Economica weekly publication of TheLetter Institute of Bankers Pakistan*
Page No. 01 Volume 14, Issue No. 12 | Date: March 22, 2019
A Company Set Up Under Section 42 of the Companies Act, 2017
MARKETS AT A GLANCE PAKISTAN OVERVIEW Rates are taken till Friday 5:00 pm Investment in Human Capital is Must The Asian Development Bank Deploys INTERNATIONAL VISTA Asia, Africa and Europe, but critics warn that it mainly benefits MANAGEMENT OUTLOOK If you cannot draw such a hard line, set some boundaries Finance Minister Asad Umar said recently that investment in New Financing Instrument for Development Chinese firms while setting up a “debt trap” in more financially while thinking about which aspects of the friendship you human capital was very imperative and central to development The Asian Development Bank (ADB) has approved $9 mn in vulnerable countries. would like to preserve. For example, if you regularly give of the country. Speaking at the Human Capital Summit, the Project Readiness Financing (PRF) to support the preparation When You Make a Mistake, Be Quick to Admit It your friend advice, pick one or two issues you are willing to Largest Hosiery Producer Goes Public minister said that investing in education and human capital was The Most Costly Cities to Live In Admitting that you have made a mistake can be a hit to your Interloop Limited (INLO), the first public offer of shares for the current year, managed KIBOR (6 MONTHS) and design of urban sector projects in Khyber Pakhtunkhwa, Paris and Hong Kong for the first time joined Singapore as EU-US Trade Stand-off Heats Up help with, and let them handle the rest on their own. It will actually investing in economy as it yields high dividends. The ego. But arguing with or blaming others (or trying to dodge by to raise Rs. 5.025 bn in the book building process held for two days (March 13 & which will support the government in accelerating the the world’s most expensive cities to live in, a study The European Parliament recently failed to back trade talks take time to find a balance. Stay strong and stick to your government was fully committed to work in this direction, he saying something vague like “Mistakes were made...”) will 14), making it the largest private sector Initial Public Offering (IPO) of the country. Bid% offer% delivery of infrastructure in the province, according to a revealed recently, with utilities and transport driving up the between the EU and the US as President Trump warned of boundaries. added. The minister said that there was need for going beyond only make things worse. It is much better to take responsibility The company, billed as the largest hosiery producer in Pakistan, has set out to press release issued recently. This is the first project cost of living. Zurich, Geneva and Japan’s Osaka trailed severe consequences if Europe failed to deliver. Pursuing a 10.58 10.83 monetary statistics when dealing with human development approved under PRF in the region, which is part of a new limited trade deal was the central part of a truce agreed in for the situation so that you can clear the air and move on. (Adapted from What to Do When a Work Friendship raise fresh capital of Rs. 4.905 bn, representing 12.5pc stake in the company. The STARTING closely, with emerging market cities like Istanbul and and poverty alleviation, adding that over the years, success had set of financing instruments approved by the ADB’s board July when Trump and European Commission President Swallow your pride and simply say “I was wrong,” offering a Becomes Emotionally Draining by Amy Gallo-HBR.) company, founded in 1992, has risen to become one of the world’s largest 10.65 10.90 been made in terms of poverty reduction and developing Moscow plummeting down the ranking due to high inflation
ENDING of directors to help deliver projects in a more responsive Jean-Claude Juncker pledged no new tariffs following those brief explanation without making excuses. If your error had a hosiery manufacturers with an annual turnover in excess of Rs. 30 bn. The company’s human capital as indicators were better today as compared to and currency depreciation, said the Economist Intelligence manner. As per the details shared, the PRF features simplified on steel and aluminum. That announcement allowed the negative effect on others, acknowledge it. Really listen to Managers, How Do You Open Up operation extends beyond Pakistan’s boundaries and has established a production +0.07 +0.07 20 years back. He said that Pakistan would be using multi- Unit’s bi-annual survey of 133 cities. Political turmoil in
CHANGE documentation and supports project preparation and two sides to reduce tensions at a time when Trump their reactions, do not get defensive or interrupt. Then explain facility in Bangladesh. It ranks as the Pakistan’s seventh largest exporter and dimensional approach for measuring poverty and help alleviate it. Venezuela plummeted Caracas to the bottom of the ranking, to Your Team Without Over-sharing? what you’re doing to remedy the mistake, including its generates approximately 90pc of its revenue through exports supplying yarns, engineering design activities, reducing both overall time followed by Damascus, Syria, with Karachi, Pakistan, threatened to impose steep duties on European automobiles It is generally a good thing when employees feel a personal substantive impacts (money, time, processes) and relational hosiery and apparel items to some of the world’s leading brands including Nike, FOREIGN EXCHANGE RATES and cost to borrowers. Buenos Aires, Argentina, and New Delhi also featuring — a threat he has renewed in recent weeks. MEPs meeting connection to their boss. But when leaders share too much Clearance of Food Shipments Ordered impacts (feelings, reputation, trust). Be open to feedback Puma, Reebok, H&M’s and Levi’s. The Ministry of Commerce announced recently that the among the 10 cheapest cities. But a city’s drop in the index in the eastern French city of Strasbourg failed to pass an of their thoughts and feelings, they can undermine their about what you’re doing. And tell those affected by your error GBP(£) EURO(€) USD($) shipments of food products in the pipeline will be cleared Thar Coal Power Plant Becomes Operative does not necessarily mean life automatically gets cheaper approval of an EU mandate, after a rebellion by lawmakers authority. (Imagine a manager saying, “I’m scared, and Engro Powergen Thar Limited's (EPTL) lignite coal power changed the wording of the text. what you have learned about yourself (“I realize I sometimes don’t know what to do.”) A good rule of thumb is to open FBR Defines Benami Transactions without the requirements of labelling in Urdu. This order for people living there, as prices adjust to inflation often PKR 184.00 PKR 157.70 PKR 139.40 plant in Thar has started pumping 330MW of electricity ignore people I don’t see eye-to-eye with”) and what you are up when you think it will be helpful to others. Evaluate a
