News Updates

Friday, August 22, news 2014 updates

Office # 05, Ground Floor, Arshad Mansion, Near Chowk A.G Office, Nabha Road Lahore. Ph. 042-37350473 Cell # 0300-8848226 NEWS OF Mail to: [email protected], [email protected] THE DAY PLP NEWS ALERTS EMAIL No. 191-2014 NEWS HEADLINES Top Stories ...... 5 Dialogue Door Deadlocked ...... 5 Imran seeks to cash in on US 'intervention' ...... 6 US against any extra-constitutional changes ...... 8 Supreme Court rejects government's plea against protests ...... 9 Prime Minister explains why he must not step down ...... 10 Lahore killings: Zardari arrives, demands registration of FIR ...... 10 Assurance given: Army to protect Constitution: Asif ...... 11 Sequence of demands needs to be altered: Khurshid ...... 12 SBP terms situation threat to economy ...... 12 Islamabad police chief removed ...... 13 Judges warned against taking oath under PCO ...... 14 THE RUPEE: moves both ways ...... 15 Political turmoil hurts power-generation prospects ...... 16 Facebook account in my name is fake: FBR chief ...... 17 First-ever Russian Naval Chief arrives ...... 17 PTI demands subject to approval by parliament: minister ...... 18 Nine Bagram detainees return to Pakistan ...... 19 US offers $30 million in search for Haqqani leaders ...... 19 Israeli strikes kill senior Hamas commanders ...... 20 Dodgy mortgages: Bank of America agrees $17 billion deal ...... 21 Germany sues Swiss bank over vanished East German cash ...... 22 Siemens wins 650-million-euro wind turbine contract ...... 22 Thai army chief named prime minister ...... 22 Indonesian court upholds Widodo's election victory ...... 23 Thousands flee deadly violence in northeast India ...... 24 India blocks release of Indira assassination film ...... 24 KSE gains a foothold ...... 24 ISE index gains 36.89 points ...... 26 Business and Economy: Pakistan ...... 27 Foreign companies keen to invest in Pakistan: Zubair ...... 27 US Consul General visits PBIT ...... 27 Forex reserves slip below $14 billion ...... 28

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PLP NEWS ALERTS EMAIL No. 191-2014 SBP terms situation threat to economy ...... 28 Marches in Capital: prices of edible items shoot up following short supply ...... 29 Consumers choice award distribution ceremony on August 27 ...... 30 LCCI elections: founders Group invites applications till August 27 ...... 31 LCCI seeks to enhance trade volume with Australia ...... 31 Leading businessmen form new panel ...... 32 All Pakistan Solvent Extractor's Association members meet TDAP chief ...... 33 LG products recognised by EISA Awards ...... 33 Activities at Karachi and Qasim ports ...... 34 Company News: Pakistan ...... 36 'Workplace safety and health is a top concern' Khawaja Muhammad Nauman, President, Employers' Federation of Pakistan ...... 36 Taxation: Pakistan ...... 39 First 21 days of August: provisional tax collection stands at Rs 101 billion...... 39 High ranked tax employees: FBR fails to implement recommendations of proceeding: FTO ...... 39 Input tax claim: KTBA resents bar imposed through web portal ...... 40 Cotton and Textiles: Pakistan ...... 42 Prices rise amid improved demand ...... 42 Prices surge on cotton market ...... 43 Textile exports up five percent MoM ...... 45 Agriculture and Allied: Pakistan ...... 46 Speakers for adopting scientific agriculture ...... 46 Daily trading report of PMEX ...... 47 Reap accuses government of neglecting R&D sector ...... 47 Seafood exports increase by 5.68 percent in July ...... 48 Fuel and Energy: Pakistan ...... 49 Iran optimistic about timely completion of gas pipeline project...... 49 Political turmoil hurts power-generation prospects ...... 49 Neelum-Jhelum transmission line to Gujranwala costs Rs 22.582 billion ...... 51 Fuel and Energy: World ...... 52 Crude oil recovers on US economic data ...... 52 Siemens wins 650-million-euro wind turbine contract ...... 53 Banking & Finance ...... 54 Pak liquid foreign reserves figure $ 13.92508bn ...... 54 BR Research: All ...... 55

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PLP NEWS ALERTS EMAIL No. 191-2014 Cement: a not-so-concrete beginning! ...... 55 EFUG bests JGIL ...... 56 Samba: the momentum continues ...... 57 PKGS: improving margins ...... 59 Abbott Pakistan–steady and sound ...... 60 Kohinoor Energy powered by fuel savings ...... 61 Crime News...... 63 Rawalpindi: 19 lawbreakers rounded up; weapons, drugs recovered ...... 63 Rawalpindi: ANF seizes 5.4 tonnes of narcotics ...... 63 Terrorism bid foiled in Peshawar ...... 63 Quetta: FC seizes huge cache of arms and ammunition ...... 64 3 girls, 2 minors raped in Bahawalpur ...... 64 Miscellaneous News ...... 66 Rupee-dollar parity:‘Policymakers comfortable with correction’ ...... 66 Samples sent: US to assess potential of Pakistan’s shale gas reserves ...... 67 Seeking improvement: Branding, product registration needed: FPCCI ...... 69 Consumers to bear the brunt after sit-ins end ...... 70 Keen neighbour: Chinese show interest in Vision 2025 ...... 71 Improving agriculture yield: Bio-technologists highlight need for modern methods ...... 72 Economy: ‘Losses becoming unbearable’ ...... 73 Fcci workshop: Youth encouraged to start own businesses ...... 74 Sit-ins will stall OGDCL privatisation: Zubair ...... 74 OPEN MARKET FOREX RATES ...... 76 INTER BANK RATES ...... 77 Bullion Rates (Gold Prices) in Pakistan Rupee (PKR) ...... 78 Gold Rates & Silver Rate from major cities of Pakistan ...... 79

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PLP NEWS ALERTS EMAIL No. 191-2014 Top Stories Dialogue Door Deadlocked

August 22, 2014

NAVEED BUTT & ZAHEER ABBASI

The National Assembly on Thursday unanimously passed a resolution, rejecting Pakistan Tehreek-e-Insaf's (PTI) and Pakistan Awami Tehreek's (PAT) demands for the resignation of the Prime Minister and dissolution of National Assembly. The resolution was moved by Pakhtunkhwa Milli Awami Party chief Mahmood Khan Achakzai.

-- Washington, National Assembly throw their weight behind Nawaz

According to this resolution, "this House rejects the unconstitutional demands from certain political parties for the resignation of the Prime Minister and the dissolution of the National Assembly and deplores the extremely derogatory, defamatory and inflammatory language used by leaders and members of these parties in their speeches.

"This House resolves to uphold the supremacy of the Constitution of the Islamic Republic of Pakistan, the sovereignty of Parliament, which embodies the will and the mandate of the people of Pakistan, and the prevalence of the rule of law. It reiterates its resolve to ensure that the democratic system continues to function and flourish in accordance with the provisions of the Constitution."

Aftab Khan Sherpao said the Constitution and Parliament are supreme and we will not allow anybody to challenge the authority of constitution. He said PTI and PAT should not make the whole country hostage. He said the economy is being adversely affected by PTI and PAT.

He said, "more than 300 members of the Lower House of the Parliament elected the Prime Minister. The demand of Prime Minister's resignation tantamount to seeking the resignation of the mandate of this House, which is not acceptable." He welcomed the dialogue process and said that in democracies; talks always have to play a pivotal role to resolve disputes and issues. He said the outcome of a dialogue process is always a win-win situation. He said we are hopeful democratic system and parliamentary democracy would survive the current upheaval.

Sherpao condemned the "derogatory" language used by PTI Chairman Imran Khan. Syed Asif Hasnain of Muttahida Qaumi Movement (MQM) stated the Parliament is sovereign and that it will determine new parameters in coming days and weeks. He said the current political situation is not a good omen for the country mainly because of the fact that the armed forces are in a decisive war against terrorism for the survival of the country. He expressed the hope that the government would continue pursuing a dialogue process to resolve the current crisis.

Ejaz-ul-Haq of Pakistan Muslim League Zia said that 38 members cannot be allowed to decide the fate of a 342-member house. He said Constitution provides guidance in relation to resolution of problems. He added the government must accept demands that are within the parameters of

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PLP NEWS ALERTS EMAIL No. 191-2014 Constitution and law. He the government has proven through its gestures that it is following a democratic path. He requested Pakistan Tehreek-e-Insaf chief and Pakistan Awami Tehreek chairman to carry forward the dialogue process within the ambit of law and constitution. Ejaz said the country has become a laughing stock due to prevailing political situation.

Nouman Islam Sheikh of Pakistan People's Party (PPP) said that country's economy has suffered a loss of Rs 600 billion to Rs 700 billion as a result of protests and sit-ins. According to him, PTI has embarked one path of destruction. He also stated that the ruling party should promote a democratic attitude in its rank and files. He said the federal ministers and other government representative must also show some flexibility and pursue the dialogue process with a view to ending the current political deadlock. He said that the PPP leadership has always rendered sacrifices for democracy.

Tahir Iqbal said women participating in protests are facing great inconvenience and Imran Khan and Tahirul Qadri are responsible for their ordeal. He said that present system in the country is on the right track and the governments in the future will transfer their powers through democratic means. The House would resume proceedings today (Friday) to continue debate on country's current political situation.

August 22, 2014

ZULFIQAR AHMAD, FAZAL SHER & WAQAR LILLAH

Completely rejecting the US stance, Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan Thursday warned Wash-ington that it must stop its interference in Pakistan's internal matters. Reiterating his aggressive stance against Prime Minister Nawaz Sharif at a highly-charged crowd at 'Azadi Square', he told US ambassador to Pakistan Richard G Olson: "Mr Olson, my question to you is that would you consider elections as legitimate if in every constituency of US Senate there are 60,000 to 70,000 votes that cannot be verified?"

In his hard-hitting speech on the 8th day of his anti-government sit-in, Imran Khan, in a harsh tone, said the US government must stop interfering in the internal affairs of Pakistan and withdraw its statements regarding the ongoing political crisis. Imran said: "Don' back stooges like Nawaz Sharif. Please remember a prime minister [would be] like Imran Khan can never become a [US] stooge like Nawaz Sharif".

He said that if Pakistanis want to become a nation, they must not accept any dictation from the US. Imran ridiculed the incumbent government, saying the current system could be the democracy of Ittifaq Foundries - a steel mill runs by Sharifs - but we don't accept it as it has been imposed on people through poll rigging and fake elections. "I would like to tell the US once again that it must not interfere in our democracy. We're peaceful people and holding a peaceful protest for the last over seven days and that not a single flower pot was broken," he maintained. He said: "The one who is a friend of the US is a traitor...No, rather it should be the one who is a friend of the US is a slave...if billion dollars are stashed in their [US] banks, you automatically

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PLP NEWS ALERTS EMAIL No. 191-2014 become their slaves".

Nawaz is happy after the US statement and thinking his 'illegitimate rule' is quite secure now. "Oh Pakistanis listen, things will be decided by Saturday and the umpire will raise his finger...," he added. The PTI leader also hit out at the lawmakers who passed a unanimous resolution in National Assembly on Thursday, supporting the prime minister.

But Khan vowed to 'clean bowled' all the politicians who opposed his anti-government protest in one go, adding majority of the MPs in the parliament are 'criminals' and they must be ready that PTI will undertake a ruthless accountability. "They [MPs] think as the inflation, the lawlessness, the crimes, the increasing poverty, the terrorism all is happening due to Imran Khan but remember the day is not far when I will clean bowled all of you with my first ball," he warned. Mehmood Khan Achakzai, who moved a resolution in National Assembly against the ongoing PTI-PAT sit-ins came under severe attack. Imran accused him of selling out his conscience to save the governorship of his brother in Balochistan.

Imran also criticised Leader of Opposition in National Assembly Syed Khurshid Ahmed Shah, saying people like him could not become an opposition leader as he is facing several corruption cases. He reiterated that he would not leave the protest venue till the ouster of the prime minister, adding he is a sportsman and has the stamina to compete with Nawaz Sharif's children even at the age of 60.

"I'm telling you once again that the ball is in your [Nawaz's] court and it's up to you now whether you want to go in an honourable or a disgraceful manner," he added. He called upon all the Pakistanis to rush to Islamabad to participate in the ongoing sit-in which he said will be a defining moment for "freeing" Pakistan from the "clutches" of the plunderers.

"Oh Mianwali walo, you introduced me to politics. Reach here on your bicycles, motorcycles or even on foot as we're going to make history and you will be able to tell your children that you were part of the historic anti-corrupt government convoy," he added. Imran also called upon the people especially those in Lahore, Karachi and Balochistan, to install big screens in cities and witness the 'Azadi March' celebrations live and also witness the removal of a corrupt regime.

The PTI chairman especially appreciated Aftab Cheema, inspector general Islamabad police, who was shown the door after he reportedly refused to crack down on PTI protesters on the verbal orders of government. In the same breath, he praised acting IG Islamabad Khalid Khattak, who also reportedly refused to bow down to the government pressure, to act against the sit-in protesters in a 'Gullu Butt' style. He said secretary interior Shahid Khan is reportedly planning a crackdown on PTI workers. Imran warned him of dire consequences. Referring to a protest rally against PTI reportedly headed by former PML-N MNA Hanif Abbasi, he said PML-N can find a wise person except Gullu Butts and 'Ephedrine Abbasi."

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PLP NEWS ALERTS EMAIL No. 191-2014 US against any extra-constitutional changes

August 22, 2014

The United States has said Prime Minister Nawaz Sharif is a constitutionally elected head of the government of Pakistan. Its State Department also stated that Washington does not support any extra-constitutional changes to the democratic system.

"We support the constitutional and electoral process in Pakistan, which produced the Prime Minister of Nawaz Sharif. That was the process they followed, and the election they had, we are focused on working with Pakistan," State Department Deputy spokesperson Marie Harf said at the daily briefing.

"We do not support any extra-constitutional changes to that democratic system, or people attempting to impose that," she added. "Nawaz Sharif was elected and he is the prime minister. There is a government that was elected, and is in place," Harf noted in reply to a question. "He is the Prime Minister," the spokesperson responded, when asked about the PTI's demand that Prime Minister Sharif step down from the office.

The spokesperson was replying to questions by journalists who wanted to know about the US position on the political situation vis-a-vis ongoing marches on the capital. "While we call on all sides to refrain from violence, we are monitoring the situation. We will continue to work with the Pakistanis." The spokesperson brushed aside the suggestion of regime change. "I in no way am calling on that," she responded, when questioned if the US is calling for Prime Minister Sharif to step down.

The spokesperson checked an Indian journalist against portraying the marches situation in dire negative terms, when he suggested that the situation in Pakistan was grave. "We caution you from using terms like grave". She also urged a peaceful political dialogue. "I would caution you from assuming, sort of, where this goes from here. We think there's a path forward here that's peaceful. We know there's a lot of space for political dialogue, but it has to remain peaceful.

Meanwhile, in press release, the United States Embassy said it has been carefully monitoring the demonstrations in the federal capital. "We continue to urge all sides to refrain from violence, exercise restraint, and respect the rule of law. "Peaceful protest and freedom of expression are important aspects of democracy. However, the United States is in no way involved in the process or discussions between parties. Any suggestion to the contrary is false and unhelpful to the dialogue between parties. "Violence and destruction of private property and government buildings are not acceptable means of resolving political differences, however, and we strongly oppose any efforts to impose extra-constitutional change to the political system. "The United States firmly believes all parties should work together to resolve differences through peaceful dialogue in ways that strengthen Pakistan's democratic institutions and rule of law," the press release concluded.

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PLP NEWS ALERTS EMAIL No. 191-2014 Supreme Court rejects government's plea against protests

August 22, 2014

KHUDAYAR MOHLA

Turning down the federation's plea to pass an order to bar protestors of Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) from entering the Constitution Avenue on Thursday, the Supreme Court reiterated that it's the job of the government to deal with the situation in accordance with law. A five-member bench of the Chief Justice Nasirul Mulk resumed the hearing of identical pleas filed by the Supreme Court Bar Association and High Court Bar Association Multan.

The petitioners urged the court to restrain both the political parties from entering the Red Zone of Islamabad. The bench had issued notices to both the political parties' chiefs in response to the petitions; however, on Thursday only counsel for PTI, Hamid Khan, appeared and sought time to submit a reply in the matter on grounds that he received notice of the court in wee hours of Thursday.

Hamid Khan contended that the PTI would not cause any harm to any building during its sit-in, adding that the PTI was opposed to any unconstitutional move in the country. During the course of proceedings, Attorney General for Pakistan (AGP) Salman Aslam Butt urged the court to pass a written order about the removal of sit-ins from Constitution Avenue. Rejecting the plea of the AGP, the Chief Justice Mulk plainly said, "It's government's job to handle the situation as it is having administrative authority to tackle it."

Chief Justice Nasirul Mulk observed that the judges, litigants and court staff were facing difficulties due to the ongoing protests on the Constitution Avenue, adding that access to justice was being obstructed whereas freedom of movement of the citizens was also being disturbed due to marches. Justice Jawwad S Khawaja said that there should be a clear mechanism about holding protests in the country, while Justice Mian Saqib Nisar told PTI's counsel that every political party should take responsibility for its actions in view of Article 17 of the Constitution.

Justice Anwar Zaheer Jamali remarked that both PTI and PAT leaders should use appropriate language against Parliamentarians during their speeches. Allowing the PTI counsel to submit a reply in response to the plea of the High Court Bar Association Multan, the bench adjourned the hearing of the matter till August 22 (today).

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PLP NEWS ALERTS EMAIL No. 191-2014 Prime Minister explains why he must not step down

August 22, 2014

Prime Minister Nawaz Sharif has expressed complete satisfaction over civil-military relations and stated that the country could face a serious crisis if he stepped down. The Prime Minister said that eleven out of twelve political parties supported the government stance that no unconstitutional demand could be accepted, according to private media. In his interaction with some senior journalists, the prime minister said the government wanted to resolve the political stalemate through a dialogue.

The Prime Minister further stated that protesting political parties Tahreek-e-Insaf (PTI) and Pakistan Awami Tahreek (PAT) could continue their sit-ins for any period of time. Nawaz said that his government would not accept any unconstitutional demand. It was, however, ready to accept every demand that fell within the parameters of constitution, he added. The Prime Minister said a request had already been made to the Chief Justice of Pakistan for formation of a judicial commission to investigate vote rigging allegations. Nawaz added that the two foreign dignitaries had already cancelled their visits to Pakistan due to the ongoing political crisis.

