtar and IG showcased tanks, aircraft, APCs, check on the use of Article 58-2(B). I West's refusal to recognise Taliban." "But because this did not happen, "The resolution of Kashmir and Police Sindh Ghulam Haider ammunition, ship building and com- did not need National Security "We were the only ones who recog- the Taliban started reviving in 2003." Palestine issues is inevitable for sta- Jamali paid a visit to the camp of munications related equipments of Council but I wanted to have check nised the Taliban, Saudi Arabia and Discussing the effects of the bility and a durable peace in the the SSU Unit and Elite 333 defence companies, will con- and balance. However, 18th amend- UAE later backed out," he said, revival of Taliban, region," he said. He said that the Commandos of the Sindh Police. clude today. ment ended whatever check and bal- referring to Pakistan's recognition of See # 8 Page 11 defence needs are being changed The COAS praised the ongoing US Ambassador Richard Olson with the passage of time. police action against terrorists and also arrived in the exhibition and vis- criminal elements and paid tribute Army Chief said Pakistan is con- ited various stalls. See # 10 Page 11 fronting many disputes for the last See # 9 Page 11 Cement sector posts Khattak vows KP LB growth despite issues polls in April Munawar Naqvi including electricity and shortage of gas PESHAWAR: Pakistan etc. while it faces accusations of tax Tehreek-e-Insaf-led Khyber ISLAMABAD: The cement sector has evasion etc. whereas it is the only Pakhtunkhwa government on urged the federal government to address industry which offered the Federal Thursday announced to hold the issues impeding the actual growth Board of Revenue and Ministry of local bodies election in the potential of the cement industry which Industries to place supervised clearance province in April, taking a lead is still performing well in view of over- system of cement dispatches. over Punjab and Sindh all turmoil in the economy, a The spokesman said that in this chal- provinces where Pakistan spokesman for APCMA said in a state- lenging environment the cement sector Muslim League-Nawaz (PML- ment issued here Thursday. continues to perform well as during the N) and Pakistan People Party He said with a growth of 9.39% in first five months of current fiscal year, a (PPP) are in power. sales over same period of last year the growth of 9.39 percent in domestic Chief Minister Khyber cement sector continues to struggle sales was recorded compared with same Pakhtunkhwa, Pervez Kattak against ever increasing input costs See # 11 Page 11 announced that the provincial government had completed arrangements for holding local Kabul seeks support bodies elections in the province and had already conveyed the same to the Election in London Conference Commission of Pakistan. See # 14 Page 11 KABUL: Afghan President reviewed and discussed at the two-day Mohammad Ashraf Ghani headed his conference attended by some 70 coun- country's high ranking delegation and tries and international agencies. Pak-made attended the London Conference on The London conference is an opportu- Afghanistan opened on Thursday to nity for the Afghan government to set smart bomb seek the support of the international out its commitment to bringing about community for its economy and nation- reforms, ensuring good governance and grabs attention al security forces. the vision to the Transformation Decade The general situation in Afghanistan through 2024 beginning from 2015 as KARACHI: Pakistan-made including the achievements over the the NATO-led forces will complete smart bomb Takbir has past decade and its future and the chal- their pullout by the end of 2014. grabbed the attention of visi- lenges ahead are the main topics See # 12 Page 11 tors at the IDEAS 2014 at the Expo Centre Karachi. Pakistan Air Force's Zubair Iqbal Malik said the bomb had Plans to add 2.6kMW the capacity to hit accurately its target within only seven seconds. It can be launched to grid before summer from a fighter aircraft. ISLAMABAD: As Imran Khan's Water and Power said Cabinet See # 15 Page 11 Pakistan Tehreek-e-Insaf continues to Committee on Energy (CCE), in its ramp up pressure, Pakistan Muslim November 21 meeting held under the Onus on India League (PML-N) -led government has chairmanship of the PM, gave the nod decided to add 2,600 megawatt (MW) of to gas-based projects for adding 2,600 to resume electricity to the national grid through MW of energy to the system by April gas-based power projects to placate the 15, 2015. public before the next summer. According to sources, the prime min- talks: FO The power load-shedding and high ister was informed that the additional ISLAMABAD: Pakistan has electricity prices have been a major 2,600 MW electricity will be produced said onus is now on India to concern for the masses, which are still through 325mmcfd LNG allocations, take initiative to resume com- facing worst power crisis despite on-site power generation through raw posite dialogue between the decrease in demand due to diversion of gas and short-term LNG power projects. two countries. gas from power plants to powerful lob- It was also decided that the excess LNG The Foreign Office bies of the textile industry. would be given to the CNG industry. Spokesperson Tasnim Aslam in Under the agreements, the textile It was also proposed that 3,600 MW her weekly news briefing here units are supposed to get gas for nine be generated by use of 600mmcfd LNG on Thursday said India unilat- months but now they are getting gas as permanent solution. Under this pro- erally cancelled scheduled supply for the entire year due to the gramme, six power plants with capacity Foreign Secretaries level talks intervention of Prime Minister Nawaz of 600MW each will be installed. After without any valid reason. Sharif. completion of the programme, it will She said Pakistan believes However, sources in Ministry of See # 13 Page 11 See # 16 Page 11 Printed & Published by Shakil Haider Jafri at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.