The Federal Board of Revenue (FBR) defines a benami property as one which is a STARTING came in the wake of demands from many importers who quicker than wages, said Gunes Cansiz of the World generated by domestic coal into the national grid. The first Malaysia Opts for Dwarf Palm Oil Trees going to do differently in the future. personal comment by considering how you would feel if subject matter of benami transaction and includes proceeds from such a property. PKR 184.00 PKR 158.30 PKR 139.10 were facing problems in getting their shipments cleared Resources Institute (WRI), a think tank. An official statement issued by the FBR spokesperson said that a benami transaction ENDING after issuance of SRO237 on Feb 19 making it mandatory for of two 330 MW units of the 660 MW project located in Thar Palm oil has become a key ingredient in everyday goods your boss said it to you. If you would be thankful to hear it, Block II was tested and energized recently, a press release from biofuels to chocolate, leading to a production boom in (Adapted from What to Do When You Realize You’ve Made a chances are your team will feel the same. If not, err on the encompasses where a property is transferred to, or held by, a person and the 0 +0.6 -0.3 food products to have halal certification and labelling in Pak Airspace Ban Costs Air India Dearly
CHANGE Mistake by Deborah Grayson Riegel-HBR.) consideration for such property has been provided, or paid by, another person Urdu. The ministry said under paragraph 4 of the Import issued by the company stated. EPTL CEO Ahsan Zafar Syed The airspace ban over Pakistan which began last month is the world’s top two growers, Indonesia and Malaysia. Now side of caution. For example, telling employees you are in (the trustees and wife, children, brother or sister to whom property has been Policy Order (IPO) 2016 “...an amending order/SRO will not told that the company is running the plant on 100pc local costing Air India dearly, according to informed sources. As the Malaysian Palm Oil Board hopes an initiative to breed a bad mood because you are having a lousy day is probably transferred from known resources will be excluded). Furthermore, a transaction PAKISTAN STOCK EXCHANGE operate against the imports where bill of lading or letter of coal. The second 330MW unit will be connected to the a result of longer flights, which have had to become smaller trees could go some way to improving industry If A Work Friendship Becomes fine; telling them you are in a bad mood because you disagree or arrangement in respect of a property carried out or made in a fictitious name; credit is issued before the issuance of such an order/SRO.” national grid in April, he added. Together, the mining and one-stop operations, the airline has bled more than Indian woes. The dwarf trees, which are about 30pc smaller than Draining, Protect Your Time and Energy with a decision by senior management probably is not. power projects managed by Engro are expected to rack up regular ones and have shorter fronds, are the fruit of a Having friends at work can make you happier and more Opening up is also useful when it helps your team feel less or an arrangement in respect of a property where its owner is not aware of, or 100 Index In view of this, the ministry directed the Customs authorities rupees 60 crore so far. And that number is going up every productive. But those friendships can become draining if denies knowledge of such ownership; or a transaction in respect of a property to facilitate the clearance of shipments which qualify under a total of $1.6 bn in foreign exchange savings a year since day - potentially disastrous news for the cash-strapped airline decades-long research program by the Palm Oil Board, isolated: if you sense people are anxious about a project, they take up too much of your time and energy. What do where the person providing the consideration is not traceable or is fictitious. The 38,306 the existing import policy order. power will be produced using indigenous coal, the press which is surviving on government bailouts. “Air India flights which is a government agency. Their small size makes it acknowledge that you are feeling the same stress, and STARTING you do if that happens? Do not abruptly cut the person off. potential types of benami properties include plots, houses, shopping plazas, release stated. travelling west can no longer fly through Pakistani airspace easier and quicker for the bunches of red berries from thank them for their hard work. 38,531 which the oil is extracted to be collected, and means fewer Instead, make small changes to shift the relationship’s shops, housing schemes, bank accounts, vehicles, business shares, jewellery, ENDING and need to swing south across Gujarat and then cut across 650 Non-Profit Organizations Rounded Up dynamic. Try to tone down the intensity of your interactions foreign currency, legal documents and intangible properties having financial value. The Securities and Exchange Commission of Pakistan (SECP) the Arabian sea to reach their destinations in Europe and workers are needed for harvesting. The plan may help (Adapted from How Leaders Can Open Up to Their Teams +225 address the problem of land scarcity for cultivation caused and spend less time together. If you usually talk in person, Without Oversharing by Liz Fosslien and Mollie West CHANGE has so far rounded up around 650 active non-profit organizations North America. The most problematic flights for Air India by voracious growth of plantations. In Malaysia alone, palm switch to phone calls; if you chat on the phone, switch to Duffy-HBR.) Pakistan, Malaysia May Sign Various MoUs, Business Deals (NPOs) under an anti-money laundering (AML) and counter are flights between India and the US East coast - Washington, oil plantations already cover some 5.8 mn hectares (14.3 email. And emphasize your professional relationship by Pakistan and Malaysia are expected to sign memoranda of understanding (MoUs) GOLD RATE terror financing (CTF) drive. This was stated by SECP’s Additional New York, Newark and also Chicago.” keeping the conversation focused on work whenever possible. and business deals on the eve of Prime Minister Mahathir Mohamad’s visit to the Registrar Waseem Ahmad Khan at a seminar organized by mn acres). As part of the breeding program, the dwarf trees have been planted in several areas, including on an country who will be the guest of honour on Pakistan Day’s parade on March 23. (10 gm) Karachi Tax Bar Association (KTBA) here recently. Most of Italy, China Agree to Cooperate estate in Bukit Lawiang in southern Johor state. The dwarf Diplomatic sources told that Prime Minister Mahathir Mohamad will visit Pakistan the charitable donations in Pakistan are routed informally Under Belt and Road Initiative from March 22-23 along with a high-level delegation including cabinet ministers, PKR 59,414 that render the exercise prone to terror financing and Chinese President Xi Jinping will travel to Italy, Monaco and trees there are about 5 meters (16 feet) tall, compared to STARTING businessmen and investors. They said that the two sides are expected to sign money laundering, he said. Khan said that under Financial France this week, the foreign ministry said, with Rome an average of about 7.5 meters for conventional trees in PKR 59,928 the area. various MoUs and business deals aimed at deepening economic cooperation ENDING Action Task Force (FATF) mandate, SECP and State Bank of expected to join his global trade infrastructure program between the two countries and providing investment opportunities to Malaysian Pakistan have assumed greater responsibility in combating despite reservations in other European countries. Beijing has +514 companies in different sectors. The two sides are also likely to announce coopera- CHANGE money laundering and terror financing. financed infrastructure, maritime, rail and road projects in tion in eradicating corruption and strengthening institutions. *An ISO 9001 : 2015 Certified Company Economica weekly publication of TheLetter Institute of Bankers Pakistan