August 22, 2014

Co-Chairperson of the Pakistan People's Party Asif Ali Zardari and Chairman Bilawal Bhutto Zardari met senior party colleagues to discuss the current political situation in the country. After a wide-ranging discussion on the subject, the Co-Chairperson reiterated that the current political crisis must be addressed through dialogue and within the framework of the Constitution.

The party members expressed concern at the short-sighted and high-handed tactics of the government and urged all parties in this conflict to resolve the issues at hand without recourse to further violence and the disruption of public life in the capital and country. The members present condemned the brutal murders in Model Town, Lahore, on June 17th 2014, and demanded that an FIR be expeditiously registered in accordance with the law.

The party observed that any unconstitutional path taken to resolve the current stalemate will be detrimental to the future of democracy and the stability of the state in Pakistan. The Co- Chairperson noted with concern that instead of focusing on providing relief to a million citizens of North Waziristan who had been displaced in an on-going offensive against terrorism, both the provincial and federal governments had entangled themselves and Pakistan in a protracted dispute that was eminently avoidable. He lauded the services and sacrifices of the brave soldiers

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PLP NEWS ALERTS EMAIL No. 191-2014 who were fighting on the front lines of terrorism, and hoped that the country would soon be rid of this menace.

Taking note of multiple transitions in the region as well as the Middle East, he expressed with concerns over the unfolding meltdown and disunity in certain parts of the Muslim world where unity in the Ummah is the immediate need of the hour in the emerging discourse. The party members said that long overdue electoral reforms be taken up by the parliamentary committee to be completed after broad consultation, within a stipulated time-frame.

The Co-Chairperson valorised the services of former Prime Minister, Yusuf Raza Gilani, and his family's sacrifices in support of the party as well as democracy. The party demanded that the sons of Yusuf Raza Gilani and Salmaan Taseer be recovered as soon as possible. The party recalled the sacrifices rendered by its leaders, Zulfiqar Ali Bhutto, Mohtarma Benazir Bhutto, and innumerable party workers who laid down their lives in order keep the flame of democracy in Pakistan alive. The PPP appreciated the Chairman's leadership and Co-chairman's "remarkable" statesmanship in steering the party and the nation through difficult times and tough decisions.-PR

August 22, 2014

Defence Minister Khawaja Asif on Thursday said that all state institutions, including the Pakistan Army, have assured the government that they would protect Constitution and its supremacy. Talking to media persons in the lobby of the Parliament House, the defence minister said there is no doubt in it that Army has held out its assurances in relation to protection of Constitution.

He dismissed reports that government may use power to disperse sit-ins. "Why should the government use power against PAT and PTI when it did not use power against them in Lahore," Asif said. He said both the prime minister and chief minister Punjab would not step down at any cost. He claimed that Dr Tahirul Qadri is backed by certain foreign powers who seek to dismantle or capture Pakistan's nuclear arsenal. "No one would be allowed to repeat the situations of Iraq, Syria in Pakistan," he warned.

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PLP NEWS ALERTS EMAIL No. 191-2014 Sequence of demands needs to be altered: Khurshid

August 22, 2014

Leader of Opposition in the National Assembly Syed Khursheed Ahmed Shah on Thursday said that Prime Minister Nawaz Sharif could be asked to resign provided it was proved that the May 2013 elections were rigged. The Opposition Leader also told media persons that PPP would support Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan if he was appointed Chairman of Electoral Reforms Committee.

Answering a question, he asked: "Why do we always think that the army is playing a role in political affairs?" After a meeting of opposition parties and government allies, he said that Pakistan Muslim League-Nawaz (PML-N) should accept the reasonable demands of Pakistan Tehreek-e-Insaf (PTI).

The meeting was held with the Opposition Leader in the chair at Parliament house on Thursday. The meeting was also attended by members of Pakistan Bar Council. The Opposition Leader said the government should accept the demands of Imran Khan. He said the sequence of demands should be altered. He said it would be much easier to get the resignation of Prime Minister Nawaz Sharif if charges of election rigging were proved in the first place.

He said that Imran and Qadri should accept the report of judicial commission. Answering a question, he said the Commission could take up to two months to complete its investigation. Opposition Leader said that PPP Co-Chairperson Asif Ali Zardari is reaching Karachi from Dubai. He said that Zardari would chair the meeting of Central Executive Committee of the party to discuss the current political situation in the country. He said: "I, along with other senior party leaders, am reaching Karachi to attend the meeting".

August 22, 2014

State Bank of Pakistan on Thursday termed the prevailing political uncertainty a threat to the country's gradually improving economy. "The recent political uncertainly has impacted negatively on the economic front particularly stock market and exchange rate," said Hamza Malik, Director Monetary Policy Department. Talking to newsmen here on Thursday at State Bank head office, Malik, who is also acting chief spokesman for SBP, said that recent depreciation of Pak rupee against dollar is due to political turmoil in the country.

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PLP NEWS ALERTS EMAIL No. 191-2014 the market, he added. The inflows and outflows are normal and no major changes have been witnessed during the last few weeks, but the crisis on the political front has caused huge panic in the money market, he mentioned.

The role of central bank is crucial for exchange rates stability as any major change directly puts pressure on debt values, director SBP said. The federal government is expecting billion of dollars of foreign inflows that relate to privatisation and issuance of Eurobonds and Sukuk. The government has estimated $500 through the auction of Eurobond, some $500 million against the sale of Sukuk and some $750-800 million inflows are expected to arrive on account of OGDLC privatisation," he added.

With the arrival of expected foreign inflows exchange rate is likely to be comfortable as it will improve the level of foreign reserves and help stabilise Pak Rupee against the greenback, he said. Talking about the IMF conditions, he said that the government has already initiated to fulfil IMF's demands. "An amendment in the SBP Act has already been sent for appropriate approval from the National Assembly; Risk Management Committee and MPS advisory committee have also been formed and minutes of Monetary Policy Meeting are being published as per IMF requirements," director SBP said.

He said that presently, the country's debt to ratio is some 64 percent and it should be reduced to 60 percent for a better economic growth. There are two reasons behind a higher debt: first less than target revenue and secondly, higher expenditures resulted in higher fiscal deficit, he added. He dispelled the impression that the tightening of the discount rates enhances debt burden, saying the discount rate is set on the extensive calculation which does not push up debt values as it has different compositions. During the last one year, debt growth has reduced but still on the higher side and some steps are needed to curtail the higher borrowing, he added.

"Pakistan's tax to GDP ratio is 10 percent and needs to improve with new tax measures and tax reforms to enhance the collection," Malik said. He said the role of central bank is very crucial in maintaining price stability and financial stability in order to keep the economy towards growth. "Pakistan's 50 percent exports go to the European countries, which are also facing a financial crisis. Pakistan is needed to create opportunities to attract new foreign investment," he added.

August 22, 2014

The government on Thursday removed Inspector General Police (IGP) Islamabad Aftab Cheema for not using force against participants of Pakistan Tehreek-e-Insaf's (PTI) 'Azadi March' and Pakistan Awami Tehreek's (PAT) 'Inqilab March' when they were breaching the 'Red Zone' restriction. Sources said that Aftab Cheema had directed police to avoid the use of force against 'peaceful long march participants'.

"The former IGP refused to employ force against the protesters on the verbal orders of the government and plainly said that he needed written directives to consider this option", the sources quoted Cheema as telling the higher ups when he was asked for crackdown against

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PLP NEWS ALERTS EMAIL No. 191-2014 protesters. Ministry of Interior confirmed that it decided to remove IGP Aftab Cheema from his post and DIG headquarter Khalid Khattak has been given an additional charge of IGP Islamabad.

However, the sources said that Khattak, the acting IGP, has urged the authorities to give the charge of islamabad's security to a full-time IGP. Following the removal of IGP Islamabad, Pakistan Tehreek-e-Insaf (PTI) vice president Shah Mahmood Qureshi claimed that Cheema had refused to launch a crackdown on PTI and PAT workers. According to Pakistan Awami Tehreek (PAT) chief Dr Tahirul Qadri, he is sure Aftab Cheema is a good person who has refused to attack protesters.

On the other hand, a government spokesman, while refuting the claim of PAT chief of an imminent crackdown, said the government had no intention of launching a crackdown on PTI and PAT protestors. The Establishment Division (ED) issued a formal notification regarding the appointment of Aftab Cheema, a PSP official of BS-20, as inspector general of police (IGP), Islamabad, in April, 2014 after the recommendation of Prime Minister Nawaz Sharif. Cheema assumed the charge of IGP on April 29, 2014. Aftab Cheema, belonging to the 16th CTP, has served on important assignments including DIG Counter Terrorism Department (CTD), Punjab. Cheema is from the 88th batch of 16 CTP Commerce and Trade, but in 1994 he was reallocated to PSP as an ASP.

August 22, 2014

HAMID NAWAZ

An all-Pakistan lawyers' representative convention here Thursday announced that they would resist any unconstitutional move in the country and urged the protesting political parties to resolve their issues in a democratic manner. Elected representatives of bar associations from across the country participated in the convention hosted by Lahore High Court Bar Association. The convention unanimously refused to accept any extra-constitutional act in the country.

It warned judges of the superior judiciary against taking oath under PCO (Provisional Constitutional Order) in case of any eventuality. The resolution said the legal fraternity would never support the removal of an elected government through any extra-constitutional means. It further urged the participants of the protests marches at Islamabad to adopt a constitutional way for the fulfilment of their demands.

The convention also demanded of the Punjab government to public the report of inquiry into the Model Town incident. Before conclusion of the convention's proceedings, a group of lawyers belonged to PTI started chanting slogans against PML-N leadership. They demanded registration of FIR against Prime Minister Nawaz Sharif, Punjab Chief Minister Shahbaz Sharif and others over the Model Town killings.

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PLP NEWS ALERTS EMAIL No. 191-2014 Copyright Business Recorder, 2014 THE RUPEE: moves both ways

August 22, 2014

The rupee moved both ways against the dollar on the currency market on Thursday in the process of trading, dealers said. Some analysts were of the opinion that recent political uncertainties in the county may be a leading reason of the rupee's decline versus the dollar. They said that if issues settled, the rupee may recover it's losses in times to come.

INTERBANK MARKET RATES: The rupee drifted lower against the dollar, losing 25 paisa for buying and selling at Rs 101.10 and Rs 101.15, they said.

OPEN MARKET RATES: The rupee, however, 20 paisa against the dollar for buying at Rs 100.70 and it also gained 15 paisa for selling at Rs 100.95, they said. The rupee picked up 40 paisa versus the euro for buying and selling at Rs 133.10 and Rs 133.35, they said.

In the fourth Asian trade, the US dollar traded at 11-month highs against a basket of major currencies early on Thursday, having been given a second wind after minutes of the Federal Reserve's July meeting sounded slightly hawkish. The Australian dollar extended its losses after a preliminary survey of China's manufacturing sector showed growth slowing to a three-month low.

The dollar was trading against the Indian rupee at Rs 60.63, the US currency was available at 3.1710 in terms of the Malaysian ringgit and the greenback was at 6.149 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Thursday. 77.43-77.44 (previous 77.43-77.44) Call Money Rates: 05.50-07.00 percent (previous 05.40-07.00 percent).

======Open Bid Rs.100.70 Open Offer Rs.100.95 ======Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday. ======Bid Rate Rs.101.10 Offer Rate Rs.101.15 ======RUPEE IN LAHORE: The greenback maintained its upward march in relation to the Pak rupee on the local currency market on Thursday.

According to the currency dealers, the greenback opened at Rs 100.30 (buying) and Rs 100.60 (selling) against Rs 100.25 and Rs 100.50 of Wednesday. In the wake fresh buying activity, the dollar appreciated its value and was closed at Rs 100.50 and Rs 101.00, respectively. On the other hand, the British pound was purchased and sold at Rs 166.50 and Rs 167.50, respectively, as against Rs 166.25 and Rs 166.50 on Wednesday.

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PLP NEWS ALERTS EMAIL No. 191-2014 RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.

The dollar opened at Rs 100.50 (buying) and Rs 100.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 100.50 (buying) and Rs 100.60 (selling).

Pound Sterling opened at Rs 166 (buying) and Rs 166.50 (selling) against same last rate. It did not observe any further fluctuation by the end of the day and closed on the same rates.

August 22, 2014

MUSHTAQ GHUMMAN

Current political turmoil in the country has marred government's plans to establish ten coal fired power plants of 6600 MW capacity (660 MW each) as the response from investors is negligible, well informed sources told Business Recorder. Private Power Infrastructure Board (PPIB) had sought Expressions of Interest from the potential international and national investors till August 18.

"Investor response is very poor because of current political crisis. We are extending the date for submission of EoIs," said sources. According to Private Power Infrastructure Board (PPIB), Government of Pakistan's coal-based power generation initiative aims at an enhancing electricity generation capacity at an affordable cost. International and local private parties were invited to set up state of the art super critical power plants based on imported coal in Pakistan Power Park located in Gadani (Balochistan) with a cumulative capacity of 6600 MW on fast track basis.

The government offered the following: (i) concessions and incentives under the policy of power generation projects 2002 will be available to the power sector; (ii) infrastructure and services to be provided by Pakistan Power Park Management Company (PPPMCL). Power evacuation from Pakistan Power Park to be provided by National Transmission and Despatch Company Limited (NTDCL) or private transmission companies; and (iii) a one-window facility will be provided by the PPIB.

A couple of months ago, a Memorandum of Understanding (MOU) was signed between China Machinery Engineering Corporation (CMEC) and PPIB for setting up two coal-based power plants of 660 MW each at Gaddani at an estimated cost of $2 billion. A high-powered inter- ministerial delegation recently visited China to finalise understanding on thermal and hydropower projects and signed an agreement of 10,400 MW.

Recently, stakeholders, including Chairman Central Development Working Party (CDWP) headed by Minister for Planning, Development and Reforms Ahsan Iqbal, have pointed out

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PLP NEWS ALERTS EMAIL No. 191-2014 serious violations in Gadani Power Park designed to establish 10 imported coal-fired plants of 660 MW each (10x660 MW). PPPMCL has been established as a special purpose vehicle for dealing with the ten imported coal-fired projects. The PPPMCL will also be responsible for operation and maintenance after completion of project. The cost of the project has been estimated at Rs 146.627 billion ($1.488.6 billion) with a 15 percent GoP equity and an 85 percent debt financing as foreign loan.

The GoP's equity will be $223 million whereas debt is estimated to be $1.265.3 billion. Interest rate on foreign loan will be Libor+400 basis points/@ Eurbor +400 basis points and on local loan Kibor+ 300 basis points. Average interest rate will be 6 per cent and repayment period 12 years. Weighted cost of capital is estimated to be 6 percent. Later on, Executive Committee of the National Economic Council (ECNEC) headed by the Finance Minister, Ishaq Dar also endorsed the viewpoint of CDWP and directed the Ministry of Water and Power to review the feasibility study in the light of observations made in the CDWP meeting.

August 22, 2014

Tariq Bajwa, Secretary Revenue Division/Chairman Federal Board of Revenue has strongly denied having any association with a Facebook account in his name, under the link www.facebook.com/tariq.bajwa.9469. He has vehemently stated that this is a fake account and he is not associated with it in any way and all correspondence made on his behalf is false. The Facebook administration has been contacted to block/remove the said fake account, the FBR press release added.

-PR

August 22, 2014

Commander-in-Chief, Russian Federation Naval Forces, Admiral Viktor V Chirkov has arrived here on a four days first ever historic official visit to Pakistan on the invitation of Chief of the Naval Staff. Upon arrival at Naval Headquarters, the Russian Commander-in-Chief was received by Chief of the Naval Staff, Admiral Mohammad Asif Sandila. A smartly turned out contingent of Pakistan Navy clad in ceremonial dress, presented him the Guard of Honour.

The visiting dignitary was introduced to Principal Staff Officers at Naval Headquarters. Later, Admiral Chirkov called on Chief of the Naval Staff and had detailed discussion on professional

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PLP NEWS ALERTS EMAIL No. 191-2014 matters with his counterpart. Various avenues of co-operation including conduct of bilateral naval exercises were also discussed in detail. A comprehensive brief on Pakistan Navy's role in regional maritime security situation and operational developments in the Indian Ocean was also given to the visiting dignitary.

During the visit, the Admiral is scheduled to call on Defence Minister, Chairman Joint Chiefs of Staff Committee (CJCSC), Chief of Air Staff (CAS) in addition to Naval Field Commands at Karachi. Admiral Chirkov is a graduate of Higher Naval School, Vladivostok, Russian Naval Academy and Academy of the General Staff of the Armed Forces of Russian Federation.

Besides holding the appointment as Commander-in-Chief of Russian Navy, he has had the privilege to serve on coveted appointments including Chief of Staff/First Deputy Commander of the Troops and Forces of North East Flotilla, Commander Pacific Fleet, Chief of Staff/First Deputy Commander and then Commander of the Baltic Fleet. Admiral Chirkov is also the recipient of various awards including Order of Service to the Homeland in the Russian Armed Forces, Order of Military Merit and Order of Naval Merit. This visit is expected to greatly augment the bilateral co-operation between both the navies.

August 22, 2014

Federal Minister for Information and Broadcasting Senator Pervez Rashid said on Thursday that Pakistan Tehreek-e-Insaf (PTI) demands would be subject to the parliament's approval. Talking to media persons, he said the PTI's demands were received; however, without getting approval from the parliament the government would not accept a single demand.

According to him, the government has no intention of using force against PTI and PAT marchers and it has no plan to attack them in future. The government is negotiating with both PTI and PAT and trying its level best to defuse the situation amicably. Responding to a question, Rashid said that Army is performing its constitutional responsibilities. "Army is just doing its duty under the constitution of Pakistan and it will continue to do the same in future," said Rasheed. To another question about the removal of Inspector General Police (IGP) Islamabad Aftab Cheema, the information minister replied that the Prime Minister's House does not even know that IG Police Islamabad has been transferred.

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PLP NEWS ALERTS EMAIL No. 191-2014 Nine Bagram detainees return to Pakistan

August 22, 2014

Nine Pakistani detainees have returned home from Afghanistan's Bagram prison, a group representing them said Thursday, as US-led international forces prepare to withdraw from the country by the end of the year. Afghan authorities took over the detention facility for militants in 2013, renaming it Parwan, but the US remains in charge of foreigners and there are believed to be around 15 Pakistanis still in custody.