Page No. 02 Volume 14, Issue No. 12 | Date: March 22, 2019
A Company Set Up Under Section 42 of the Companies Act, 2017
PAKISTAN OVERVIEW Investment in Human Capital is Must The Asian Development Bank Deploys INTERNATIONAL VISTA Asia, Africa and Europe, but critics warn that it mainly benefits MANAGEMENT OUTLOOK If you cannot draw such a hard line, set some boundaries Finance Minister Asad Umar said recently that investment in New Financing Instrument for Development Chinese firms while setting up a “debt trap” in more financially while thinking about which aspects of the friendship you human capital was very imperative and central to development The Asian Development Bank (ADB) has approved $9 mn in vulnerable countries. would like to preserve. For example, if you regularly give of the country. Speaking at the Human Capital Summit, the Project Readiness Financing (PRF) to support the preparation When You Make a Mistake, Be Quick to Admit It your friend advice, pick one or two issues you are willing to Largest Hosiery Producer Goes Public minister said that investing in education and human capital was The Most Costly Cities to Live In Admitting that you have made a mistake can be a hit to your Interloop Limited (INLO), the first public offer of shares for the current year, managed and design of urban sector projects in Khyber Pakhtunkhwa, Paris and Hong Kong for the first time joined Singapore as EU-US Trade Stand-off Heats Up help with, and let them handle the rest on their own. It will actually investing in economy as it yields high dividends. The ego. But arguing with or blaming others (or trying to dodge by to raise Rs. 5.025 bn in the book building process held for two days (March 13 & which will support the government in accelerating the the world’s most expensive cities to live in, a study The European Parliament recently failed to back trade talks take time to find a balance. Stay strong and stick to your government was fully committed to work in this direction, he saying something vague like “Mistakes were made...”) will 14), making it the largest private sector Initial Public Offering (IPO) of the country. delivery of infrastructure in the province, according to a revealed recently, with utilities and transport driving up the between the EU and the US as President Trump warned of boundaries. added. The minister said that there was need for going beyond only make things worse. It is much better to take responsibility The company, billed as the largest hosiery producer in Pakistan, has set out to press release issued recently. This is the first project cost of living. Zurich, Geneva and Japan’s Osaka trailed severe consequences if Europe failed to deliver. Pursuing a monetary statistics when dealing with human development for the situation so that you can clear the air and move on. raise fresh capital of Rs. 4.905 bn, representing 12.5pc stake in the company. The approved under PRF in the region, which is part of a new closely, with emerging market cities like Istanbul and limited trade deal was the central part of a truce agreed in (Adapted from What to Do When a Work Friendship and poverty alleviation, adding that over the years, success had set of financing instruments approved by the ADB’s board July when Trump and European Commission President Swallow your pride and simply say “I was wrong,” offering a Becomes Emotionally Draining by Amy Gallo-HBR.) company, founded in 1992, has risen to become one of the world’s largest been made in terms of poverty reduction and developing Moscow plummeting down the ranking due to high inflation of directors to help deliver projects in a more responsive Jean-Claude Juncker pledged no new tariffs following those brief explanation without making excuses. If your error had a hosiery manufacturers with an annual turnover in excess of Rs. 30 bn. The company’s human capital as indicators were better today as compared to and currency depreciation, said the Economist Intelligence manner. As per the details shared, the PRF features simplified on steel and aluminum. That announcement allowed the negative effect on others, acknowledge it. Really listen to operation extends beyond Pakistan’s boundaries and has established a production 20 years back. He said that Pakistan would be using multi- Unit’s bi-annual survey of 133 cities. Political turmoil in Managers, How Do You Open Up documentation and supports project preparation and two sides to reduce tensions at a time when Trump their reactions, do not get defensive or interrupt. Then explain facility in Bangladesh. It ranks as the Pakistan’s seventh largest exporter and dimensional approach for measuring poverty and help alleviate it. Venezuela plummeted Caracas to the bottom of the ranking, to Your Team Without Over-sharing? what you’re doing to remedy the mistake, including its generates approximately 90pc of its revenue through exports supplying yarns, engineering design activities, reducing both overall time followed by Damascus, Syria, with Karachi, Pakistan, threatened to impose steep duties on European automobiles It is generally a good thing when employees feel a personal substantive impacts (money, time, processes) and relational hosiery and apparel items to some of the world’s leading brands including Nike, and cost to borrowers. Buenos Aires, Argentina, and New Delhi also featuring — a threat he has renewed in recent weeks. MEPs meeting connection to their boss. But when leaders share too much Clearance of Food Shipments Ordered impacts (feelings, reputation, trust). Be open to feedback Puma, Reebok, H&M’s and Levi’s. The Ministry of Commerce announced recently that the among the 10 cheapest cities. But a city’s drop in the index in the eastern French city of Strasbourg failed to pass an of their thoughts and feelings, they can undermine their about what you’re doing. And tell those affected by your error shipments of food products in the pipeline will be cleared Thar Coal Power Plant Becomes Operative does not necessarily mean life automatically gets cheaper approval of an EU mandate, after a rebellion by lawmakers authority. (Imagine a manager saying, “I’m scared, and what you have learned about yourself (“I realize I sometimes without the requirements of labelling in Urdu. This order Engro Powergen Thar Limited's (EPTL) lignite coal power for people living there, as prices adjust to inflation often changed the wording of the text. don’t know what to do.”) A good rule of thumb is to open FBR Defines Benami Transactions ignore people I don’t see eye-to-eye with”) and what you are The Federal Board of Revenue (FBR) defines a benami property as one which is a came in the wake of demands from many importers who plant in Thar has started pumping 330MW of electricity quicker than wages, said Gunes Cansiz of the World up when you think it will be helpful to others. Evaluate a going to do differently in the future. subject matter of benami transaction and includes proceeds from such a property. were facing problems in getting their shipments cleared generated by domestic coal into the national grid. The first Resources Institute (WRI), a think tank. Malaysia Opts for Dwarf Palm Oil Trees personal comment by considering how you would feel if An official statement issued by the FBR spokesperson said that a benami transaction after issuance of SRO237 on Feb 19 making it mandatory for of two 330 MW units of the 660 MW project located in Thar Palm oil has become a key ingredient in everyday goods your boss said it to you. If you would be thankful to hear it, (Adapted from What to Do When You Realize You’ve Made a encompasses where a property is transferred to, or held by, a person and the food products to have halal certification and labelling in Block II was tested and energized recently, a press release from biofuels to chocolate, leading to a production boom in chances are your team will feel the same. If not, err on the Pak Airspace Ban Costs Air India Dearly Mistake by Deborah Grayson Riegel-HBR.) consideration for such property has been provided, or paid by, another person Urdu. The ministry said under paragraph 4 of the Import issued by the company stated. EPTL CEO Ahsan Zafar Syed The airspace ban over Pakistan which began last month is the world’s top two growers, Indonesia and Malaysia. Now side of caution. For example, telling employees you are in (the trustees and wife, children, brother or sister to whom property has been Policy Order (IPO) 2016 “...an amending order/SRO will not told that the company is running the plant on 100pc local costing Air India dearly, according to informed sources. As the Malaysian Palm Oil Board hopes an initiative to breed a bad mood because you are having a lousy day is probably transferred from known resources will be excluded). Furthermore, a transaction operate against the imports where bill of lading or letter of coal. The second 330MW unit will be connected to the a result of longer flights, which have had to become smaller trees could go some way to improving industry If A Work Friendship Becomes fine; telling them you are in a bad mood because you disagree or arrangement in respect of a property carried out or made in a fictitious name; credit is issued before the issuance of such an order/SRO.” national grid in April, he added. Together, the mining and one-stop operations, the airline has bled more than Indian woes. The dwarf trees, which are about 30pc smaller than Draining, Protect Your Time and Energy with a decision by senior management probably is not. Having friends at work can make you happier and more or an arrangement in respect of a property where its owner is not aware of, or In view of this, the ministry directed the Customs authorities power projects managed by Engro are expected to rack up rupees 60 crore so far. And that number is going up every regular ones and have shorter fronds, are the fruit of a Opening up is also useful when it helps your team feel less productive. But those friendships can become draining if denies knowledge of such ownership; or a transaction in respect of a property to facilitate the clearance of shipments which qualify under a total of $1.6 bn in foreign exchange savings a year since day - potentially disastrous news for the cash-strapped airline decades-long research program by the Palm Oil Board, isolated: if you sense people are anxious about a project, they take up too much of your time and energy. What do where the person providing the consideration is not traceable or is fictitious. The the existing import policy order. power will be produced using indigenous coal, the press which is surviving on government bailouts. “Air India flights which is a government agency. Their small size makes it acknowledge that you are feeling the same stress, and you do if that happens? Do not abruptly cut the person off. potential types of benami properties include plots, houses, shopping plazas, release stated. travelling west can no longer fly through Pakistani airspace easier and quicker for the bunches of red berries from thank them for their hard work. Instead, make small changes to shift the relationship’s shops, housing schemes, bank accounts, vehicles, business shares, jewellery, and need to swing south across Gujarat and then cut across which the oil is extracted to be collected, and means fewer 650 Non-Profit Organizations Rounded Up dynamic. Try to tone down the intensity of your interactions foreign currency, legal documents and intangible properties having financial value. The Securities and Exchange Commission of Pakistan (SECP) the Arabian sea to reach their destinations in Europe and workers are needed for harvesting. The plan may help (Adapted from How Leaders Can Open Up to Their Teams and spend less time together. If you usually talk in person, has so far rounded up around 650 active non-profit organizations TIDBITS North America. The most problematic flights for Air India address the problem of land scarcity for cultivation caused Without Oversharing by Liz Fosslien and Mollie West switch to phone calls; if you chat on the phone, switch to (NPOs) under an anti-money laundering (AML) and counter are flights between India and the US East coast - Washington, by voracious growth of plantations. In Malaysia alone, palm Duffy-HBR.) Pakistan, Malaysia May Sign Various MoUs, Business Deals email. And emphasize your professional relationship by Pakistan and Malaysia are expected to sign memoranda of understanding (MoUs) terror financing (CTF) drive. This was stated by SECP’s Additional • Textile & Clothing exports increased by 2pc New York, Newark and also Chicago.” oil plantations already cover some 5.8 mn hectares (14.3 keeping the conversation focused on work whenever possible. and business deals on the eve of Prime Minister Mahathir Mohamad’s visit to the Registrar Waseem Ahmad Khan at a seminar organized by year-on-year to $8.9 bn in the first eight months of mn acres). As part of the breeding program, the dwarf trees have been planted in several areas, including on an country who will be the guest of honour on Pakistan Day’s parade on March 23. Karachi Tax Bar Association (KTBA) here recently. Most of the current fiscal year, according to the Pakistan Italy, China Agree to Cooperate estate in Bukit Lawiang in southern Johor state. The dwarf Diplomatic sources told that Prime Minister Mahathir Mohamad will visit Pakistan the charitable donations in Pakistan are routed informally Bureau of Statistics. Under Belt and Road Initiative from March 22-23 along with a high-level delegation including cabinet ministers, that render the exercise prone to terror financing and Chinese President Xi Jinping will travel to Italy, Monaco and trees there are about 5 meters (16 feet) tall, compared to businessmen and investors. They said that the two sides are expected to sign money laundering, he said. Khan said that under Financial • Foreign Direct Investment (FDI) amounted to France this week, the foreign ministry said, with Rome an average of about 7.5 meters for conventional trees in various MoUs and business deals aimed at deepening economic cooperation Action Task Force (FATF) mandate, SECP and State Bank of $168.8 mn in February on an annual basis, recent expected to join his global trade infrastructure program the area. between the two countries and providing investment opportunities to Malaysian Pakistan have assumed greater responsibility in combating data from SBP showed. despite reservations in other European countries. Beijing has companies in different sectors. The two sides are also likely to announce coopera- money laundering and terror financing. financed infrastructure, maritime, rail and road projects in tion in eradicating corruption and strengthening institutions. Economica weekly publication of TheLetter Institute of Bankers Pakistan