"The families of the detainees have been informed by the International Red Cross (ICRC) that their loved ones have been handed over to the Pakistani authorities," a statement by the Justice Project Pakistan (JPP), which has been pursuing Islamabad to secure their release, said. It described one of the nine men as a 39-year-old businessman from Abbottabad, who disappeared on a visit to Afghanistan in 2008.

"After hearing the news of his detention in Bagram, his aged mother passed away. Father of three Shoaib Khan was the main bread winner of the family. After he was detained in Bagram Shoaib's aged father has had to go back to work to make ends meet," it added.

August 22, 2014

The United States offered a total $30 million Wednesday in return for information on key leaders of the feared Haqqani militant network, blamed for numerous bloody attacks in Afghanistan. "The Department has authorised rewards of up to $5 million each for information leading to the location of Aziz Haqqani, Khalil al-Rahman Haqqani, Yahya Haqqani, and Abdul Rauf Zakir," the State Department said in a statement.

It also increased its previous reward offer of up to $5 million for information on the group's leader, Sirajuddin Haqqani, to up to $10 million. The State Department added: "The group is allied with al Qaeda and the Afghan Taliban and co-operates with other terrorist organisations in the region." It said that the Pakistan-based Haqqani network was "the most lethal insurgent group" targeting the US-led NATO coalition and Afghan personnel in neighbouring Afghanistan.

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PLP NEWS ALERTS EMAIL No. 191-2014 Israeli strikes kill senior Hamas commanders

August 22, 2014

Israeli warplanes assassinated three top Hamas commanders in southern Gaza on Thursday, inflicting a heavy blow on the movement's armed wing after failing to kill its top military chief. As the six-week war between Israel and Hamas raged on leaving truce talks in tatters, a pre-dawn air strike killed three members of the Islamist movement's armed wing, the Ezzedine al-Qassam Brigades.

The Brigades said they were "senior commanders", identifying them as Mohammed Abu Shamala, Raed al-Atar and Mohammed Barhum, and vowed to make Israel pay. "The assassination... is a big Israeli crime, which will not succeed in breaking our will or weakening our resistance," spokesman Sami Abu Zuhri said. Israel's Shin Bet internal security agency said Atar and Shamala were among the top five most-wanted Hamas militants. Defence Minister Moshe Yaalon hailed their deaths as "a big operational and intelligence achievement", and warned that Israel would not hesitate to track down the rest of the group's leaders. "Hamas leaders should know that we will neither rest nor be silent until we get our hands on them," he said in a statement. Witnesses said nine missiles blasted the four-storey building in Rafah to smithereens, leaving a huge crater.

Four surrounding buildings had their doors and windows blown out and some outer walls destroyed. The body of Sabah Yunis, a four-year-old girl, was also pulled from the rubble, emergency services spokesman Ashraf al-Qudra said. The deadly strikes came 36 hours after Israel tried and failed to assassinate Brigades chief Mohammed Deif, who has topped its most wanted list for more than a decade. That attack levelled a six-storey building in Gaza City, killing two women and three children, among them Deif's wife, his infant son and three-year-old daughter, although he escaped unharmed. Around 27 people were killed in Israeli strikes across Gaza Thursday, day 45 of the bloody conflict. Others died of wounds, raising the overall death toll to 2,083 Palestinians since July 8. The UN has identified about 70 percent of them as civilians. On the Israeli side, 67 people have been killed, 64 of them soldiers.

One civilian was severely wounded when a mortar round hit an area not far from the Gaza border on Thursday, the army said. In the 48 hours since the truce broke down, Gaza militants have launched 283 rockets, 219 of which struck Israel and another 44 which were shot down, the army said.

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PLP NEWS ALERTS EMAIL No. 191-2014 Dodgy mortgages: Bank of America agrees $17 billion deal

August 22, 2014

Bank of America agreed Thursday to a record nearly $17 billion deal with US authorities to settle claims it sold risky mortgage securities as safe investments ahead of the 2008 financial crisis. The bank said it would pay out $9.65 billion in cash and provide $7.0 billion in relief to consumers affected by losses tied to those securities.

The settlement, with the US Department of Justice, the Securities and Exchange Commission, and other authorities including individual states, resolves a number of civil investigations against the bank and subsidiaries Countrywide Financial and Merrill Lynch, which it took over during the crisis.

But it does not resolve potential criminal cases, especially involving Countrywide, once the country's largest home-loan issuer, and Countrywide officials. "We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future," the bank's chief executive Brian Moynihan said in a statement.

The settlement took aim at hundreds of billions of dollars' worth of low-quality home mortgages pooled into securities that were issued and sold to investors by the bank, Merrill Lynch and Countrywide as high-quality investments. Authorities pointed out how the residential mortgage- backed securities (RMBS) plummeted in value as the housing market bubble burst in 2006-2007, and many of the mortgages in the bonds, often more than half, soured, causing investors huge losses.

Those losses mounted across major banking institutions in the United States and elsewhere and added heavily to the fall in home values across the country, ultimately snowballing into the financial crisis and the country's deepest economic recession since the 1930s. "The significance of this settlement lies not just in its size; this agreement is notable because it achieves real accountability for the American people and helps to rectify the harm caused by Bank of America's conduct," said Associate Attorney General Tony West. The settlement included a group of states which said the bank's actions caused huge losses to their economies and their citizens who lost their houses in part due to the cumulative effect of the crash of the RMBS market.

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PLP NEWS ALERTS EMAIL No. 191-2014 Germany sues Swiss bank over vanished East German cash

August 22, 2014

Berlin is suing one of Switzerland's largest banks in its bid to recuperate hundreds of million euros that went missing during the reunification of East and West Germany, the bank said Thursday. Julius Baer told AFP it was being sued by Germany for 110 million Swiss francs (91 million euros, $120 million), plus interest, over allegations a bank it later bought had allowed cash to be withdrawn illegally.

"The bank denies the claim and has taken measures to protect its interests," spokesman Jan Vonder Muehll said in an email, adding that the bank had informed shareholders of the lawsuit in its last earnings report. Since East and West Germany were reunified in 1990, the country has launched dozens of lawsuits in various jurisdictions to try to recover money stashed by the former regime.

August 22, 2014

German engineering giant Siemens said Thursday it has won a contract worth 650 million euros ($862 million) to supply wind turbines to Norwegian power groups Statoil and Statkraft. "Siemens Energy has received an order from the Norwegian energy utilities Statoil and Statkraft for the 'Dudgeon Offshore Wind Farm' in Britain," the German group said in a statement.

Under the terms of the contract, Siemens will manufacture, deliver, install and commission 67 Siemens direct-drive wind turbines rated at 6 megawatts (MW) each and equipped with a 154- meter rotor. Installation would start in early 2017, the statement said. The Dudgeon offshore wind project, located 32 kilometres north of the city of Cromer in North Norfolk, is 70-percent owned by Statoil with Statkraft holding the other 30 percent.

August 22, 2014

Thailand's junta-picked national assembly on Thursday chose coup leader General Prayut Chan- O-Cha as prime minister in a one-horse race that entrenched the military's hold on power.

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PLP NEWS ALERTS EMAIL No. 191-2014 Nobody in the rubber-stamp legislature opposed the selection of the 60-year-old army chief, who ousted an elected government in a bloodless take-over on May 22. The move by the top general to shed his uniform and take the premiership is seen as cementing the military's control of the politically turbulent nation.

The junta, formally known as the National Council for Peace and Order (NCPO), has ruled out holding new elections before around October 2015, despite international appeals for a return to democracy. "The generals clearly do not plan to restore democracy," said Sunai Phasuk, senior researcher at New York-based Human Rights Watch.

"Instead of paving the way for a return to democratic civilian rule, the NCPO has granted itself unchecked authority to do almost anything it wants, including committing rights abuses with impunity." Prayut, who is due to retire as army chief in September, is seen as a staunch opponent of fugitive former premier Thaksin Shinawatra, whose overthrow in an earlier coup in 2006 triggered Thailand's long-running political crisis.

August 22, 2014

An Indonesian court Thursday upheld the victory of Joko Widodo at last month's presidential election, rejecting claims of widespread cheating from his opponent and ending weeks of political uncertainty in the world's third-biggest democracy. After two weeks of hearings, the Constitutional Court said it was rejecting ex-general Prabowo Subianto's challenge to the results of the July 9 elections.

Chief Justice Hamdan Zoelva said the court was "rejecting the entire petition", after the judges spent seven hours reading out the lengthy verdict. The verdict cannot be appealed. It clears the way for Jakarta governor Widodo, known by his nickname Jokowi and the country's first leader from outside the political and military elites, to focus on preparing for government ahead of his October 20 inauguration.

The final day of the long election season was not without drama, however - as the judges started reading their verdict, police fired volleys of tear gas and water cannon at thousands of angry Prabowo supporters near the court. The protesters had tried to force their way past lines of riot police and barbed wire blocking the road to the court. Three people were injured and four arrested. Both Prabowo, a top military figure in the era of dictator Suharto with a chequered human rights record, and Widodo, the reform-minded governor of Jakarta, declared victory ont he day of the election.

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PLP NEWS ALERTS EMAIL No. 191-2014 Thousands flee deadly violence in northeast India

August 22, 2014

About 10,000 people have fled their homes in north-east India as violence surged over a border dispute that has left some 15 people dead, officials said Thursday. Residents of remote Assam have sought shelter in makeshift camps set up by the state government after gunmen from neighbouring Nagaland launched attacks from across the border, a top official said.

"About 10,000 people were rendered homeless after unidentified gunmen from the Nagaland side attacked Assam villagers and set ablaze hundreds of houses forcing them to flee," Chief Minister Tarun Gogoi told reporters in Assam's main city of Guwahati.

August 22, 2014

India's government on Thursday blocked the release of a controversial film on the assassination of former Indian premier Indira Gandhi after calls grew for it to be banned for glorifying her killers. "Kaum De Heere," or "Diamonds Of The Community", which was scheduled for release on Friday, tells the story of Gandhi's Sikh bodyguards who shot the premier dead in 1984 apparently in revenge for a military operation that killed hundreds of Sikhs.

August 22, 2014

The Karachi share market witnessed another bull-run on Thursday amid hopes for a political patch-up to end the stand-off in Islamabad. The benchmark KSE-100 index gained 200 points to close at 28,865 points compared to 28,665 points Wednesday. "Political tensions started easing after the government began negotiations with the parties protesting in Islamabad," said Samar Iqbal, Assistant Vice President Equity Sales, Topline.

The US statement "Washington does not support any extra constitutional changes to the democratic system in Pakistan," also helped boost sentiment, she added. Recovery was seen at the bourse as the volume showed a slight improvement to 151 million shares, while the value rose to $82 million, she maintained. Ahsan Mehanti, an analyst at Arif Habib, said stocks closed

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PLP NEWS ALERTS EMAIL No. 191-2014 bullish amid hopes for political patch-up after the government team started negotiations with protesting leaders to handle political crisis.

However, the rupee fall and reports of the deadlock in consultative talks impacted the sentiment later in the trading session, he added. Strong earning announcements in pharmaceuticals, M&A activity in insurance sector and expected ease in circular debt following tariff rationalisation measures linked by the IMF for release of $550m tranche next month played a catalytic role in the bullish activity in oil and energy stocks, he maintained.

During the intra-day trading, the market stayed in green zone and the KSE-100 index also touched 29,240 points highest level. Volume at the ready counter urged to 152 million shares compared to 141 million in previous session. Market capitalisation increased by Rs 49 billion to Rs 6.751 trillion against previous Rs 6.702 trillion. Trading took place in 380 companies, of which 240 closed in green zone, 120 in red, while share price of some 20 companies remained unchanged.

Among top 10 volume leaders, seven companies recorded a positive trend. Fauji Cement emerged the volume leader on some 12.71 million shares. It lost Re 0.23 to close at Rs 18.94. Pak Elektron Ltd stood second, up Re 0.62 to close at Rs 29.13 on 11.87 million shares. B.O.Punjab ranked third with 10 million shares, losing Re 0.03 to close at Rs 8.04. With a trading volume of 9.8 million, Maple Leaf Cement gained Re 0.81 to Rs 27.36.

D.G. Khan Cement increased by Re 0.78 to close at Rs 74.83 on 5.5 million shares. Some 4.7 million shares of Lafarge Pak were traded and the scrip closed at Rs 15.32, up Re 0.05. Jah. Sidd. Co. lost Re 0.03 to Rs 8.57 on 4.2 million shares. Adamjee Ins. gained Re 0.15 to Rs 49.48 on 3.55 million shares.

Pakistan Int. Bulk increased by Re 0.13 to close at Rs 20.62 on 3.55 million shares and Avanceon Ltd closed at Rs 26.57, up Re 0.86 on 3.52 million shares. Rafhan Maize and Island Textile were the top gainers with Rs 99.00 and Rs 42.50 to close at Rs 10,725.00 and Rs 902.50, respectively. Unilever Foods and Bata (Pak) were the top losers with Rs 150.00 and Rs 87.00 to close at Rs 8,000.00 and Rs 3,300.00, respectively. Analysts said the KSE-100 Index spiked up by 0.70 percent to close at 28,865 points. "Market opened on a bullish note on Thursday as resumption of talks between the government and political parties was hailed by market participants, which kept the KSE-100 index in the green zone," Fahad M Ali, an analyst at JS Global.

However, the index witnessed an intraday correction as the fear grew over breakdown in talks. Textile sector remained in the limelight as US dollar touched a 6-month high against Pak rupee, crossing Rs 101 in both open and interbank market, he added. Going forward, he said it is being expected that the market will remain positive if political conditions settle down with banking and oil & gas stocks being the preferred plays.

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PLP NEWS ALERTS EMAIL No. 191-2014 ISE index gains 36.89 points

August 22, 2014

Bulls dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities continued to move in upward direction with positive trend at the ISE amid increase in index. ISE Ten Index showed an improvement of 36.89 points as the ISE Ten Index moved from 4498.24 to 4535.13 points. The overall turnover amounted to 30,100 shares as compared to previous volume of 58,700 shares.

Total 144 companies participated in buying and selling activity. Majority of stocks (104) closed in positive territory, 40 closed in negative territory, whereas 0 company remained pegged to its overnight levels. The volume of Fauji Cement Company Ltd was 30,000 shares. The volume of ICI Pakistan was 100 shares.

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PLP NEWS ALERTS EMAIL No. 191-2014 Business and Economy: Pakistan Foreign companies keen to invest in Pakistan: Zubair

August 22, 2014

Mohammad Zubair, Minister of State and Chairman of Privatisation Commission said foreign companies are taking keen interest in different sectors of Pakistan. The government has created conducive environment for the investors, he added. According to him, there is need to promote business confidence among investors and political stability would further bring investment to this region.

He said the focus is being given to increase growth rate and business activity in the country. He was speaking at the 11th edition 'Asian Leadership and HRM Summit' with the key theme 'Pushing leadership and Growth through Strategy'. The event was managed by Nutshell Forum, Pakistan's leading conference management organisation in collaboration with HRSI and was attended by noted luminaries across multiple industries. Leadership training is essential for the whole organisation at all levels, be it an employee, CEO, Seth, or the Senior Team Management, he added.

Among other speakers included Professor Dr Sohail H. Naqvi, Vice Chancellor Lahore University of Management Sciences, Guenter Zwickl, CEO, Siemens (Pakistan), Irfan Wahab Khan, Chief Marketing Officer, Telenor Pakistan, Badar Khushnood, Country Consultant Pakistan, Google Inc, Anjali Raina, Harvard Business School), Vinay Hebbar, Harvard Business Publishing, Avinash Vashistha, Accenture India and NASSCOM, Khuram Rahat, Teradata, Syed Tariq Husain, Emirates Investment Group UAE, Dr Tarita Shankar, Indira Group of Institute, Rizwan Tiwana, Wateen Telecom, Irfan Siddiqui, Meezan Bank, Ishan Raina, Ignitee Digital, Adnan Siddiqui, Growth Initiatives Leader, IBM Middle East, Africa and Turkey, Salim Ghauri, Netsol and P@SHA, Badar Khushnood, Google, Ayub Siddiqui, Sanofi, Adil Khattak, Attock Refinery, Shafique Uqaili, Allied Bank, Akram Durrani, Dawood Hercules, Sheraz Karim, SNL Financial, Waqar Khadim, Sefam, Farhad Karamally, Funverks Global and Navitus Sri Lanka, Dr Sitwat Hussain, Descon Engineering, Haroon Waheed, Fatima Group, Akkasha Sultan, ORACLE ASEAN, Max Babri, The Konsultants, Al-Karim Hasan, AntiClock and Shakeel Mapara, Sanofi.

August 22, 2014

Newly appointed Consul General of United States in Pakistan Zachary V Harkenrider visited Punjab Board of Investment and Trade (PBIT) here on Thursday. According to the spokesperson

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PLP NEWS ALERTS EMAIL No. 191-2014 of PBIT he was welcomed by Chief Executive Officer PBIT Mohammad Ilyas Ghauri. PBIT team apprised the Consul General about the workings and functions of PBIT. He was also briefed about the guidance and technical support being provided by PBIT to the local and foreign investors.

Amongst PBIT team Director General Investor Relations, Jalal Hassan, Director Projects Dr Suhail Saleem, Director Communication Ms Tayyaba Kamal, Sheharyar Rana and Hammad Khan were present on this occasion.

August 22, 2014

Following debt payments, the country's liquid foreign exchange reserves slipped below $14 billion at the end of last week. According to State Bank of Pakistan's (SBP) weekly report issued on Thursday, the country's total liquid forex reserves stood at $13.926 billion as on August 15, 2014 compared to $14.264 billion as on August 8, 2014, depicting a decline of $338 million.

During last week, the SBP's liquid forex reserves decreased by $285 million to $8.903 million compared with $9.188 million previous week. The decrease in the SBP reserves has been attributed mainly to payments of $295 million on account of external debt servicing, which includes $147 million paid to the IMF under the Stand-by Arrangement. In addition, reserves held by banks posted a $53 million decline to $5.023 billion at the end of the week compared to $5.076 billion a week earlier.

August 22, 2014

State Bank of Pakistan on Thursday termed the prevailing political uncertainty a threat to the country''s gradually improving economy. "The recent political uncertainly has impacted negatively on the economic front particularly stock market and exchange rate," said Hamza Malik, Director Monetary Policy Department. Talking to newsmen here on Thursday at State Bank head office, Malik, who is also acting chief spokesman for SBP, said that recent depreciation of Pak rupee against dollar is due to political turmoil in the country.