Page No. 03 Volume 14, Issue No. 12 | Date: March 22, 2019
A Company Set Up Under Section 42 of the Companies Act, 2017
PAKISTAN OVERVIEW Investment in Human Capital is Must The Asian Development Bank Deploys INTERNATIONAL VISTA Asia, Africa and Europe, but critics warn that it mainly benefits MANAGEMENT OUTLOOK If you cannot draw such a hard line, set some boundaries Finance Minister Asad Umar said recently that investment in New Financing Instrument for Development Chinese firms while setting up a “debt trap” in more financially while thinking about which aspects of the friendship you human capital was very imperative and central to development The Asian Development Bank (ADB) has approved $9 mn in vulnerable countries. would like to preserve. For example, if you regularly give of the country. Speaking at the Human Capital Summit, the Project Readiness Financing (PRF) to support the preparation When You Make a Mistake, Be Quick to Admit It your friend advice, pick one or two issues you are willing to Largest Hosiery Producer Goes Public minister said that investing in education and human capital was The Most Costly Cities to Live In Admitting that you have made a mistake can be a hit to your Interloop Limited (INLO), the first public offer of shares for the current year, managed and design of urban sector projects in Khyber Pakhtunkhwa, Paris and Hong Kong for the first time joined Singapore as EU-US Trade Stand-off Heats Up help with, and let them handle the rest on their own. It will actually investing in economy as it yields high dividends. The ego. But arguing with or blaming others (or trying to dodge by to raise Rs. 5.025 bn in the book building process held for two days (March 13 & which will support the government in accelerating the the world’s most expensive cities to live in, a study The European Parliament recently failed to back trade talks take time to find a balance. Stay strong and stick to your government was fully committed to work in this direction, he saying something vague like “Mistakes were made...”) will 14), making it the largest private sector Initial Public Offering (IPO) of the country. delivery of infrastructure in the province, according to a revealed recently, with utilities and transport driving up the between the EU and the US as President Trump warned of boundaries. added. The minister said that there was need for going beyond only make things worse. It is much better to take responsibility The company, billed as the largest hosiery producer in Pakistan, has set out to press release issued recently. This is the first project cost of living. Zurich, Geneva and Japan’s Osaka trailed severe consequences if Europe failed to deliver. Pursuing a monetary statistics when dealing with human development for the situation so that you can clear the air and move on. raise fresh capital of Rs. 4.905 bn, representing 12.5pc stake in the company. The approved under PRF in the region, which is part of a new closely, with emerging market cities like Istanbul and limited trade deal was the central part of a truce agreed in (Adapted from What to Do When a Work Friendship and poverty alleviation, adding that over the years, success had set of financing instruments approved by the ADB’s board July when Trump and European Commission President Swallow your pride and simply say “I was wrong,” offering a Becomes Emotionally Draining by Amy Gallo-HBR.) company, founded in 1992, has risen to become one of the world’s largest been made in terms of poverty reduction and developing Moscow plummeting down the ranking due to high inflation of directors to help deliver projects in a more responsive Jean-Claude Juncker pledged no new tariffs following those brief explanation without making excuses. If your error had a hosiery manufacturers with an annual turnover in excess of Rs. 30 bn. The company’s human capital as indicators were better today as compared to and currency depreciation, said the Economist Intelligence manner. As per the details shared, the PRF features simplified on steel and aluminum. That announcement allowed the negative effect on others, acknowledge it. Really listen to operation extends beyond Pakistan’s boundaries and has established a production 20 years back. He said that Pakistan would be using multi- Unit’s bi-annual survey of 133 cities. Political turmoil in Managers, How Do You Open Up documentation and supports project preparation and two sides to reduce tensions at a time when Trump their reactions, do not get defensive or interrupt. Then explain facility in Bangladesh. It ranks as the Pakistan’s seventh largest exporter and dimensional approach for measuring poverty and help alleviate it. Venezuela plummeted Caracas to the bottom of the ranking, to Your Team Without Over-sharing? what you’re doing to remedy the mistake, including its generates approximately 90pc of its revenue through exports supplying yarns, engineering design activities, reducing both overall time followed by Damascus, Syria, with Karachi, Pakistan, threatened to impose steep duties on European automobiles It is generally a good thing when employees feel a personal substantive impacts (money, time, processes) and relational hosiery and apparel items to some of the world’s leading brands including Nike, and cost to borrowers. Buenos Aires, Argentina, and New Delhi also featuring — a threat he has renewed in recent weeks. MEPs meeting connection to their boss. But when leaders share too much Clearance of Food Shipments Ordered impacts (feelings, reputation, trust). Be open to feedback Puma, Reebok, H&M’s and Levi’s. The Ministry of Commerce announced recently that the among the 10 cheapest cities. But a city’s drop in the index in the eastern French city of Strasbourg failed to pass an of their thoughts and feelings, they can undermine their about what you’re doing. And tell those affected by your error shipments of food products in the pipeline will be cleared Thar Coal Power Plant Becomes Operative does not necessarily mean life automatically gets cheaper approval of an EU mandate, after a rebellion by lawmakers authority. (Imagine a manager saying, “I’m scared, and what you have learned about yourself (“I realize I sometimes without the requirements of labelling in Urdu. This order Engro Powergen Thar Limited's (EPTL) lignite coal power for people living there, as prices adjust to inflation often changed the wording of the text. don’t know what to do.”) A good rule of thumb is to open FBR Defines Benami Transactions ignore people I don’t see eye-to-eye with”) and what you are The Federal Board of Revenue (FBR) defines a benami property as one which is a came in the wake of demands from many importers who plant in Thar has started pumping 330MW of electricity quicker than wages, said Gunes Cansiz of the World up when you think it will be helpful to others. Evaluate a going to do differently in the future. subject matter of benami transaction and includes proceeds from such a property. were facing problems in getting their shipments cleared generated by domestic coal into the national grid. The first Resources Institute (WRI), a think tank. Malaysia Opts for Dwarf Palm Oil Trees personal comment by considering how you would feel if An official statement issued by the FBR spokesperson said that a benami transaction after issuance of SRO237 on Feb 19 making