"The prevailing political uncertainty has directly affected the economic parameters and stock market and dollar has directly reacted to the current situation," he added. The sudden and unexpected changes in exchange rate also forced the central bank to intervene to help stabilise the market, he added. The inflows and outflows are normal and no major changes have been witnessed during the last few weeks, but the crisis on the political front has caused huge panic in the money market, he mentioned.

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PLP NEWS ALERTS EMAIL No. 191-2014

With the arrival of expected foreign inflows exchange rate is likely to be comfortable as it will improve the level of foreign reserves and help stabilise Pak Rupee against the greenback, he said. Talking about the IMF conditions, he said that the government has already initiated to fulfil IMF''s demands. "An amendment in the SBP Act has already been sent for appropriate approval from the National Assembly; Risk Management Committee and MPS advisory committee have also been formed and minutes of Monetary Policy Meeting are being published as per IMF requirements," director SBP said.

He said that presently, the country''s debt to ratio is some 64 percent and it should be reduced to 60 percent for a better economic growth. There are two reasons behind a higher debt: first less than target revenue and secondly, higher expenditures resulted in higher fiscal deficit, he added. He dispelled the impression that the tightening of the discount rates enhances debt burden, saying the discount rate is set on the extensive calculation which does not push up debt values as it has different compositions. During the last one year, debt growth has reduced but still on the higher side and some steps are needed to curtail the higher borrowing, he added.

"Pakistan''s tax to GDP ratio is 10 percent and needs to improve with new tax measures and tax reforms to enhance the collection," Malik said. He said the role of central bank is very crucial in maintaining price stability and financial stability in order to keep the economy towards growth. "Pakistan''s 50 percent exports go to the European countries, which are also facing a financial crisis. Pakistan is needed to create opportunities to attract new foreign investment," he added.

August 22, 2014

WASIM IQBAL

As 'Azadi' and 'Inqilab' marches entered seventh day, the residents of Islamabad have started feeling the impact. Milk, vegetables, meat and fruits are available at exorbitant rates, due to shortage in the supply of these commodities, since August 14, a survey conducted by Business Recorder revealed. As the whole district management is busy in handling the situation in the 'Red Zone,' it has given vent to shopkeepers as well as vendors to exploit the situation.

They increased the prices of edible items on the plea that there is less supply. Some shopkeepers and vendors are selling vegetables at higher prices from Rs 100 to Rs 150 per kilogram. Price of

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PLP NEWS ALERTS EMAIL No. 191-2014 loose milk increased by Rs 5 per liter and packed milk is not available to the majority of the localities.

Pakistan Tehreek-e-Insaaf's Azadi march was started on August 14. According to some wholesalers, police have blocked all the entry points of Islamabad which was the reason that the supply of milk and vegetables is short. They claimed that the prevailing uncertainty in the city is the chief reason for the shortage of food items as well as their high prices in the city.

An owner of a shop told Business Recorder that the stock of small 'milk pack' has exhausted. Wholesale outlets are charging Rs 5 extra from shopkeepers at Rs 40. The actual price of small milk pack is Rs 30. There is shortage in supply in Islamabad's fruit and vegetable market. Some wholesalers, who have stored vegetables and fruits, started selling them at high prices. They are selling one kilogram 'bringil' for Rs 60 against Rs 40, 'tori' for Rs 120 against Rs 50, ladyfinger for Rs 120 against Rs 50, potato for Rs 80-90 against Rs 60, onion for Rs 50 against Rs 40. Similarly, all kinds of fruits are being sold at double the prices.

All along the route transport, on the other hand, remained off road and passengers have been facing worst situation. Local traders have already rejected the long march. They staged protests and claimed the business community faced financial loss of around Rs 1 billion so far.

August 22, 2014

Consumers choice award distribution ceremony will be held on 27th August under the auspices of Consumers Association of Pakistan, at a local hotel. Governor Punjab Chaudhry Muhammad Sarwar will be the chief guest whereas Rauf Siddiqui Provincial Minister for Industries and Commerce government of Sindh, Jam Mehtab Dahar Provincial Minister for Food government of Sindh, Shoaib Ahmed Siddiqi Commissioner Karachi.

Rauf Akhtar Farooqi Administrator Karachi Metropolitan Corporation, Dr Mirza Ikhtiar Baig former Advisor to Prime Minister and Mirza Ishtiaq Baig Honorary Consul General Morocco will be the guests of honour. Kaukab Iqbal Chairman Consumers Association of Pakistan while giving briefing to media persons in his office said that in 9th Consumers Choice Awards distribution ceremony national, multinational companies service providers, banks and hotels will be awarded on their remarkable and outstanding performance. He further said that for transparency and consumers' preferences polling process was also conducted on social media site and in the light of consumers opinion companies have been selected.-PR

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PLP NEWS ALERTS EMAIL No. 191-2014 LCCI elections: founders Group invites applications till August 27

August 22, 2014

MUHAMMAD SALEEM

Founders Group in the Lahore Chamber of Commerce and Industry (LCCI) has invited applications till August 27 from the candidates for the Lahore Chamber elections scheduled for September 22 and 23. The decision to invite applications was taken at a meeting headed by the Chairman of Founders Group Shahzada Alam Monnoo.

LCCI former presidents Mian Muhammad Ashraf, Iftikhar Ali Malik, Mian Misbah-ur-Rehman, Mian Muzaffar Ali, Shahzad Ali Malik, Shahid Hassan Sheikh, Sheikh Muhammad Asif and LCCI Senior Vice President Mian Tariq Misbah also spoke on the occasion. LCCI Founders Group also constituted two committees for Corporate Class and Association Class. The committee for Corporate Class will be headed by the LCCI former president Mian Muhammad Ashraf while LCCI former president Mohsin Raza Bukhari, LCCI Senior Vice President Mian Tariq Misbah and former SVP Kashif Younis Mehr as its members.

LCCI former president Iftikhar Ali Malik will head the Committee for Associate Class while LCCI former President Sheikh Muhammad Asif, Mian Zahid Javed Ahmad and GR Siddiqui are its members. Both the committees will scrutinise applications of the candidates. They have been tasked to finalise the candidates at the earliest so that their names could be forwarded to the alliance.

The Chairman, Founders Group Shahzada Alam Monnoo said on the occasion that the alliance was a symbol of democratic norms at Lahore Chamber and was putting in best efforts for the cause of business community. He said the present LCCI office-bearers had not only made efforts for the promotion of business activities in the country but their contribution in education and social sectors would also have far reaching impact. He expressed optimism that alliance would sweep the LCCI polls as a large number of voters had already assured them of the full-fledge support.

August 22, 2014

Lahore Chamber of Commerce and Industry emphasised the need for a well-co-ordinated strategy to enhance volume of trade between Pakistan and Australia. The LCCI President Engineer Sohail Lashari said this while talking to High Commissioner-designate to Australia Naela Chohan here on Thursday. The LCCI former Senior Vice President Abdul Basit, Honorary

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PLP NEWS ALERTS EMAIL No. 191-2014 Consul Saleem Ghouri, EC members Talha Tayyab Butt, Raja Hamid Riaz and Zafar Mahmood were also present on the occasion.

The LCCI President said commercial sections of all the embassies abroad would have to play an active role for giving quantum jump to Pakistan's exports. He called for exploring avenues between the two countries to expand trade and investment, particularly through exchange of delegations. He said trade figures show that our bilateral trade is modest as well as erratic. Although our exports to Australia are increasing but considering the size of Australian market, it is just insignificant, he added. He said traditionally, the balance of trade is in favour of Australia but still there is a lot of gap between imports and exports figures.

Lashari said commercial section of Pakistan High Commission in Australia could play instrumental role in this regard. "We are eager to maintain direct working relations with them and also look forward to receive trade inquiries on regular basis," he said. He said Pakistan is facing critical situation with regard to maintaining reasonable level of FDI. "We have examples of Suzuki automobile cars and Massey Ferguson tractors, etc, in the fields of oil and gas exploration, the Australian expertise can also be utilised," he said.

He said Pakistan is an agro-based economy but, unfortunately, we do not have technology to preserve our excess agriculture produce. He said Australian expertise in this sector could be helpful for Pakistani agriculture sector. He said there is a vast scope of investment in horticulture, cattle and sheep breeding, processing, canning, packing and preservation of fresh fruits and vegetables as well.

High Commissioner designate to Australia Naela Chohan said on the occasion that she had already gathered the required data after having meeting with various export related institutions and would expedite co-ordination with Chambers in Pakistan. She said all the institutions in Pakistan would have to work with Pakistan's foreign mission abroad to increase exports and to enhance foreign investment in Pakistan.

August 22, 2014

Leading businessmen of the country on Thursday formed a new group called "United Businessmen Panel". It would be headed by Federation of Pakistan Chamber of Commerce and Industry's (FPCCI) former president Iftikhar Ali Malik. It was announced during a meeting held at a local hotel.

The members of the panel include S. M. Muneer, Mian Zahid Husain, Senator Haji Ghulam Ali, Senator Abdul Haseeb Khan, Haji Ghulam Qadir Sherwani, Zubair Tufail, S. M. Naseer, Jamil Mehboob, Mirza Ikhtiar Baig, Tanweer Shaikh, Mian Idrees, Engineer Dawood Khan, Riazuddin Shaikh, Aijaz Khokhar, Mumtaz Shaikh, Shaikh Riaz, Shaikh Younus, Hameed Akhtar, Haroon Rashid. The leader of the newly-formed United Businessmen Panel, Iftikhar Ali Malik, said that the efforts would be made to bring `true' democracy in FPCCI through ballot.

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PLP NEWS ALERTS EMAIL No. 191-2014 He also announced that regular elections would be held in United Businessmen Panel after every two years. Speaking on the occasion, S. M. Muneer said that Prime Minister Nawaz Shairf and Punjab's Chief Minister Shahbaz Sharif have reposed their confidence in him and that was why that they had appointed him as chief executive of the TDAP. He said that he was neither drawing any salary nor using TDAP vehicles. He said that the group would introduce merit in the affairs of the FPCCI. Senator Abdul Haseeb Khan also spoke on the occasion.

August 22, 2014

Shaikh Fazal Ahmed, Vice Chairman of All Pakistan Solvent Extractor's Association, along with other office bearers of the association held a meeting with S. M. Muneer, Chief Executive of TDAP, to discuss issues faced by the exporters in the field. Initially they raised the issue of "Ban on import of Pakistani Rapseed/ Canola Meal by China" in last February. The association members sought assistance of TDAP chief for lifting of the ban because their efforts could not get the desired results.

Chief Executive TDAP immediately contacted Erfa Iqbal, Commercial Consoler Beijing to immediately take up the matter with the concerned authorities in China and give compliance within three days. A comprehensive letter along with required documents was also emailed to her to avoid any further delay. It is expected that after lifting the ban, the export in this sector will increase by $1 million. The issues related with GST and FBR were also discussed with S.M. Muneer.-PR

August 22, 2014

LG Electronics (LG) announced that its 4K OLED TV, Smart+ TV, SoundPlate and its flagship LG G3 smartphone have been recognised by the European Imaging and Sound Association (EISA) 2014-2015 Awards. As the only company with three consecutive EISA Awards for its OLED TV technology, LG's leadership in the home entertainment category was solidified by its latest accomplishment.

LG's 77-inch 4K OLED TV (model 77EG970V), the winner of EISA's European High-End TV 2014-2015 Award, is the first to incorporate 4K resolution with a state-of-the-art OLED display that features WRGB technology. This combination of the latest in advanced display technology ensures sharp, detailed images and infinite contrast ratio. The ergonomically curved screen of 4K OLED TV delivers an immersive viewing experience and a wide viewing angle. And thanks to

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PLP NEWS ALERTS EMAIL No. 191-2014 LG's Tru 4K Engine Pro, the 77EG970V can upscale lower resolution content to near Ultra HD picture quality.

The European Smart TV 2014-2015 award winner, LG 55-inch Smart+ TV (model 55LB870V) offers crisp, clear full HD images with accurate colors, deep contrast and a wide viewing angle. The 55LB870V provides a simple and intuitive user experience with quick, easy access to a world of entertainment. Additionally, the ultra slim bezels of LG's cinema screen design give the Smart+ TV a stylish, almost borderless appearance that allows viewers to feel closer to the action on the screen.

EISA's European HT Soundbase 2014-2015 award was bestowed on the LG SoundPlate(model LAB540). Designed to fit conveniently and unobtrusively under a TV, the slim SoundPlateisa completes all-in-one home entertainment solution. In addition to its robust 4.1 channel, 320W home theatre surround sound system which includes an active wireless subwoofer, the LAB540offers a built-in 3D Blu-ray player and Smart TV functionality. It also supports Bluetooth, allowing users to effortlessly stream audio files from external devices.

The highly acclaimed LG G3 was also honoured by EISA this year, receiving the European Advanced Smartphone Award for 2014-2015. The LG G3 set a new precedent as a device developed primarily from consumer feedback and its philosophy, 'Simple is the New Smart.' Its breathtaking Quad HD display and 13MP OIS+ camera with laser auto focus were designed to quickly and easily capture and show life's special moments.

The proprietary software found in the LG G3 features innovations such as smart keyboard, smart notice and knock code TMfora simply convenient, simply clever and simply safer user experience. "It is a great thrill and honour to have our products recognised by an organisation as widely respected as EISA," said Hyun-hwoi Ha, President and CEO of LG's Home Entertainment Company. "LG will continue to push the limits of technology and design in our effort to meet the needs of consumers around the world who look to LG to deliver the best that the industry has to offer," he added.-PR

August 22, 2014

The Karachi Port handled 74,257 tonnes of cargo comprising 57,747 tonnes of import cargo and 16,510 tonnes of export cargo including 3,152 loaded and empty containers during the last 24 hours ending at 0700 hours on Thursday. The total import cargo of 57,747 tonnes comprised of 31,438 tonnes of containerised cargo; 108 tonnes of general cargo; 22,960 tonnes of bulk cargo: 17,500 tonnes of coal; 343 tonnes of soyabean meal; 5,117 tonnes of rock phosphate and 3,241 tonnes of oil/liquid cargo.

The total export cargo of 16,510 tonnes comprised of 11,014 tonnes of containerised cargo; 96 tonnes of general cargo and 5,400 tonnes of oil/liquid cargo. As many as 3,152 containers comprising 2,037 containers import and 1,115 containers export were handled during the last 24 hours on Thursday.

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PLP NEWS ALERTS EMAIL No. 191-2014

The breakup of imported containers shows 881 of 20's and 519 40's loaded while 26 of 20's and 46 of 40's empty containers, whereas that of exported containers shows 331 of 20's and 131 of 40's loaded containers while 358 of 20's and 82 of 40's empty containers were handled during the business hours.

There were six ships namely Kota Kasturi, Chrisopigi Lady, Urania, Somerset, Trina and Blue Balance carrying containers, oil tankers, cement and general cargo respectively sailed out to sea during the reported period. There were eight vessels viz. Northern Prelude, Niara, Urania, Bunga Alamanda, BW Danube, Rinia, Navios Astra and Trina carrying containers, oil tankers, coal, rock phosphate and general cargo respectively currently at the berths.

There was one ship namely Northern Prelude carrying containers sailed out to sea on Thursday, while three ships namely Niara, Bunga Alamanda and BW Danube carrying containers and oil tankers respectively are expected to sail on Friday. There were three vessels viz. Xin Huang Pu, UASC Sitrah and Bon Atlantico carrying containers and oil tanker respectively due to arrive on Thursday, while another vessel viz. Intisar carrying oil tanker is due to arrive on Friday.

PORT QASIM

A cargo volume of 160,029 tonnes comprising 123,872 tonnes of import cargo and 36,157 tonnes of export cargo inclusive 4,238 loaded and empty containers (TEUs) was handled at Port Qasim during the last 24 hours on Thursday. The total import cargo of 123,872 tonnes includes 57,745 tonnes of furnace oil; 6,400 tonnes of palm oil; 2,737 tonnes of canola seed; 3,381 tonnes of iron ore; 9,244 tonnes of phosphoric acid and 44,365 tonnes of containerised cargo.

The total export cargo includes 36,157 tonnes of containerised cargo. As many as 4,238 containers comprising 2,335 containers import and 1,903 containers export were handled during the last 24 hours on Thursday. There were four ships namely CV CMA CGM Berloiz, MT Golden Gate Park, MV Mari Cona and MV Glovanni Botigieri with containers, canola seed, iron ore and phosphoric acid sailed out sea on Thursday morning, while three ships namely CV Sealand Washington, CV Maersk Memphis and MT Anema-e-Core with containers and palm oil are expected to sail on the same day afternoon.

A total number of eight vessels viz. CV CMA CGM Berloiz, CV Sealand Washington, CV Maersk Memphis, MV Glovanni Botigieri, MV Mari Cona, MT Golden Gate Park, MT Feng Hai-10 and MT Anema-e-Core currently occupied berths to load/offload containers, canola seed, iron ore, phosphoric acid, furnace oil and palm oil respectively during the last 24 hours.

As many as six ships namely Vinalines Global, Ince Ilgaz, STX Fastern, Taurus, Leader and Fenh Hai-10 with rapeseed, chemical, furnace oil, diesel oil and palm oil are currently at the outer anchorage of Port Qasim. There are four vessels viz. CV Dubai Express, CV Sealand Washington, MV STX Fastern and MV Vinalines Global with containers, chemical and rape seed expected to take berths at Qasim International Containers Terminal, Engro Vopak Terminal and FAP Terminal respectively on Thursday.

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PLP NEWS ALERTS EMAIL No. 191-2014 Company News: Pakistan 'Workplace safety and health is a top concern' Khawaja Muhammad Nauman, President, Employers' Federation of Pakistan

August 22, 2014

BR Research: How is the Employers' Federation of Pakistan structured; and what is its mandate?

Khawaja Muhammad Nauman: Employers' Federation of Pakistan (EFP) takes its root from the Treaty of Versailles signed in 1919 after the First World War, following which the International Labour Organisation (ILO) was founded. Formation of Employers' Organisations is a legal requirement to be an ILO member. Set up in 1950, the EFP is one of the oldest employers' organisations. It is registered with the SECP and has two main objectives: promote and protect the interest of employers; and create harmony and good relations between employers and workers.

Businesses need EFP's support in fields of HRM and labour management. National and multinational companies, major chambers and trade bodies are members of EFP, which is now officially a constituent body of the ILO on behalf of the employers of Pakistan. EFP is member of international fora like the International Organisation of Employers and Confederation of Asia Pacific Employers. It also has strong linkage with the Overseas Human Resources and Industry Development Association, Association for Overseas Technical Scholarship, and Dutch employers' co-operation programme.

To help create decent workplace conditions, EFP, with support from the ILO, has initiated various projects in areas like elimination of child labour and bonded labour, awareness on sexual harassment issues, promotion of workplace gender equality, social dialogue programmes and Industrial Relations (IR) programmes.

BRR: What are the incentives for a business enterprise to become an EFP member?

KMN: The enterprises need to understand that any business has to be run within the parameters of national and international laws and standards. In today's world, you cannot stand alone, defy national and international standards and still be a successful enterprise providing decent working conditions. EFP is a professionally-capable organisation that not only can provide all required information but also is capable of providing guidance through relevant trainings and workshops.

There are many advantages to becoming an EFP member. There is an opportunity for members to nominate their representatives for foreign trainings on HR and IR issues. The local training is subsidised for members and it is the most economical in the market. There are seminars, conferences and workshops held for members' benefit. This is an organisation of the employers. The members elect the Board of Directors, which determines policies of the federation. The President of the federation is chosen from among the members. The president forms part of

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PLP NEWS ALERTS EMAIL No. 191-2014 delegation from Pakistan which attends the International Labour Conference at ILO, Geneva. EFP members have also the opportunity to participate in national and international meetings on a number of subjects as the federation's delegates.

By 2020, we hope to double membership of EFP, with regional offices established at all provincial capitals.

BRR: What are the common concerns of the EFP members when it comes to business environment?

KMN: There are issues which are common to members. EFP being the voice of business cannot remain indifferent to that. In some cases, EFP has to take the course of legal action against unjustified government orders. I do not want to go into details, but presently, EFP has filed petitions and we hope to get fair decisions.

For some years, the business in general is facing difficult times because of a number of factors. These include power outages, gas shortages and law-and-order situation, among other issues. The Information and Research unit of EFP underwent a detailed exercise and produced a valuable document titled "Pakistan National Business Agenda (PNBA)". Copies of the PNBA have been forwarded to all concerned including President and Prime Minister of Pakistan, as well as all political parties represented in the assemblies.

BRR: How has the government's response been to your outreach?

KMN: We find that measures are being taken on a number of identified issues by the Government of Pakistan. One may recall the Baldia Town fire incident in Ali Garments that left more than 200 workers dead. EFP fully supported the call of ILO and the Sindh Government to find ways and means that such incidents do not occur in future. The ILO-sponsored stakeholder meeting at Karachi provided the basis for the development of a Joint Action Plan, which was also signed by EFP. The plan mainly deals with workplace safety, which is also a major issue in the continuance of the EU's GSP+ status for Pakistan.

Considering that the Occupational Safety and Health (OSH) is ranking among top global concerns; EFP is offering training on the OSH essentials at Karachi and Lahore. There are safeties' modules that have been developed by ITC-ILO and are being introduced in Pakistan for the first time.

BRR: How does the EFP fund its activities?

KMN: The membership fee is very low--it is not enough even to run the secretariat. We have other resources and sponsors of our programmes. We value the support of ILO for majority of our programmes. We also acknowledge the support of GIZ (Gesellschaft für Internationale Zusammenarbeit), a German government organisation that is promoting skills development in the country.

With the help of sponsors, there are some programmes that are currently in the pipeline. One is the ILO-supported "Livelihood Restoration Programme" at Badin and Mirpurkhas for agricultural areas. Another couple of programmes are supported by the GIZ, for skills

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PLP NEWS ALERTS EMAIL No. 191-2014 competition at national level and the public-private partnership project in skills development. A social audit of member firms is currently under planning.

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PLP NEWS ALERTS EMAIL No. 191-2014 Taxation: Pakistan First 21 days of August: provisional tax collection stands at Rs 101 billion

August 22, 2014

SOHAIL SARFRAZ

The Federal Board of Revenue (FBR) has provisionally collected Rs 101 billion during first 21 days of August 2014 against Rs 95 billion in the corresponding period last fiscal, reflecting an increase of Rs 6 billion. Sources told Business Recorder here on Thursday that the FBR's revenue collection on Thursday (August 21) stood at Rs 7.5 billion, reflecting that performance of the tax machinery is satisfactory.

The provisional collection of Rs 101 billion during first 21 days of August 2014 revealed that the FBR is performing well as far as federal taxes are concerned. The ongoing sit-ins on the Constitution Avenue following Azadi and Inqilab marches of Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) and the civil disobedience call of the PTI did not have any negative impact on the revenue collection of the FBR.

The Board has provisionally collected Rs 138 billion during July 2014 against the assigned target of Rs 137 billion, surpassing the target by one billion rupees. Sources are confident that the positive trend of revenue collection in August 2014 would continue by the end of current month.

August 22, 2014

Federal Tax Ombudsman (FTO) Office has categorically conveyed to the Chairman Federal Board of Revenue (FBR) that the Board has failed to implement the FTO recommendations of proceeding against high ranked tax employees involved in tax fraud as well as setting up a task force to investigate all aspects of the fraud. It was learnt on Thursday that the FTO Office had written a letter to the FBR Chairman Tariq Bajwa on non-implementation of its recommendations.

"It is a sad state of affairs as the FBR has failed to implement the Federal Tax Ombudsman's recommendations even after the lapse of nearly two years, which amounts to defiance of recommendations in terms of Section 12 of Establishment of the Office of Federal Tax

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PLP NEWS ALERTS EMAIL No. 191-2014 Ombudsman Ordinance, 2000," the FTO letter to Tariq Bajwa further said.

According to the FTO Office, with reference to the order containing Findings of the Federal Tax Ombudsman dated 23.8.2012 in the subject complaint, which was forwarded to Secretary, Revenue Division on 24.8.2012, for implementation: directing the FBR to set up a task force to investigate all aspects of sales tax fraud and propose effective countermeasures. Secondly; restructure PRAL and I&I with a view to transform them into proactive agents of sales tax fraud prevention/detection. Thirdly; review I & I staffing policy and only highly qualified professionals with demonstrated expertise in uncovering cases of online white-collar crime should be assigned key investigative roles. Fourthly; proceed against Tax Employees found involved in perpetration of fraud and bring them to justice, particularly those in the higher ranks. Fifthly; hire high quality prosecutors to handle complex tax frauds prosecutions. Sixthly; enable prospective buyers to deal only with legitimate sellers. The procedure for blacklisting and listing as 'INACTIVE' must be telescoped so that doubtful firms do not remain in the field to dupe innocent buyers; and the Tenth recommendation is that the FBR should report the recommended steps within three months.

The foregoing recommendations were required to be implemented and a compliance report was to be submitted by November 28, 2012 in response to the FTO Secretariat's correspondence, requiring updated status of implementation of recommendations, the FBR had been forwarding reports of various field formations in a piecemeal manner. However, no consolidated compendium regarding implementation of all recommendations has so far been received.

In order to follow up the progress, Advisor FTO regional office Lahore also interacted with FBR officers, including Director General, Inland Revenue and Member (Legal) FBR, who provided feedback on the work done, which though indicates that remedial steps have been taken by the Board, but specific measures were never shared that could help understand to what extent FTO's recommendations had been implemented.

FBR Chairman Tariq Bajwa should look into the matter personally and ensure that all recommendations of the Federal Tax Ombudsman are implemented in this case in letter and spirit and a consolidated implementation report be forwarded to the FTO Secretariat within a fortnight. Our combined efforts to this end may help us not to initiate legal proceedings under Section 12/16 of Establishment of Office of Federal Tax Ombudsman Ordinance, 2000, the FTO letter added.

August 22, 2014

Karachi Tax Bar Association (KTBA) has expressed resentment over the bar imposed on newly- uploaded sales tax returns for claiming input tax on purchases during preceding six months. In a letter sent to the chairman FBR, KTBA cited registered persons, who had not claimed input tax within relevant tax period, had right to claim such input tax in the return for any of the

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PLP NEWS ALERTS EMAIL No. 191-2014 succeeding six tax periods. However, the newly-uploaded sales tax return is not allowing input tax on purchases which are of dated preceding months.

It said although section 10(1) of the Sales Tax Act 1990 allowed excess input tax against output tax on supplies (other than exports and zero rated supplies) to carry forward to the next tax period and was treated as input tax for that period, newly uploaded sales tax return is not permitting to do the same, creating problems for the taxpayers.

KTBA termed the restriction imposed through web-portal not to allow input tax on services provided by persons who are not registered with FBR as unjust and against the spirit of memorandum of understanding signed between the FBR and provincial tax authorities. In addition, the rate of sales tax on services rendered in Sindh has been reduced from 16 percent to 15 percent from July 1, 2014. However, this sales tax return is still showing old rate of sales tax - 16 percent.

Consequently, it urged the board to allow input tax on services which are acquired from those service providers who are registered with provincial sales tax authorities but not with the FBR. It said input tax adjustment in respect of sales tax paid through Bill of Additional Duties (BOAD) related to consignments cleared through one customs and in some cases manual entries is neither being automatically uploaded in the sales tax return not these can be entered manually by the taxpayers. Moreover, KTBA said such restriction is creating problems not only for taxpayers but also the FBR which is processing refund claims.

Keeping these problems in view, KTBA has requested the board to issue necessary directions to the relevant authorities to resolve the issue besides extending the date of filing sales tax return for July 2014 by 15 days from the date of resolution of above issues.

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PLP NEWS ALERTS EMAIL No. 191-2014 Cotton and Textiles: Pakistan Prices rise amid improved demand

August 22, 2014

Prices rose modestly on the cotton market on Thursday in the process of improved demand by millls and spinners, dealers said The official spot rate was unchanged at Rs 5400, they added. In ready session, around 14,000 bales of cotton changed hands between Rs 5450-5600, they said. Prices of seed cotton in Sindh were higher at Rs 2600 and Rs 2650 and in Punjab prices were unchanged at Rs 2650 and Rs 2700, they said.

According to the market sources, persistent rise in the NY cotton futures, dollar's surge in the local market and slight fall in phutti arrivals pushed the rates up and this trend may continue in the near future.

Cotton analyst, Naseem Usman said that the mills and spinners continued buying to meet their immediate requirements. Present uncertainties in the country are creating a concern among the businessmen.

Reuters adds: Cotton futures catapulted to their biggest one-day gain in five months on Wednesday, as chart signals triggered waves of short covering. The benchmark December cotton contract on ICE Futures US jumped to 66.20 cents, the highest level since late July, before closing up 1.65 cents, or 2.6 percent, at 65.81 cents a lb. Volumes picked up as the December contract breached short-term moving averages and technical resistance at the 65-cent level, triggering buy-stop orders.

The following deals reported: 200 bales of cotton from Golarchi sold at Rs 5450, 400 bales from Shahpur Chakar at Rs 5450-5500, 600 bales from Kotri at Rs 5450-5500, 1000 bales from Hyderabad at Rs 5450-5500, 1600 bales from Mirpurkhas at Rs 5450-5500, 2200 bales from Sanghar at Rs 5450-5500, 2000 bales from Shahdadpur at Rs 5450-5500, 1200 bales from Tando Adam at Rs 5450-5500, 400 bales from Bahawalpur at Rs 5550, 400 bales from Gojra at Rs 5550-5600, 1000 bales from Burewala at Rs 5550-5600, 800 bales from Vehari at Rs 5550-5600, 1000 bales from Haroonabad at Rs 5550-5600, 800 bales from Chichawatni at Rs 5550-5600, 600 bales from Shujabad at Rs 5550-5600 and 1000 bales from Khanewal at Rs 5550-5600, they said.

======The KCA Official Spot Rate for Local Dealings in Pak Rupees ------FOR BASE GRADE 3 STAPLE LENGTH 1-1/32" ------MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL ======Rate Ex-Gin Upcountry Spot Rate Spot Rate DifferenceFor Price Ex-Karachi Ex. KHI. As Ex-Karachion 20.08.2014 ======37.324 Kgs 5,400 150 5,550 5,550 NIL

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PLP NEWS ALERTS EMAIL No. 191-2014 ------Equivalent ------40 Kgs 5,787 160 5,947 5,947 NIL ======Prices surge on cotton market

August 22, 2014

DR ZAFAR HASSAN

Cotton prices moved up by Rs 100 to Rs 150 per maund (37.32 Kgs) on the cotton market this week due to slow arrivals of seedcotton (Kapas/Phutti). Seedcotton prices were also reported to have gone up this week by Rs 100 to Rs 150 per 40 Kgs due to slow arrivals from the fields to the ginners. Increase in lint buying by the needy mills propped up the fibre prices.

It is reported in the market that about 1.2 million bales (155 Kgs) from the new crop (August 2014/July 2015) have been pressed by the ginners till now. Last season (August 2013/July 2014) about 1.7 million bales had arrived into the ginneries throughout Pakistan by the end of August 2013. The overall condition of the new crop is being described as good.

Output projection for the new cotton crop in Pakistan (2014/2015) is being stated to be between 13.5 and 14 million domestic size bales (155 Kgs) on an ex-gin basis while the mills consumption may range between 15 and 15.5 million bales. Exporters may ship anywhere from half a million to one million bales and the domestic mills may import from one to 1.5 million bales.

Though generally the yarn prices have been slow both locally and abroad, but brokers said on Thursday that some enquiries and sales have been initiated by China both from India and Pakistan. Seedcotton (Kapas/Phutti) prices from Sindh reportedly ranged from Rs 2625 to Rs 2650 per 40 Kgs, while in the Punjab they also ranged higher from Rs 2700 to Rs 2750 per 40 Kgs in a tight market.

Lint prices in Sindh were reported to be higher and are said to have ranged from Rs 5575 to Rs 5600 per maund (37.32 Kgs), while in the Punjab the lint prices also moved up to range from Rs 5625 to Rs 5700 per maund in a tight market. Gap in seedcotton supply was said to be instrumental in increase in seedcotton and lint prices. Cotton exporters were also seen on the market making some enquiries and are also said to have made some purchases. Weaker Pakistan rupee ruling at Rs 101 against the greenback imparted some firmness to the market.

In actual sales on Thursday, about 6000 bales of cotton from various stations in Sindh are said to have been sold between Rs 5550 to Rs 5600 per maund (37.32 Kgs). In the Punjab, about 5000 to 6000 bales from different stations reportedly sold from Rs 5000/Rs 6000 to Rs 5600 to Rs 5700 per maund in a tight market. Political tensions intensified in Islamabad on Thursday as the confrontation between Prime Minister Nawaz Sharif and his two leading opponents Imran Khan and Maulana Tahirul Qadri reached a new crescendo. Tension prevailed in the country reaching new heights with increase in disturbances in Islamabad and elsewhere.

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PLP NEWS ALERTS EMAIL No. 191-2014

On the global economic and financial front, there is still a lot of fear and skepticism that the economic and business situation remains very weak and fragile. The shares indices which have risen sky high do not correctly reflect or represent the true condition of the global economy. The various stimuli given to the economic and banking industry by the United States, the Eurozone, the United Kingdom, Japan and other regions and countries have simply postponed the day of reckoning.

The unemployment rates remain very worrisome in the United States, Italy, France, Greece, Spain, Portugal, Ireland, Japan and elsewhere which is thus a cause of major concern. As far as the banks are concerned, every day we hear of the untold millions, even billions of dollars, pounds and euros of fines being paid by their management's for their misdeeds, malfeasance, greed and devious performance of their duties over the past decades.

It may be surmised that the rot in the global banking industry is incalculable and that as of now their superstructures rest on rotten foundations. Similarly, even if unemployment figures are given out purporting to show improvement, actually many workers are not reporting their unemployed status. Yet millions of other workers have taken up jobs at lower pays. There is thus a feeling which has crept up over the past few years that the global economic condition remains very vulnerable and precarious and shares indices like the Dow Jones could collapse sooner or later.

According to Harry Dent, the famous business strategist whose earlier forecasts of economic situation and shares price indices levels have come true all the time since that past quarter of a century, the Dow Jones Industrial Average is on the verge of a collapse. Dent is reported by the Economy and Market Daily as saying that the Dow Jones will ultimately top out between 17,000 and 17,200 and then "it's all downhill".

Harry Dent has listed several reasons as to why the Dow Jones would plummet to 6,000 as he believes "the party's almost over". He has listed some of the predictions which will trigger the downfall the Dow Jones record high index level.

According to Dent, he is reported to have said that "unemployment will remain high, housing prices will fall an additional 30 to 40 percent despite the biggest stimulus plan in history (of USA), and the lowest mortgage rates 40 years, state and municipal governments will be forced into default, especially at the city and county level, commodities will continue to fall, with gold dropping to dollar 750 an ounce and oil plunging to dollars 20 a barrel, China's bubble will burst rather quickly, and Europe will remain weak, especially as Germany careens off its own demographic cliff".

It is already well known that billionaires Warren Buffet and George Soros et al have largely sold out their American shares holdings and exited from the stock market sizeably. Let us keep our fingers crossed.

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PLP NEWS ALERTS EMAIL No. 191-2014 Textile exports up five percent MoM

August 22, 2014

TAHIR AMIN

Textile exports of the country registered an increase of 5 percent and remained at $1.16 billion in July as compared to the preceding month of the current fiscal year, it is learnt. Official sources told Business Recorder that textile exports to the European Union (EU) under the GSP Plus status registered a substantial increase while the energy situation also remained good during the period under review, resulting in overall increase in textile exports.

Textile exports dipped by 1.52 percent to $1.113 billion during June 2014 against $1.13 billion in the same period of last year, however it increased again by 5 percent and reached $1.162 billion in July 2014. The country's overall textile exports increased by 3.95 percent during the last fiscal year mainly due to the increase in exports to the EU after the GSP Plus status. Textile exports surged to $13.74 billion during previous financial year 2013-14 as compared to $13.05 billion of the preceding year (July 2012 to June 2013). The country's textile exports showed increase of 5.3 percent during previous fiscal year including increase of 18 percent to the EU while taking the figure to $5 billion for the first time in the history. To the rest of the world textile exports declined by 3.5 percent, revealed Ministry of Textile Industry officials.

Sources further said that raw material exports witnessed a net decline however value-added textile exports increased in July. The government is working on a five-year plan to provide incentives mainly to the value-added textile sectors. Under the proposed Textile Policy (2014- 19), value-added textile sector would be incentivised. According to the policy, textile exports would be increased to $26 billion in next five years, besides creating job opportunities with a financial support of Rs 80 billion.