it mandatory for of two 330 MW units of the 660 MW project located in Thar Palm oil has become a key ingredient in everyday goods your boss said it to you. If you would be thankful to hear it, (Adapted from What to Do When You Realize You’ve Made a encompasses where a property is transferred to, or held by, a person and the food products to have halal certification and labelling in Block II was tested and energized recently, a press release from biofuels to chocolate, leading to a production boom in chances are your team will feel the same. If not, err on the Pak Airspace Ban Costs Air India Dearly Mistake by Deborah Grayson Riegel-HBR.) consideration for such property has been provided, or paid by, another person Urdu. The ministry said under paragraph 4 of the Import issued by the company stated. EPTL CEO Ahsan Zafar Syed The airspace ban over Pakistan which began last month is the world’s top two growers, Indonesia and Malaysia. Now side of caution. For example, telling employees you are in (the trustees and wife, children, brother or sister to whom property has been Policy Order (IPO) 2016 “...an amending order/SRO will not told that the company is running the plant on 100pc local costing Air India dearly, according to informed sources. As the Malaysian Palm Oil Board hopes an initiative to breed a bad mood because you are having a lousy day is probably transferred from known resources will be excluded). Furthermore, a transaction operate against the imports where bill of lading or letter of coal. The second 330MW unit will be connected to the a result of longer flights, which have had to become smaller trees could go some way to improving industry If A Work Friendship Becomes fine; telling them you are in a bad mood because you disagree or arrangement in respect of a property carried out or made in a fictitious name; credit is issued before the issuance of such an order/SRO.” national grid in April, he added. Together, the mining and one-stop operations, the airline has bled more than Indian woes. The dwarf trees, which are about 30pc smaller than Draining, Protect Your Time and Energy with a decision by senior management probably is not. Having friends at work can make you happier and more or an arrangement in respect of a property where its owner is not aware of, or In view of this, the ministry directed the Customs authorities power projects managed by Engro are expected to rack up rupees 60 crore so far. And that number is going up every regular ones and have shorter fronds, are the fruit of a Opening up is also useful when it helps your team feel less productive. But those friendships can become draining if denies knowledge of such ownership; or a transaction in respect of a property to facilitate the clearance of shipments which qualify under a total of $1.6 bn in foreign exchange savings a year since day - potentially disastrous news for the cash-strapped airline decades-long research program by the Palm Oil Board, isolated: if you sense people are anxious about a project, they take up too much of your time and energy. What do where the person providing the consideration is not traceable or is fictitious. The the existing import policy order. power will be produced using indigenous coal, the press which is surviving on government bailouts. “Air India flights which is a government agency. Their small size makes it acknowledge that you are feeling the same stress, and you do if that happens? Do not abruptly cut the person off. potential types of benami properties include plots, houses, shopping plazas, release stated. travelling west can no longer fly through Pakistani airspace easier and quicker for the bunches of red berries from thank them for their hard work. Instead, make small changes to shift the relationship’s shops, housing schemes, bank accounts, vehicles, business shares, jewellery, and need to swing south across Gujarat and then cut across which the oil is extracted to be collected, and means fewer 650 Non-Profit Organizations Rounded Up dynamic. Try to tone down the intensity of your interactions foreign currency, legal documents and intangible properties having financial value. The Securities and Exchange Commission of Pakistan (SECP) the Arabian sea to reach their destinations in Europe and workers are needed for harvesting. The plan may help (Adapted from How Leaders Can Open Up to Their Teams and spend less time together. If you usually talk in person, has so far rounded up around 650 active non-profit organizations North America. The most problematic flights for Air India address the problem of land scarcity for cultivation caused Without Oversharing by Liz Fosslien and Mollie West switch to phone calls; if you chat on the phone, switch to (NPOs) under an anti-money laundering (AML) and counter are flights between India and the US East coast - Washington, by voracious growth of plantations. In Malaysia alone, palm Duffy-HBR.) Pakistan, Malaysia May Sign Various MoUs, Business Deals email. And emphasize your professional relationship by Pakistan and Malaysia are expected to sign memoranda of understanding (MoUs) terror financing (CTF) drive. This was stated by SECP’s Additional New York, Newark and also Chicago.” oil plantations already cover some 5.8 mn hectares (14.3 keeping the conversation focused on work whenever possible. and business deals on the eve of Prime Minister Mahathir Mohamad’s visit to the Registrar Waseem Ahmad Khan at a seminar organized by mn acres). As part of the breeding program, the dwarf trees have been planted in several areas, including on an country who will be the guest of honour on Pakistan Day’s parade on March 23. Karachi Tax Bar Association (KTBA) here recently. Most of Italy, China Agree to Cooperate estate in Bukit Lawiang in southern Johor state. The dwarf Diplomatic sources told that Prime Minister Mahathir Mohamad will visit Pakistan the charitable donations in Pakistan are routed informally Under Belt and Road Initiative from March 22-23 along with a high-level delegation including cabinet ministers, that render the exercise prone to terror financing and Chinese President Xi Jinping will travel to Italy, Monaco and trees there are about 5 meters (16 feet) tall, compared to businessmen and investors. They said that the two sides are expected to sign money laundering, he said. Khan said that under Financial France this week, the foreign ministry said, with Rome an average of about 7.5 meters for conventional trees in various MoUs and business deals aimed at deepening economic cooperation Action Task Force (FATF) mandate, SECP and State Bank of expected to join his global trade infrastructure program the area. between the two countries and providing investment opportunities to Malaysian Pakistan have assumed greater responsibility in combating despite reservations in other European countries. Beijing has companies in different sectors. The two sides are also likely to announce coopera- money laundering and terror financing. financed infrastructure, maritime, rail and road projects in tion in eradicating corruption and strengthening institutions. Economica weekly publication of TheLetter Institute of Bankers Pakistan
Page No. 04 Volume 14, Issue No. 12 | Date: March 22, 2019
A Company Set Up Under Section 42 of the Companies Act, 2017