According to officials, there was significant increase in post January 2014 orders from EU after getting preferential status; however shortage of utilities particularly power and gas remains main impediment in increasing output. However, the industry is expecting a significant increase in exports in coming months.

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PLP NEWS ALERTS EMAIL No. 191-2014 Agriculture and Allied: Pakistan Speakers for adopting scientific agriculture

August 22, 2014

Pakistan needs to adopt science-based agriculture at the national level in order to meet the constantly growing food, fiber and fodder demands in Pakistan besides increasing per-acre yield and quality of its agriculture produce. This was the consensus of speakers at the launching ceremony of ISAAA report (ISAAA Brief 46) on global status of Genetically Modified (GM) crops organized by the Pakistan Biotechnology Information Center (PABIC) in collaboration with PABIC Lahore here the other day.

The renowned biotechnologists of Pakistan Dr Kauser Abdullah Malik and Dr Tayyab Hussnain addressed the event and said agriculture is the backbone of national economy. Pakistan is among the largest producers of cotton, maize, rice, citrus, etc. However, the yield and quality of agriculture produce is not at par with the world standards. Therefore, it is imperative to adopt science based agriculture at the national level in order to meet the constantly growing food, fiber and fodder demands in Pakistan. Modern biotechnology being one of the important developments of present era has immense potential for improving agricultural productivity.

However, for its use on scientific and sustainable basis, we need coherent policies and clear implementation strategy to adapt agro-biotech, focusing on crops which require less water, less fertilisers and pesticides and giving more yields to feed the growing population as well as to provide raw material for high value exports. Therefore, it is the need of time to adopt the agriculture biotechnology at the national level in order to meet the constantly growing food demands in Pakistan.

Dr James Tebbe, Rector FC College, addressed on the importance of the promotion of science as well as the need for ventures such as ISAAA in order to engage science in a better manner. Dr Clive James, Founding Chairman ISAAA and author of ISAAA Brief during his video message talked about the highlights of ISAAA Brief 46. He briefed about the adaptation rate of agro- biotechnology world-wide.

Dr Tayyab Husnain, Director Center of Excellence in Molecular Biology (CEMB), Lahore, gave a presentation on the potential of agriculture in Pakistan as well as highlighting major developments. DG Pakistan Environment Protection Agency (PEPA), Islamabad Dr Khursheed Sawati talked about the need for biotech regulation in Pakistan. Dr Kauser Abdulla Malik during his concluding remarks said this is a great challenge to provide sufficient food to the growing population of the world.

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PLP NEWS ALERTS EMAIL No. 191-2014 Daily trading report of PMEX

August 22, 2014

On Thursday at Pakistan Mercantile Exchange (PMEX) value traded was recorded at PKR 2.003 billion as compared to PKR 1.382 billion registered on Wednesday, up by 44.92 percent The number of lots traded was 11,242 and PMEX Commodity Index closed at 2,985. Major business was contributed by crude oil amounting to PKR 990 million- up 28 percent, followed by gold amounting to PKR 950 million - up 76 percent and silver at PKR 63 million.

August 22, 2014

Rice Exporters Association of Pakistan (REAP) on Thursday said that the production and exports of rice decreased significantly in the last two years due to the government's act of neglecting research and development (R&D) sector. Speaking at a luncheon ceremony hosted in honour of Citizens-Police Liaison Committee's chief Ahmed Chinoy, the Reap's former chairman Abdurl Raheem Jano, said that the Reap was the second largest association after All Pakistan Textile Mills Association (APTMA) and the rice industry had been playing a vital role in strengthening country's economy.

Elaborating, he said that though the present volume of rice exports was Rs 2.28 billion, it could be increased by Rs 4billion within a couple of years provided government took serious measures in value addition and introduced new varieties of seeds through advanced scientific research. "The government has neglected the R&D sector in the last two years, causing a significant decrease in production of rice and its exports," he added. In his welcome address, the Reap's Senior Vice Chairman, Chella Ram, voiced serious concerns over the prevailing law and order situation, saying that the rice traders in Karachi were being threatened by different groups. He said that though "some containers of rice go missing while going to and from godowns and ports, we don't know who are behind this crime as we are unable to trace those elements," he added.

He also complained that many traders have recently been deprived of cash, mobiles and other valuables on their way to Port Qasim and Gadap area. He, however, appreciated the efforts of CPLC in tracing the missing valuables of traders. CPLC chief Ahmed Chinoy on this occasion claimed that the crime rate in Karachi, this year, has been reduced by 50 per cent as compared to last year. He said that the law-enforcement agencies, including police and rangers, are working diligently to curb crime. He said that some 200 officials of LEAs have sacrificed their lives while protecting the lives and properties of the citizens last year, while some 150 officials have, so far, been killed by criminals, this year. He said that the CPLC would open its offices in 29 districts of Sindh in the next two years and hopped that these offices would help in bringing an end to the menace of crime from the country.

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PLP NEWS ALERTS EMAIL No. 191-2014 Copyright Business Recorder, 2014 Seafood exports increase by 5.68 percent in July

August 22, 2014

The exports of fish and fish preparations increased by 5.68 percent during the first month of fiscal year 2014-15 as compared to the same month of last year. According to the latest data released by Pakistan Bureau of Statistics (PBS), the fish exports during July 2014-15 were recorded at $21.246 million against the exports of $20.104 million in July 2013-14.

In terms of quantity, the seafood exports in July 2014 were recorded at 10,463 metric tons compared to the exports of 8,397 million in July 2013, showing increase of 24.60 percent. Meanwhile, on month-on-month basis, the seafood exports, however, decreased by 33.03 percent in July 2014 when compared to the exports of $31.726 million in June 2014.

It is pertinent to mention here that country's trade deficit narrowed by 16.58 percent during the first month of the ongoing fiscal year (2014-15) compared to the same month of last year, mainly owing to decline in imports into the country. The imports into the country decreased by 11.80 percent in July 2014 compared to the imports of July 2013.

The imports into the country were recorded at $3.364 billion in July 2014 compared to the imports of $3.814 billion in July 2013, the PBS data revealed. Exports from the country, however, also decreased by 7.88 percent by going down from $2.095 billion in July 2013 to $1.930 billion in July 2014. Based on the figures, the overall trade deficit in July 2014 was recorded at $1.434 billion compared to the deficit of $1.719, showing a deficit of 16.58 percent.

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PLP NEWS ALERTS EMAIL No. 191-2014 Fuel and Energy: Pakistan Iran optimistic about timely completion of gas pipeline project

August 22, 2014

AMJAD ALI SHAH

Iranian Consul General in Peshawar, Hassan Darvishwand has said his country is optimistic about the timely completion of the joint gas pipeline project as per agreement, and termed the project beneficial for the two-brotherly Islamic countries. The project had been initiated by signing agreement with the former PPP-led government, and Iran has almost completed installation of pipeline from its side, but it was delayed from Pakistan side, Darvishwand told reporters during a 'Guest Hour Programme' arranged by Peshawar Press Club here on Thursday.

The Iranian diplomat attributed that people of Pakistan, particularly those living in Khyber Pakhtunkhwa are much resilient under prevailing deteriorating law and order situation. He said the external forces were fuelling terrorism in KP and rest part of the country, in which a large number of innocent citizens killed. Commenting on the present political tension in the country, Darvishwand said it was internal issue of Pakistan, and Iran didn't want to make any kind of intervention in these issues. But, he said Iran want everlasting peace, stability and prosperity in Pakistan.

About the Pakistan-Iran relations, he said both brotherly Islamic countries have tied with cordial relations for last several decades, which were connected at thousands of miles border area. Talking about hospitality and braveness of Pakhtuns, the Iranian diplomat said Pakhtuns have much hospitable people, as during his stay, they have found them, beyond his expectations. They (Pakhtuns) give me much respect and position, for which we would be grateful and thankful for them, Darvishwand said.

August 22, 2014

MUSHTAQ GHUMMAN

Current political turmoil in the country has marred government''s plans to establish ten coal fired power plants of 6600 MW capacity (660 MW each) as the response from investors is negligible, well informed sources told Business Recorder. Private Power Infrastructure Board (PPIB) had sought Expressions of Interest from the potential international and national investors till August

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PLP NEWS ALERTS EMAIL No. 191-2014 18.

"Investor response is very poor because of current political crisis. We are extending the date for submission of EoIs," said sources. According to Private Power Infrastructure Board (PPIB), Government of Pakistan''s coal-based power generation initiative aims at an enhancing electricity generation capacity at an affordable cost. International and local private parties were invited to set up state of the art super critical power plants based on imported coal in Pakistan Power Park located in Gadani (Balochistan) with a cumulative capacity of 6600 MW on fast track basis.

Recently, stakeholders, including Chairman Central Development Working Party (CDWP) headed by Minister for Planning, Development and Reforms Ahsan Iqbal, have pointed out serious violations in Gadani Power Park designed to establish 10 imported coal-fired plants of 660 MW each (10x660 MW). PPPMCL has been established as a special purpose vehicle for dealing with the ten imported coal-fired projects. The PPPMCL will also be responsible for operation and maintenance after completion of project. The cost of the project has been estimated at Rs 146.627 billion ($1.488.6 billion) with a 15 percent GoP equity and an 85 percent debt financing as foreign loan.

The GoP''s equity will be $223 million whereas debt is estimated to be $1.265.3 billion. Interest rate on foreign loan will be Libor+400 basis points/@ Eurbor +400 basis points and on local loan Kibor+ 300 basis points. Average interest rate will be 6 per cent and repayment period 12 years. Weighted cost of capital is estimated to be 6 percent. Later on, Executive Committee of the National Economic Council (ECNEC) headed by the Finance Minister, Ishaq Dar also endorsed the viewpoint of CDWP and directed the Ministry of Water and Power to review the feasibility study in the light of observations made in the CDWP meeting.

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PLP NEWS ALERTS EMAIL No. 191-2014 Neelum-Jhelum transmission line to Gujranwala costs Rs 22.582 billion

August 22, 2014

The Neelum-Jhelum 500KW transmission line to Gujranwala will cost around Rs 22.582 billion including Foreign Exchange Component (FEC) of Rs 13.553 billion. Official sources told APP here on Thursday that the Economic Co-ordination Committee (ECC) has also approved last week in principle financing facility of Rs 17 billion from local banks for the laying of 500KW double circuit transmission line from Neelum-Jhelum Hydro-Power Plant to Gujranwala.

However, they said it would be subject to approval of terms and conditions of borrowing by the Ministry of Finance. As National Transmission and Despatch Company Limited (NTDCL) is implementing the project through its own resources, the local banks have also shown their willingness to provide funding against sovereign guarantee by the Government. It is pertinent to mention here that first unit of 969MW Neelum-Jhelum Hydro-Power Project will be operative by December 2015 for which NTDCL has to complete the priority portion of transmission line on or before September 30, 2015, for evacuation of power from the project.

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PLP NEWS ALERTS EMAIL No. 191-2014 Fuel and Energy: World Crude oil recovers on US economic data

August 22, 2014

US and Brent crude futures rose on Thursday, lifted by supportive economic data from the United States after a plentiful supply picture and Chinese economic data had earlier pressured prices. Sales of existing US homes rose to a 10-month high in July and the number of initial jobless claims fell last week, signalling third-quarter strength in the economy.

Separate reports on Thursday showing factory activity in the mid-Atlantic region in August at its highest level since March 2011, and a gauge of future economic activity up solidly last month, added to the hopes for improving demand for oil. "US crude might have a gotten a little ahead of itself to the downside recently given the strong demand from US refiners and the relative of strength of the US economy, as this morning's data show," said John Kilduff, partner at Again Capital LLC.

The world's top crude oil benchmarks have both fallen more than $10 a barrel since June on a build-up of supply in the Atlantic Basin and continued production from Iraq and Libya despite the risk of supply disruption from the region's conflicts. US October crude futures rose 51 cents to settle at $93.96 a barrel, reversing earlier losses that sent prices to $92.50, the lowest since January 15.

The US September contract expired on Wednesday at $96.07, up $1.59 on the day and with the premium of the front-month over the nearby contract reaching $3.12 intraday. Data showing a large drop in US crude inventories last week and refinery capacity use at a robust 93.4 percent helped spark Wednesday's rally. Brent October crude on Thursday rose 35 cents to settle at $102.63, up from its session low of $101.21. Brent fell to $101.07 on Tuesday, its lowest since June 26, 2013, the same month it was last traded under $100 a barrel.

A survey of China's factory activity showed that growth in the sector slowed to a three-month low in August, pressuring oil prices early on Thursday and fuelling concerns about a soft economy dampening demand for oil in the world's second-largest oil consumer. Along with worries about demand, increasing supplies from OPEC member nations has eased fears of supply disruptions.

Libya has resumed exports from its largest port, helping lift oil production to its highest in months, while Saudi Arabia raised its output in July to 10 million barrels per day (bpd). "Supply fears have been quelled by an increased export volume from Libya," said Dorian Lucas, an analyst at energy consultancy Inenco. As Brent's retreat neared $100, there was talk that OPEC could consider cutting output, although delegates from the producer group have said higher seasonal demand in coming weeks is expected to support the market.

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PLP NEWS ALERTS EMAIL No. 191-2014 Siemens wins 650-million-euro wind turbine contract

August 22, 2014

German engineering giant Siemens said Thursday it has won a contract worth 650 million euros ($862 million) to supply wind turbines to Norwegian power groups Statoil and Statkraft. "Siemens Energy has received an order from the Norwegian energy utilities Statoil and Statkraft for the ''Dudgeon Offshore Wind Farm'' in Britain," the German group said in a statement.

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PLP NEWS ALERTS EMAIL No. 191-2014 Banking & Finance Pak liquid foreign reserves figure $ 13.92508bn

Thursday, 21 August 2014 17:59

Posted by Imaduddin

KARACHI: The total liquid foreign reserves of the country stand at dollars 13.92508 billion, said State Bank of Pakistan.

According to SBP's weekly statement here on Thursday, the foreign reserves held by the State Bank on August 15 amounted to dollars 8.90207 billion and the net foreign reserves held by other banks were dollars 5.02301 billion.

During the week ending August 15, the SBP's liquid foreign reserves decreased by $ 285 million to $ 8,903 million as compared to $ 9,188 million in the previous week.

The decrease in SBP reserves is mainly attributed to payments of $ 295 million on account of external debt servicing which includes $ 147 million paid to International Monetary Fund (IMF) under stand- by arrangement.

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PLP NEWS ALERTS EMAIL No. 191-2014 BR Research: All Cement: a not-so-concrete beginning!

August 22, 2014

BR Research

While news of expansion has been making rounds in the cement sector of late, the beginning of FY15 seemed to be abysmal. APCMA data shows that total sales fell by 31 percent month-on- month and by 14 percent year on year in July FY15.

Exports continue to cut a sorry figure, coming down by a significant 33 percent year on year. Local sales came down remarkably by 32 percent month on month. And now with the second month of the quarter bringing in a political turmoil gripping the entire nation, how are things likely to be for cement players?

Furqan Ayub, Research Analyst at JS Global Capital Limited, posits that lower sales during the month have been mainly linked to Ramazan and the lesser working days on account of Eid holidays. The monsoon season is also likely to keep cement despatches suppressed during the quarter, he adds. But, misery could be added if the current political turmoil is to continue. Blockages of transport routes have already begun to show impacts for cement despatches.

But, more importantly, he notes, the perception that cement despatches have been higher due to the PML-N government’s liking for infrastructure development is more of a euphemism so far. Further, margins for cement players had been improving even before the general elections took place last year.

While there is generally a positive sentiment in the market with the announcement of several mega-projects by the government, there is also a clear understanding that most projects are still ‘on-paper’ and the expected boost to despatches will accrue only in the execution stages, which would still take time.

While the seasonal factor and political turmoil are common factors denominating the development of local despatches over the quarter, how are exports likely to fare? Nabeel Khurshid, Research Analyst at Top line Securities, argues that both Afghanistan and India are not very encouraging destinations currently.

The former market is itself under political instability due to the impasse over presidential elections and withdrawal of US troops, while demand from the latter remains largely uncertain for local cement players.

Regional pricing, whereby Iranian cement has been cheaper than Pakistan’s, is also at play in limiting exports to Afghanistan.

Meanwhile, demand from African markets has provided a cushion to export despatches. Additionally, exploring export destinations can also support margins for local players in case the

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PLP NEWS ALERTS EMAIL No. 191-2014 cartel dismembers, although that seems unlikely for now. Higher exports driven by overseas demand can be beneficial in terms of realising idle capacity in the sector as well, says Khurshid.

Regardless of what the numbers suggest for now, cement players should be observing the unfolding political mayhem alongside the mega infrastructure projects committed by the government. That these projects will realise: only time will tell.

But, that the government will stay strong is an immediate question that lurks around for now. EFUG bests JGIL

August 22, 2014

BR Research

So close yet so far! EFU General (EFUG) and Jubilee General (JGIL) insurance companies are the top two insurers in the non-life segment in Pakistan. The former had 26 percent of total premiums written as of March 2014, the latter, 19 percent. But that’s where their closeness ends.

Results for the half-year ended June 2014 show that managers at JGIL have much to learn from their counterparts at EFUG; when it comes to doing insurance business. As of March 2014, JGIL’s underwriting profits were 19 percent of those earned by EFUG; by June 2014, the number fell to 12 percent. Clearly, something is not working at JGIL.

JGIL saw its 2Q underwriting profits drop 73 percent on quarter-on-quarter basis to Rs18 million; in year-on-year terms, the drop was 76 percent. The firm’s marine, aviation and transport segments that earned about Rs58 million the first quarter, lost nearly as much in the second quarter.

With the marine segment’s profits washed away, there wasn’t much left for the firm to absorb the losses stemming from fire and property and accident and health segments. The former booked an underwriting loss of Rs4 million, (though about five times lower than what it booked in 1Q), whereas the latter booked a loss of Rs30 million in 2Q (as against Rs35mn in 1Q).

The only segment that kept JGIL’s underwriting results running was motor segment that increased its underwriting profits to Rs67 million in 2Q from Rs37 million in the preceding quarter. But then, motor segment only has 25 percent share in JGIL’s total business, as the three other segments mentioned above make up about 58 percent of the firm’s net premium revenues.

Contrast this performance with that of EFUG. The top non-life insurer saw 1H underwriting profits rise by 63 percent year on year, as 2Q underwriting profits more than doubled to Rs348 million. Much like JGIL, EFUG’s marine, aviation and transport segments lost in the second quarter (Rs52 million). But then, this loss was much less than the profit of Rs167 million it made on that segment in 1Q.

Plus, EFUG’s fire and property segment increased its profits to Rs268 million in 2Q, a massive 231 percent growth over 1Q, whereas its motor segment profits also jumped 250 percent quarter on quarter to stand at about Rs80 million the second quarter.

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PLP NEWS ALERTS EMAIL No. 191-2014

So, the first thing JGIL’s managers have to learn is how to improve their underwriting results. JGIL’s underwriting profits as percentage of net premium fell to 5 percent in the half-year ended June 2014. The number stood at 7 percent in the same period last year. EFUG, on the other hand, improved this ratio to 20 percent in the half-year ended June 2014 from 14 percent in the year ago period.

To this end, JGIL would do well to look at their quality of business and perhaps claim strategy; the firm’s net claims to net premiums ratio stood at 60 percent in 1H CY14 (unchanged over last year). EFUG’s ratio on the other hand stood at 47 percent in 1H CY14, an improvement of about 400 basis points.

The second thing that JGIL ought to work on is their investment management. The firm’s investment income rose 20 percent year on year to Rs406 million in the first half. This growth looks phenomenal, but only until you compare it with 40 percent growth in EFUG’s investment income to Rs402 million over the same period. This means that investment managers at EFUG are catching up fast.

Despite these differences in performance, however, it is interesting how the stock performance of these two firms have been quite the reverse. Indeed, beauty lies in the eyes of beholder!

======JUBILEE GENERAL VERSUS EFU GENERAL ======JGIL EFUG ======Rs (mn) 1HCY14 YoY 1HCY14 YoY ======Net premium revenue 1,843 10% 3,353 10% Net claims 1,110 12% 1,583 1% Management 483 18% 718 6% Net commission 166 12% 369 -4% Underwriting result 85 -27% 684 63% Investment Income 406 20% 402 40% Rental income & profit on deposits 88 0% 114 9% Share of profit on associate 189 29% General and administrative expenses 31 18% 288 15% Profit before tax 578 8% 1,085 53% Profit after taxation 506 11% 878 51% EPS (Rs/share) 5.49 3.22 11% ======Samba: the momentum continues

August 22, 2014

BR Research

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PLP NEWS ALERTS EMAIL No. 191-2014 These are good times for Samba Bank. It closed first half with a 235 percent year-on-year bottom line growth. The banking minnow has cemented the first quarter gains with a strong financial performance in the second.

It seems that the fundamentals that triggered the first quarter growth helped Samba put on a good show in the Apr-Jun quarter as well. Recall that the healthy 1Q CY14 performance was characterised by heavy investment in attractive government securities, sizable bad debt reversals, and higher non-mark-up income. The investment frenzy was such that the bank’s portfolio swelled up by nearly Rs10 billion in that period. No wonder then its Investment-to-Deposit Ratio (IDR) stood at 89.11 percent, well above the Advances-to-Deposit Ratio (ADR) of 73.47 percent, as of March end.

As the first half closed, it seems that returns from high-yielding sovereign investments and incremental mark-up income from fresh advances have delivered a stunning 36 percent year-on- year top line growth. The 43 percent growth in cost of funds is proportionally higher than that, a cause of worry. Yet a 26 percent expansion in net mark-up income is to be savoured.

The story gets better as the bank showed strong growth in reversals of earlier provisioning and also made some recoveries against bad debts. That augurs well for Samba’s asset quality, even as the bank gradually expands its loan book.

However, non-mark-up income-–which comprises of fee, commission and brokerage income, as well as foreign exchange income-–could have done better. The humble 6 percent year-on-year growth under this head is primarily due to comparatively lower income from dealing in foreign currencies. But that was positively compensated by a controlled 4 percent growth in non-markup/non-interest expenses: thanks to contained administrative expenses.

With a PAT of Rs125 million, Samba is now headed to the closing half of the year in strong shape. However, the management must keep its focus on mitigating the inherent challenges small banks usually face, so as to put the bank on a continued solid footing.

Samba’s deposit growth-–which was about 8 percent at March 31, 2014, compared to December 31, 2013-–is decent when compared with its peers. However, during the same period, the bank’s borrowing from other financial institutions had increased nearly four times. Besides feeding in higher cost of funds, short-term borrowing from other financial institutions can also create maturity mismatch if the investment appetite continues to be funded primarily from market borrowings. This is not a sustainable way to profitability.

To tackle that, Samba needs to attract low-cost deposits-–arguably a difficult feat for small-sized banks. At the same time, it should continually expand its lending portfolio for sustainable future income.

======Samba Bank Limited (Unconsolidated P&L) ======Rs(mn) 1HCY14 1HCY13 Chg ======Markup/return/interest earned 2,059 1,518 36% Markup/return/interest expensed 1,246 872 43%

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PLP NEWS ALERTS EMAIL No. 191-2014 Net markup income 812 647 26% Provisioning / (Reversal) (56) (43) 32% Net markup income after provisions 869 690 26.0% Non mark-up / Non-interest income 98 93 6% Operating revenues 967 782 24% Non mark-up / interest expenses 775 747 4% Profit before taxation 192 36 435% Taxation 67 (1) 4804% Profit after taxation 125 37 235% EPS - Rs 0.14 0.05 ======PKGS: improving margins

August 22, 2014

BR Research

After a few tough years, Packages Ltd (KSE: PKGS) is back to profitability, putting in another round of better performance at the end of 1H CY14.

But, it didn’t start auspiciously. The company’s top line declined to Rs7.9 billion at the six- month mark. Both domestic sales and export sales during 1H CY14 were, to some extent, stunted, actually slithering on quarter-on-quarter basis.

However, gross margins improved owing to improved efficiency in terms of raw material consumption. The firm’s cost of sales declined by 4 percent year on year-–that really helped the ensuing profit margins.

But, the real kick came from a significant rise in investment income. According to industry analysts, a hefty share of investment income is backed by the firm’s investment in Tetra Pak shares.

Due to significant appreciation of rupee against the dollar in the first quarter and exchange rate stability since, the improved non-core income provided favourable support. Although the rupee appreciation improved PKGS margins, the growth potential of its core operations remain dreary due to lack of pricing power owing to strong competition in the market.

However, the company management is optimistic of a brighter future. Going forward, the firm will have to manage their working capital more efficiently in order to avoid the burden of high financial charges in the future.

======Packages Ltd - key financials ======Rs (mn) 1HCY14 1HCY13 Chg ======Net Sales 7,892 8,084 -2%

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PLP NEWS ALERTS EMAIL No. 191-2014 Cost of sales 6,644 6,933 -4% Gross profit 1,248 1,151 8% Distribution & marketing expenses 248 309 -20% Administrative expenses 353 312 13% Investment income 1,953 1,232 59% Profit for the period 1,925 904 113% EPS - Rs 22.82 7.77 - Gross margin 15.8% 14.2% - Operating margin 8.2% 6.5% - Net margin 24.4% 13.1% - ======Abbott Pakistan–steady and sound

August 22, 2014

BR Research

While most pharmaceutical companies in Pakistan are finding themselves in deep waters, Abbot Laboratories Pakistan seems to have the ability to buck the trend.

Last year in CY13, the pharmaceutical company was able to keep its input and raw material costs under check, which resulted in a significant stride in gross margins. Similarly, 100 basis points increases in net margins, and a 21 percent year-on-year increase in profit after tax, were a treat for the company trying to survive the tough pharmaceutical fundamentals like price freeze and stringent regulatory framework.

The firm’s performance in CY14 so far has also been a reassuring one. During the first six months of 2014, Abbott’s net sales posted a decent growth of around 13 percent year on year. While gross margins had improved to 39 percent in 1Q CY14 versus 1Q CY13 due to favourable product mix and reduction in prices of certain raw materials, higher cost of sales and services during the second quarter of CY14 affected the overall gross margins of the company in 1H CY14.

The firm’s bottom line in 1H CY14 witnessed a reasonable growth of 16.5 percent, helped in part by a year improvement in net margins on account of slight fall in other non-operating charges but mostly because of the doubling of other income.

While Abbott Pakistan is at a better position than other pharmaceutical companies in the country, there is no denying that the firm’s operations continue to be affected by the unsatisfactory dynamics of local industry. And any progress like devising a new pricing policy would definitely be more than appreciated by the company.

======Abbott Laboratories (Pakistan) Limited ======Rs (mn) 1HCY14 1HCY13 YoY 2QCY14 2QCY13 YoY ======

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PLP NEWS ALERTS EMAIL No. 191-2014 Domestic 8,971 7,921 13.3% 4,667 4,218 10.6% Exports 362 294 23.1% 218 162 34.3% Net sales 9,333 8,215 13.6% 4,885 4,380 11.5% Gross profit 3,530 3,169 11.4% 1,817 1,766 2.9% Dist. & Markt exp 1,387 1,224 13.4% 707 639 10.7% PBT 2,015 1,709 17.9% 1,018 996 2.2% Taxation 688 569 20.8% 321 316 1.5% PAT 1,328 1,140 16.5% 698 680 2.6% EPS (Rs/share) 13.56 11.64 16.5% 7.13 6.95 2.6% Gross margin 37.8% 38.6% 37.2% 40.3% Net margin 14.2% 13.9% 14.3% 15.5% ======Kohinoor Energy powered by fuel savings

August 22, 2014

BR Research

For Kohinoor Energy, FY14 has been another good year as the power company continued to benefit from higher fuel savings throughout the year.

Kohinoor’s fuel savings stemmed from better plant utilisation and ensuing efficiencies. While full-year plant utilisation levels aren’t available as yet, the firm’s power plant had operated at 80.28 percent capacity during 9M FY14 compared to 64.53 percent capacity during 9M FY13.

Higher fuel saving came despite the drop in net circular debt benefit. This fall in circular debt benefit is the net of overdue receivables and short-term borrowings. And with the partial resolution of circular debt in 1H FY14, the net benefit accruing to the firm had decreased during FY14.

Besides the fuel savings, the firm’s earnings also benefited from lower repair and maintenance charges during the year.

Profit for FY14 improved by almost 24 percent year on year. The company also announced a final cash dividend of Rs2.5 per share in addition to Rs4.00 per share already paid.

======Kohinoor Energy Limited ======Rs (mn) FY14 FY13 Chg ======Sales 14,958 12,348 21.1% Cost of sales 13,379 10,961 22.1% Gross profit 1,579 1,388 13.8% Administrative expenses 253 225 12.6% Other operating income 9 15 -41.5% Operating profit 1,335 1,178 13.3%

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PLP NEWS ALERTS EMAIL No. 191-2014 Finance cost 263 310 -15.1% PBT 1,072 868 23.4% Taxation 3 3 -6.4% PAT 1,069 865 23.6% EPS - Rs 6.31 5.10 23.7% Gross margin 10.56% 11.24% Operating margin 8.92% 9.54% Net margin 7.14% 7.00% ======

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PLP NEWS ALERTS EMAIL No. 191-2014 Crime News Rawalpindi: 19 lawbreakers rounded up; weapons, drugs recovered

RAWALPINDI: The police in its drive against the anti-social elements on Wednesday arrested 19 lawbreakers, besides recovering 3,610 grammes of charas, 102 bottles of liquor, five pistols of 30 bore with 19 rounds, and one pistol of 32 bore and three rounds from their possession.

According to sources, the Jatli police netted a man for having 1,110 grammes of charas. The Saddar Baroni police nabbed another accused for possessing 650 grammes of charas. The Westridge police apprehended a man and seized six liquor bottles. Others accused were booked as the police recovered illegal weapons from them. Rawalpindi: ANF seizes 5.4 tonnes of narcotics

RAWALPINDI: Anti-Narcotics Force (ANF) recovered 5.4 tonnes of narcotics during countrywide operation against drug mafia and arrested 10 smugglers besides impounding two vehicles, informed ANF Headquarters spokesman here on Wednesday.According to him, ANF recovered 4,558kg of opium, 812kg morphine, 28.2kg charas, 4.58kg heroin and 750grammes of amphetamine in 14 different operations launched at Attock, Lahore, Haripur, Peshawar, Karachi, Chaghi, Qilla Abdullah and Pishin. During operations, the ANF apprehended 10 persons, including a lady, and seized two vehicles. “Most of the recovered drug was destined abroad,” he added.

“ANF Rawalpindi arrested Muhammad Akhtar son of Mirza belonged to Attock and recovered 500 grams of heroin from his possession. The accused was arrested in an operation launched at the Gharsheen Bus Stop near Hassanabdal, GT Road, Attock,” he added. “Separate cases have been registered against all the detainees at the ANF police stations and further investigations were underway,” ANF spokesman informed.

Meanwhile, Cannt police held a man namely Nazul Hussain son of Qurban Hussain, resident of Kehkashan Colony, Adyala Road and recovered two bottles of liquor from his possession outside Fleshman Hotel at Saddar. Terrorism bid foiled in Peshawar

PESHAWAR: The police foiled a terrorism bid in the Chamkani suburb area on Wednesday when the Bomb Disposal Squad (BDS) defused a homemade explosive device.

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PLP NEWS ALERTS EMAIL No. 191-2014 Bomb Disposal Unit (BDU) chief Shafqat Malik told reporters that the bomb, fixed in a pressure cooker weighed 10 kilogrammes and was discovered in the Chamkani Police Station jurisdiction. “The apparent target appeared to be law enforcement personnel,” he said. Chamkani lies on GT Road and witnessed attacks on police squads. Quetta: FC seizes huge cache of arms and ammunition

QUETTA: Frontier Corps Balochistan has arrested three suspects and seized a huge cache of arms and ammunition in New Kahan, a periphery of the provincial capital and Dalbandin, on Wednesday.

According to FC sources, the FC personnel carried out a search operation in the precincts of the provincial capital New Kahan, a Marri settlement mainly, and in Dalbandin recovering arms and ammunition in large amounts, which included Kalashnikovs, landmines and other weapons.

The arrested persons were taken to an undisclosed location and an investigation is underway.

On the other hand, the provincial Home Minister Mir Sarfraz Ahmed Bugti has rejected the notion of operation in any part of Balochistan, saying that targeted operations are conducted following information provided by the intelligence agencies and added that the database of Afghan refugees around Samungli Air Base is also being compiled as Balochistan faces a huge threat of law and order from Afghan refugees.

He said this during a media briefing following the seizure of the weapons and arrest of three persons by FC.When asked about the Totak mass grave issue, he said that the Balochistan government had provided all required information to the head of tribunal; however he himself had not read the report yet.

He said that the targeted operations were conducted in New Kahan, adjacent to Hazarganji area of the provincial capital and in the Faisal Colony of Dalbandin and recovered 11 SMGs, 43 magzines, 250 rounders, 14 Kalashnikovs, three MP5s with loaded magazines, three pistols with 17 magazines and 55 rounders, 12 shot-guns, three 9MM pistols with one magazine, 445 rounders, five 32 bore pistols with magazines, 50 LMGs with China rounders, 130 snipers, 1 mountable telescope, one Thuraya digital set and other weapons.

Sarfraz Bugti said that the arms and ammunitions were aimed for Independence Day celebrations but the FC and other security agencies foiled the bid through effective operation. 3 girls, 2 minors raped in Bahawalpur

BAHAWALPUR: Three women and two minor girls were raped in separate incidents while a woman was killed and a youth committed suicide over domestic disputes due to poverty here on Tuesday.

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PLP NEWS ALERTS EMAIL No. 191-2014 In Muhallah Islampura of Ahmadpur East, Ejaz Ahmad’s daughter Shehla, 5, was playing outside her house. Accused Dil Muhammad Nadeem approached her and offered her a candy and took her to an abandoned house where he raped her and left her in front of her house in critical condition. The aggrieved family shifted her to a hospital where she was recovering while the doctors have confirmed that she was raped. Police Station City registered the case on the complaint of Ejaz Ahmad and arrested the accused.

In Channi Ghot police area of Moza Taliwali, five-year-old Aleesha was raped and dumped near her house by accused Sadiq from where her family took her to a hospital where her condition was out of danger. The police have arrested the accused.

In Chak 12/BC of Bahawalpur, Yousaf Masih’s daughter Maria, 13, was abducted by her cousin Imran Masih when she was playing outside her house. She was raped and dropped in front of her house.

In Hasilpur, Zubaida was abducted by Muhammad Baksh along with his accomplices. Another woman named Kulsoom Akhtar of Kanjoo Colony was abducted by accused Inam, Khalid and one unknown person and gang raped. These women were taken to the hospital where they were being treated. In Dera Nawab Sahb police area of Ahmadpur East, Riaz’s wife Rubina was abducted and raped by accused Aamir and Siraj.

In a “murder” incident, a man killed his wife over domestic dispute; Police arrested him and registered a case against him. In Sama Satta of Bahawalpur, Iqbal Jhabeel’s 25-year-old daughter Naseem was married year ago to Siraj Ahmad, a resident of Basti Gujja, Moza Sahlan. Naseem and Siraj Ahmad used to have domestic disputes due to the drug addiction and unemployment of Siraj Ahmad. Similarly in Monday night, Siraj and Naseem got into an argument due to not having something to eat at the house on which Siraj got angry and lost his nerves. With the alleged help of his mother Sarwar Mai and sister Shamoo Mai, Siraj killed her by hanging her to a ceiling fan and fled from the scene while the police have arrested him.

Siraj Hussain confessed to his crime during the investigation and told the media that his wife used to have fights with him.

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PLP NEWS ALERTS EMAIL No. 191-2014 Miscellaneous News Rupee-dollar parity:‘Policymakers comfortable with correction’

By Kazim Alam

Published: August 22, 2014

KARACHI:

The value of the rupee against the dollar decreased 60 paisa in the interbank market on Thursday to close at Rs100.30, with the rupee-dollar parity crossing Rs100 in both open and interbank markets.

After undergoing an unprecedented appreciation of 8.8% between December and July in interbank, the rupee has lost 1.93% value since the beginning of the current month alone.

“The current movement in the exchange rate is due to heightened (political) uncertainty. Hopefully, things will go back to being relatively normal once it goes away,” State Bank of Pakistan (SBP) Director Monetary Policy and acting chief spokesman Dr Hamza Malik said while speaking to journalists at the SBP head office on Thursday.

Referring to the on-going sit-in by an opposition party in front of parliament, Malik expressed hope that the political turmoil in Islamabad would be a ‘short-term blip’.

“Underlying fundamentals of the economy are strong,” he added.