PAKISTAN OVERVIEW Investment in Human Capital is Must The Asian Development Bank Deploys INTERNATIONAL VISTA Asia, Africa and Europe, but critics warn that it mainly benefits MANAGEMENT OUTLOOK If you cannot draw such a hard line, set some boundaries Finance Minister Asad Umar said recently that investment in New Financing Instrument for Development Chinese firms while setting up a “debt trap” in more financially while thinking about which aspects of the friendship you human capital was very imperative and central to development The Asian Development Bank (ADB) has approved $9 mn in vulnerable countries. would like to preserve. For example, if you regularly give of the country. Speaking at the Human Capital Summit, the Project Readiness Financing (PRF) to support the preparation When You Make a Mistake, Be Quick to Admit It your friend advice, pick one or two issues you are willing to Largest Hosiery Producer Goes Public minister said that investing in education and human capital was The Most Costly Cities to Live In Admitting that you have made a mistake can be a hit to your Interloop Limited (INLO), the first public offer of shares for the current year, managed and design of urban sector projects in Khyber Pakhtunkhwa, Paris and Hong Kong for the first time joined Singapore as EU-US Trade Stand-off Heats Up help with, and let them handle the rest on their own. It will actually investing in economy as it yields high dividends. The ego. But arguing with or blaming others (or trying to dodge by to raise Rs. 5.025 bn in the book building process held for two days (March 13 & which will support the government in accelerating the the world’s most expensive cities to live in, a study The European Parliament recently failed to back trade talks take time to find a balance. Stay strong and stick to your government was fully committed to work in this direction, he saying something vague like “Mistakes were made...”) will 14), making it the largest private sector Initial Public Offering (IPO) of the country. delivery of infrastructure in the province, according to a revealed recently, with utilities and transport driving up the between the EU and the US as President Trump warned of boundaries. added. The minister said that there was need for going beyond only make things worse. It is much better to take responsibility The company, billed as the largest hosiery producer in Pakistan, has set out to press release issued recently. This is the first project cost of living. Zurich, Geneva and Japan’s Osaka trailed severe consequences if Europe failed to deliver. Pursuing a monetary statistics when dealing with human development for the situation so that you can clear the air and move on. raise fresh capital of Rs. 4.905 bn, representing 12.5pc stake in the company. The approved under PRF in the region, which is part of a new closely, with emerging market cities like Istanbul and limited trade deal was the central part of a truce agreed in (Adapted from What to Do When a Work Friendship and poverty alleviation, adding that over the years, success had set of financing instruments approved by the ADB’s board July when Trump and European Commission President Swallow your pride and simply say “I was wrong,” offering a Becomes Emotionally Draining by Amy Gallo-HBR.) company, founded in 1992, has risen to become one of the world’s largest been made in terms of poverty reduction and developing Moscow plummeting down the ranking due to high inflation of directors to help deliver projects in a more responsive Jean-Claude Juncker pledged no new tariffs following those brief explanation without making excuses. If your error had a hosiery manufacturers with an annual turnover in excess of Rs. 30 bn. The company’s human capital as indicators were better today as compared to and currency depreciation, said the Economist Intelligence manner. As per the details shared, the PRF features simplified on steel and aluminum. That announcement allowed the negative effect on others, acknowledge it. Really listen to operation extends beyond Pakistan’s boundaries and has established a production 20 years back. He said that Pakistan would be using multi- Unit’s bi-annual survey of 133 cities. Political turmoil in Managers, How Do You Open Up documentation and supports project preparation and two sides to reduce tensions at a time when Trump their reactions, do not get defensive or interrupt. Then explain facility in Bangladesh. It ranks as the Pakistan’s seventh largest exporter and dimensional approach for measuring poverty and help alleviate it. Venezuela plummeted Caracas to the bottom of the ranking, to Your Team Without Over-sharing? what you’re doing to remedy the mistake, including its generates approximately 90pc of its revenue through exports supplying yarns, engineering design activities, reducing both overall time followed by Damascus, Syria, with Karachi, Pakistan, threatened to impose steep duties on European automobiles It is generally a good thing when employees feel a personal substantive impacts (money, time, processes) and relational hosiery and apparel items to some of the world’s leading brands including Nike, and cost to borrowers. Buenos Aires, Argentina, and New Delhi also featuring — a threat he has renewed in recent weeks. MEPs meeting connection to their boss. But when leaders share too much Clearance of Food Shipments Ordered impacts (feelings, reputation, trust). Be open to feedback Puma, Reebok, H&M’s and Levi’s. The Ministry of Commerce announced recently that the among the 10 cheapest cities. But a city’s drop in the index in the eastern French city of Strasbourg failed to pass an of their thoughts and feelings, they can undermine their about what you’re doing. And tell those affected by your error shipments of food products in the pipeline will be cleared Thar Coal Power Plant Becomes Operative does not necessarily mean life automatically gets cheaper approval of an EU mandate, after a rebellion by lawmakers authority. (Imagine a manager saying, “I’m scared, and what you have learned about yourself (“I realize I sometimes without the requirements of labelling in Urdu. This order Engro Powergen Thar Limited's (EPTL) lignite coal power for people living there, as prices adjust to inflation often changed the wording of the text. don’t know what to do.”) A good rule of thumb is to open FBR Defines Benami Transactions ignore people I don’t see eye-to-eye with”) and what you are The Federal Board of Revenue (FBR) defines a benami property as one which is a came in the wake of demands from many importers who plant in Thar has started pumping 330MW of electricity quicker than wages, said Gunes Cansiz of the World up when you think it will be helpful to others. Evaluate a going to do differently in the future. subject matter of benami transaction and includes proceeds from such a property. were facing problems in getting their shipments cleared generated by domestic coal into the national grid. The first Resources Institute (WRI), a think tank. Malaysia Opts for Dwarf Palm Oil Trees personal comment by considering how you would feel if An official statement issued by the FBR spokesperson said that a benami transaction after issuance of SRO237 on Feb 19 making it mandatory for of two 330 MW units of the 660 MW project located in Thar Palm oil has become a key ingredient in everyday goods your boss said it to you. If you would be thankful to hear it, (Adapted from What to Do When You Realize You’ve Made a encompasses where a property is transferred to, or held by, a person and the food products to have halal certification and labelling in Block II was tested and energized recently, a press release from biofuels to chocolate, leading to a production boom in chances are your team will feel the same. If not, err on the Pak Airspace Ban Costs Air India Dearly Mistake by Deborah Grayson Riegel-HBR.) consideration for such property has been provided, or paid by, another person Urdu. The ministry said under paragraph 4 of the Import issued by the company stated. EPTL CEO Ahsan Zafar Syed The airspace ban over Pakistan which began last month is the world’s top two growers, Indonesia and Malaysia. Now side of caution. For example, telling employees you are in (the trustees and wife, children, brother or sister to whom property has been Policy Order (IPO) 2016 “...an amending order/SRO will not told that the company is running the plant on 100pc local costing Air India dearly, according to informed sources. As the Malaysian Palm Oil Board hopes an initiative to breed a bad mood because you are having a lousy day is probably transferred from known resources will be excluded). Furthermore, a transaction operate against the imports where bill of lading or letter of coal. The second 330MW unit will be connected to the a result of longer flights, which have had to become smaller trees could go some way to improving industry If A Work Friendship Becomes fine; telling them you are in a bad mood because you disagree or arrangement in respect of a property carried out or made in a fictitious name; credit is issued before the issuance of such an order/SRO.” national grid in April, he added. Together, the mining and one-stop operations, the airline has bled more than Indian woes. The dwarf trees, which are about 30pc smaller than Draining, Protect Your Time and Energy with a decision by senior management probably is not. Having friends at work can make you happier and more or an arrangement in respect of a property where its owner is not aware of, or In view of this, the ministry directed the Customs authorities power projects managed by Engro are expected to rack up rupees 60 crore so far. And that number is going up every regular ones and have shorter fronds, are the fruit of a Opening up is also useful when it helps your team feel less productive. But those friendships can become draining if denies knowledge of such ownership; or a transaction in respect of a property to facilitate the clearance of shipments which qualify under a total of $1.6 bn in foreign exchange savings a year since day - potentially disastrous news for the cash-strapped airline decades-long research program by the Palm Oil Board, isolated: if you sense people are anxious about a project, they take up too much of your time and energy. What do where the person providing the consideration is not traceable or is fictitious. The the existing import policy order. power will be produced using indigenous coal, the press which is surviving on government bailouts. “Air India flights which is a government agency. Their small size makes it acknowledge that you are feeling the same stress, and you do if that happens? Do not abruptly cut the person off. potential types of benami properties include plots, houses, shopping plazas, release stated. travelling west can no longer fly through Pakistani airspace easier and quicker for the bunches of red berries from thank them for their hard work. Instead, make small changes to shift the relationship’s shops, housing schemes, bank accounts, vehicles, business shares, jewellery, and need to swing south across Gujarat and then cut across which the oil is extracted to be collected, and means fewer 650 Non-Profit Organizations Rounded Up dynamic. Try to tone down the intensity of your interactions foreign currency, legal documents and intangible properties having financial value. The Securities and Exchange Commission of Pakistan (SECP) the Arabian sea to reach their destinations in Europe and workers are needed for harvesting. The plan may help (Adapted from How Leaders Can Open Up to Their Teams and spend less time together. If you usually talk in person, has so far rounded up around 650 active non-profit organizations North America. The most problematic flights for Air India address the problem of land scarcity for cultivation caused Without Oversharing by Liz Fosslien and Mollie West switch to phone calls; if you chat on the phone, switch to (NPOs) under an anti-money laundering (AML) and counter are flights between India and the US East coast - Washington, by voracious growth of plantations. In Malaysia alone, palm Duffy-HBR.) Pakistan, Malaysia May Sign Various MoUs, Business Deals email. And emphasize your professional relationship by Pakistan and Malaysia are expected to sign memoranda of understanding (MoUs) terror financing (CTF) drive. This was stated by SECP’s Additional New York, Newark and also Chicago.” oil plantations already cover some 5.8 mn hectares (14.3 keeping the conversation focused on work whenever possible. and business deals on the eve of Prime Minister Mahathir Mohamad’s visit to the Registrar Waseem Ahmad Khan at a seminar organized by mn acres). As part of the breeding program, the dwarf trees have been planted in several areas, including on an country who will be the guest of honour on Pakistan Day’s parade on March 23. Karachi Tax Bar Association (KTBA) here recently. Most of Italy, China Agree to Cooperate estate in Bukit Lawiang in southern Johor state. The dwarf Diplomatic sources told that Prime Minister Mahathir Mohamad will visit Pakistan the charitable donations in Pakistan are routed informally Under Belt and Road Initiative from March 22-23 along with a high-level delegation including cabinet ministers, that render the exercise prone to terror financing and Chinese President Xi Jinping will travel to Italy, Monaco and trees there are about 5 meters (16 feet) tall, compared to businessmen and investors. They said that the two sides are expected to sign money laundering, he said. Khan said that under Financial France this week, the foreign ministry said, with Rome an average of about 7.5 meters for conventional trees in the area. Editor: Rafi Ahmed | Deputy Editor: Shahla Naqvi | Designed by: M. Jahangir Ishaq | Email: [email protected] various MoUs and business deals aimed at deepening economic cooperation Action Task Force (FATF) mandate, SECP and State Bank of expected to join his global trade infrastructure program Published by: The Institute of Bankers Pakistan, M.T. Khan Road, Karachi 74200, Pakistan between the two countries and providing investment opportunities to Malaysian Pakistan have assumed greater responsibility in combating despite reservations in other European countries. Beijing has General Disclaimer: Data used in the Economic Letter is based on government sources besides recognised representative private sector trade bodies as reported in the print media. They are companies in different sectors. The two sides are also likely to announce coopera- money laundering and terror financing. financed infrastructure, maritime, rail and road projects in cross-checked before release. Yet an error or two may creep in, regrettable as they may be as part of human nature. Reporting is unopinionated. The Institute of Bankers Pakistan stands totally tion in eradicating corruption and strengthening institutions. absolved of any error contained in the Economic Letter, either in reporting or composing.
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