He said the central bank typically has estimates of the expected inflows and outflows of dollars for the next few weeks. Any sudden movement in the exchange rate, while data about the expected flows point to the opposite direction, alerts the SBP immediately, Malik noted. He said the SBP intervenes in such situations by “talking to the market” in order to quell the panic.

However, the continuous slide of the rupee against the dollar suggests that the SBP is holding back this time around. SBP-held foreign exchange reserves were only $5.3 billion in March when it reportedly injected liquidity into the market to strengthen the rupee.

In contrast, SBP-held reserves currently stand at $8.9 billion as per the data released on Thursday. Yet analysts believe there has been no such intervention.

Speaking to The Express Tribune, Standard Chartered Bank Senior Economist Sayem Ali said the SBP has not intervened in the foreign exchange market despite possessing higher foreign reserves.

“(It) indicates that the policy makers are comfortable with the correction in the foreign exchange market,” he said.

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PLP NEWS ALERTS EMAIL No. 191-2014 Ali also disagreed with the assessment of the SBP director that fundamentals of the economy were strong. Noting that the recent dollar rate movement is driven primarily by sentiments, he said the fundamentals of the economy were already indicating that a correction was due in the foreign exchange market.

“In the monetary policy statement, the SBP clearly highlighted the sharp appreciation of the rupee’s value (against the dollar) and the overvaluation of the real effective exchange rate (REER) index as a concern, leading to a widening trade deficit,” he noted.

Given the government’s estimate of inflows of nearly $9 billion in the financial/capital account and foreign debt repayments of $6 billion in 2014-15, Standard Chartered Bank estimates the exchange rate will be Rs104 to a dollar by December.

Speaking on condition of anonymity, a commercial banker said banks were buying the greenbacks from the interbank market at any given rate in order to sell them on to their clients.

“Liquidity is tight, but the SBP isn’t providing us with any cushion. I suspect the finance ministry wants the SBP to stay away and let the dollar slide to Rs101. It’s playing politics,” he said.

The value of the dollar will come down by Rs2-3 within a week of the resolution of the political conflict, he added.

Published in The Express Tribune, August 22nd, 2014. Samples sent: US to assess potential of Pakistan’s shale gas reserves

By Zafar Bhutta

Published: August 22, 2014

ISLAMABAD:

Pakistan has sent samples of shale gas to the United States to determine the prospects of reserves of this untapped energy source following encouraging estimates given by the US Energy Information Administration (EIA), officials say.

According to the EIA assessment, Pakistan holds massive shale gas reserves estimated at 51 trillion cubic feet (tcf), close to the conventional gas reserves of 58 tcf.

At present, the government is conducting a study with the technical assistance of US Agency for International Development to prove the presence of huge shale gas deposits in the country.

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PLP NEWS ALERTS EMAIL No. 191-2014 Sources disclose that USAID has provided $1.8 million in technical assistance for undertaking the study. “Some samples have been sent to the US and research work will be completed in one year,” an official said, adding they were also looking for adopting US technology.

Washington is also imparting technical training to Pakistani officials and employees and engineers of public sector oil and gas companies.

The Ministry of Petroleum and Natural Resources has sent a summary to the Economic Coordination Committee (ECC) of the cabinet, seeking the go-ahead for initiating a pilot project to search and consume the shale gas potential. The move is aimed at gradually bridging the yawning gap between demand and supply of energy.

Shale gas is natural gas that is found trapped within shale formations. It has low permeability compared to conventional reserves, that’s why it does not come out easily and a specific amount of investment and pricing are required to encourage its exploitation.

At present, Pakistan is not producing shale gas and needs to undertake significant initial work to tap this energy resource.

The US, after the discovery of massive shale gas deposits there in recent years, has become a gas-exporting country. In future, reports say, it will experience a boom in shale oil production as well and will become the largest oil producer.

Officials point out that Pakistan will offer $12 per million British thermal units (mmbtu) to gas exploration and production companies under the pilot programme, a price that is close to the cost of gas to be imported from Iran under the Iran-Pakistan pipeline project.

“A policy framework has been prepared and its approval will be sought from the ECC in its upcoming meeting,” an official of the petroleum ministry told The Express Tribune.

According to the official, exploration companies have already found some traces of shale gas during the search for conventional gas as 10% to 12% of shale gas appears on upper faces of conventional gas.

Experts suggest that Pakistan has consumed around 40% of conventional gas reserves and shale gas is the most viable option to meet growing energy needs.

A study conducted by a group of exploration and production companies says the production of shale gas will be economical at about 80% of the price of Brent crude, but this will have to be brought down to 70%.

Apart from shale gas, the government is also planning to drill 400 wells in the next four years in an effort to enhance the country’s oil and gas production.

Though in the past one year new gas deposits had been found, total production of the country stood at almost the same level at four billion cubic feet per day because of depletion of reserves in old fields.

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PLP NEWS ALERTS EMAIL No. 191-2014 According to officials, the country has added 500 million cubic feet of gas per day (mmcfd) from new finds, but a quantity more than that has been depleted. Therefore, the impact of additional 500 mmcfd is not reflected in overall production.

However, oil output has risen to near 100,000 barrels per day compared to 74,000 barrels per day earlier.

Published in The Express Tribune, August 22nd, 2014. Seeking improvement: Branding, product registration needed: FPCCI

By Our Correspondent

Published: August 22, 2014

KARACHI: Pakistan is incurring losses worth millions of dollars on account of inappropriate prices in the international market due to non-branding and non-registration of many products, said Federation of Pakistan Chambers of Commerce and Industry President Zakaria Usman.

He added that registration and brand recognition is widely important during the process of international customs clearance.

“We must take help from the developed countries for branding our products,” said Usman.

He was speaking during a meeting between FPCCI’s standing committee to counter fake products and Intellectual Property Rights (IPR) and the representatives of the Federal Board of Revenue’s (FBR) IPR cell.

FBR’s IPR Director General Rubina also attended the meeting and briefed the participants about the work in progress on IPR in the FBR for the facilitation of the business community. She was accompanied by FBR’s IPR Cell Director Ibrahim Baghio.

Rubina informed that IPR Cell in the FBR is not completely operational but it is being established for which her department is seeking suggestions and guidelines from the stakeholders including FPCCI and other chambers and trade associations.

She further said that the international rules on IPR for trade and customs are being studied and these rules will be finalised after making changes as per our requirement in close coordination and assistance of Intellectual Property Organisation (IPO), Islamabad. She also briefed the customs related issues of IPR.

Engineer MA Jabbar suggested that the IPR Cell should draft the rules and regulations and send it to IPO, Islamabad and business community for necessary suggestions and recommendations.

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PLP NEWS ALERTS EMAIL No. 191-2014 “The organisational setup is also very important. An advisory board under the umbrella of FPCCI and consisting of prominent businessmen, exporters, lawyers and officials from PSQCA and IPO should be established,” he said.

Published in The Express Tribune, August 22nd, 2014. Consumers to bear the brunt after sit-ins end

By Our Correspondent

Published: August 22, 2014

KARACHI: The government would breathe a sigh of relief when the sit-ins in Islamabad end but consumers would be the ones to feel the heat afterward as prices are likely to rise considerably in Lahore, Islamabad and various other cities in Punjab.

Imran Khan-led PTI and Tahirul Qadri’s PAT have been protesting against the government since Independence Day on August 14, managing to bring life almost to a standstill in the federal capital.

This has affected trucks carrying edibles and other essentials including medicines that have been stuck in the port city, officials said.

Truckers are agitated at the government and the opposition for seizure of the goods’ containers and vehicles, which are being used as barriers in different cities, said Fazal Mannan, a leader of the United Goods Transporters’ Alliance.

“We have had enough,” said Mannan. “Despite an agreement with the government, signed two years ago, that no one will arbitrarily use our containers or our trucks, the practice goes on.”

Pakistan’s trucking business is mostly concentrated in the hands of small businessmen who own 4 to 10 trucks on average, according to the alliance. After the trucker lifts the container from the port, it becomes his responsibility.

“You need to go see the warehouses at Mauripur and SITE industrial estate where all the cargo is piling up. We have to pay for that,” Mannan said. “A delay means additional cost and all that would ultimately have to be paid by consumers.”

The alliance says at least 5,000 containers have been “forcefully taken away” by authorities to be used in blocking roads.

The problem involving the disruption of domestic logistics has its roots in poor law and order situation. During strikes, political confrontations and protests, trucks and goods would often bear the brunt of agitation. Old trucks, some of which are over 30 years old, are not insured.

In December 2012, all the major groupings of transporters joined hands and staged a two-week strike to pressurise the government for a permanent solution. It was agreed that the practice of utilising containers for blocking roads would be stopped.

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PLP NEWS ALERTS EMAIL No. 191-2014 Many containers have been damaged in the past two days as cranes run by unprofessional people were used to move them by protesters marching on against the government in Islamabad.

Truckers are now demanding that the government compensate them for the losses. The alliance is even considering staging a strike. Some leaders are even considering lodging police FIRs against opposition leaders who led the entire mess.

A freight forwarder said that shipping lines have raised the charges for containers in the last few days. “And not all of them are insured. It depends on the insurance policy if a political strife is covered. Otherwise, the truckers take the hit.”

Published in The Express Tribune, August 22nd, 2014. Keen neighbour: Chinese show interest in Vision 2025

By Our Correspondent

Published: August 22, 2014

KARACHI: Chinese officials have presented a specialised study on transport planning for the China-Pakistan Economic Corridor and expressed interest in Vision 2025, which was unveiled recently by the Ministry of Planning, Development and Reform, for benchmarking the projects associated with the corridor.

This was discussed in the second meeting of the Economic Corridor Joint Working Group on Transport Infrastructure, which met in Beijing on August 20-21.

Pakistan’s delegation was headed by Babar Yaqoob, Secretary of the Ministry of Communications, while the Chinese side was led by Yang Zan, Director General of the Department of International Cooperation, Ministry of Transport.

Babar Yaqoob shared the progress of economic corridor projects and highlighted the milestones achieved so far. He underscored the need for early implementation of the projects by signing framework agreements.

He also highlighted Vision 2025 in terms of its relation to the economic corridor and hoped that the input provided during the deliberations would go a long way in making the upcoming Joint Coordination Committee (JCC) meeting a fruitful exercise.

Various projects of transport infrastructure related to the economic corridor came up for discussion in the working group meeting and the progress achieved ahead of the JCC deliberations, which would take place by the end of August.

The two sides undertook a comprehensive review of early harvest projects and expressed satisfaction, particularly over the progress made in the road, rail and port sectors. Transport planning, roadmap for future work and port-related matters were also discussed.

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PLP NEWS ALERTS EMAIL No. 191-2014 Focus was especially on the early harvest projects including Karakoram Highway, Karachi- Lahore motorway, Orange Line, Gwadar projects, Eastbay Expressway and capacity-building and training.

Both sides agreed to organise capacity-building training courses in the two countries over a three-year period from 2015 to 2017.

Published in The Express Tribune, August 22nd, 2014. Improving agriculture yield: Bio- technologists highlight need for modern methods

By APP

Published: August 22, 2014

LAHORE: There is a need to adopt science-based agriculture methods in the country to increase the output and meet the constantly growing food, fibre and fodder demands.

This was stated at a launch ceremony for an ISAAA report (ISAAA Brief 46) on the global status of genetically modified (GM) crops with renowned bio-technologists highlighting its need in the country.

The event was organised by the Pakistan Biotechnology Information Center (PABIC) in collaboration with PABIC (Lahore Chapter) at Forman Christian College Lahore.

Speaking on the occasion, renowned biotechnologists Dr Kauser Abdullah Malik and Dr Tayyab Husnain said that modern biotechnology, being one of the important developments of the present era, has immense potential for improving agricultural productivity.

“However, for its use at a scientific and sustainable level, Pakistan needs coherent policies and a clear implementation strategy to adopt agri-biotech, focus on crops which require less water, fertilisers and pesticides, while giving more yields to feed the growing population as well as to provide raw material for high value exports,” they explained.

Dr James Tebbe, Rector FC College, addressed the importance of the promotion of science as well as the need for ventures such as ISAAA.

During a video message, ISAAA Founding Chairman and author of ISAAA Brief46 Dr Clive James talked about the highlights of the report.

Director Center of Excellence in Molecular Biology (CEMB), Dr Tayyab Husnain gave a presentation on the potential of agriculture in Pakistan as well as highlighting major developments.

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PLP NEWS ALERTS EMAIL No. 191-2014 Pakistan Environment Protection Agency (PEPA), Islamabad, Director General Dr Khursheed Sawati spoke of the need for biotech regulation in the country. Dr Kauser Abdulla Malik, in his concluding remarks, said that providing sufficient food to the growing population is a great challenge.

Sawati said that the Pakistani population will be over 250 million by 2050. He said that there is a need to design coherent policies and grow crops that require minimal water, fertiliser and give more yields to feed the growing population. He added that all these problems can easily be covered by bio-technology.

Published in The Express Tribune, August 22nd, 2014. Economy: ‘Losses becoming unbearable’

By Our Correspondent

Published: August 22, 2014

FAISALABAD:

Tens of thousands of anti-government protesters have inflicted a colossal loss to the national economy vowing to stay in the streets until Prime Minister Nawaz Sharif resigns, said Engineer Suhail Bin Rashid, president of the Faisalabad Chamber of Commerce and Industry.

“The protesters have created problems for millions of people, in addition to hatching a deep- rooted conspiracy against democracy by insisting on unlawful, undemocratic and unconstitutional demands,” said Rashid. “The time has now come for the business community to rise against all such unconstitutional acts and vow to fully support democracy in Pakistan.”

Rashid was critical of the unprecedented economic loss during the past few days and said that a few thousand people have hijacked the country’s political and economic order, in addition to choking the entire economic activities in the country.

Published in The Express Tribune, August 22nd, 2014.

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PLP NEWS ALERTS EMAIL No. 191-2014 Fcci workshop: Youth encouraged to start own businesses

By Our Correspondent

Published: August 22, 2014

FAISALABAD:

Faisalabad Chamber of Commerce and Industry (FCCI) Senior Vice President Riazul Haq has advised the educated youth to start their own business instead of looking for jobs.

He was addressing the concluding session of a one-day training programme for Start-ups and Management of Retail/Distribution Businesses. “FCCI has inked MoUs with all the six universities in Faisalabad to strengthen the industry, business and academia links,” said Haq. “Young businessmen must spend only 40% of their profit. The remaining 20% should be earmarked for any emergency, while the remaining should be reinvested in the business.”

He said FCCI was regularly inviting eminent business tycoons to deliver lectures and share their experiences with FCCI members. “This encourages the new, young entrants in the business world to work assiduously and expedite their efforts in the right direction.”

Published in The Express Tribune, August 22nd, 2014. Sit-ins will stall OGDCL privatisation: Zubair

By Our Correspondent

Published: August 22, 2014

LAHORE: The ongoing protests have created serious problems for the government. Ministers have admitted that some of their economic targets might be delayed or missed, especially the upcoming privatisation process of Oil and Gas Development Company Limited (OGDCL).

Privatisation Commission Chairman and minister of state Mohammad Zubair, while speaking on the inaugural session of Asian Leadership and Human Resource Management Summit, explained the consequences of the week-long sit-ins that have halted all economic activity.

“Our targets have been terribly affected by the sit-ins. The most worrying aspect is how to convince international investors for the sale of OGDCL shares in the London Stock Exchange,” he said.

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PLP NEWS ALERTS EMAIL No. 191-2014 “Pakistan has been doing well internationally, which is proven by the fact that world’s biggest equities participated in the privatisation of UBL shares.”

He said protests are the democratic right of the opposition but the manner in which they have been staged have not augured well for the economic progress of the country. “Problems should be resolved with talks and dialogues as aggression and violence have never been a solution to any problem,” said Zubair.

Speaking on the topic ‘Knowledge Economy – The Engine of Growth’, Zubair said that successive governments were responsible for poor performance in the education sector.

“The level of education was far better at the time of partition. Latter governments ignored it and gradually, less and less were spent on education and health sector. Pakistan is the fifth largest nuclear army of the world. It is a choice, either we spend on missiles and nuclear assets or we spend on education and develop a world-class education system. Recently though, the government has started investing in people too,” he added.

Lahore University of Management Sciences (LUMS) Vice Chancellor Dr. Sohail Naqvi, on the occasion stated that the human resource development of the state was in a weak position and top academic institutions should focus on producing the best possible manpower in the Human Resource Management (HRM) sector.

Siemens Pakistan CEO Guenter Zwickl announced expansion of their business in the country. “Technology is technology, but it’s all about people. Our mission is to reach out to every industry and field in Pakistan,” he said.

Google Inc. Country Consultant Pakistan Badar Khushnood, while sharing his experience of the Silicon Valley, stressed on new ideas of learning and advised everyone present to search online and find special courses, which they think would prove beneficial to them.

Published in The Express Tribune, August 22nd, 2014.

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PLP NEWS ALERTS EMAIL No. 191-2014

OPEN MARKET FOREX RATES Updated at: 22/8/2014 6:41 AM (PST) Currency Buying Selling Australian Dollar 92.6 92.85 Bahrain Dinar 266.5 266.75 Canadian Dollar 91.4 91.65 China Yuan 16.2 16.35 Danish Krone 17.8 17.95 Euro 133 133.25 Hong Kong Dollar 12.85 13 Indian Rupee 1.62 1.64 Japanese Yen 0.96 0.97 Kuwaiti Dinar 353 353.25 Malaysian Ringgit 31.5 31.75 NewZealand $ 84.3 84.55 Norwegians Krone 16.2 16.35 Omani Riyal 260.75 261 Qatari Riyal 27.4 27.65 Saudi Riyal 26.75 27 Singapore Dollar 79.75 80 Swedish Korona 14.4 14.55 Swiss Franc 110.25 110.5 Thai Bhat 3.11 3.14 U.A.E Dirham 27.35 27.6 UK Pound Sterling 166.25 166.5 US Dollar 101 101.25

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PLP NEWS ALERTS EMAIL No. 191-2014

INTER BANK RATES Updated at: 22/8/2014 6:41 AM (PST) Bank Buying Bank Selling Currency TT Clean TT & OD Australian Dollar 92.75 92.94

Canadian Dollar 91.31 91.5

Danish Krone 17.82 17.85

Euro 132.82 133.09

Hong Kong Dollar 12.94 12.97

Japanese Yen 0.9654 0.9673

Saudi Riyal 26.94 26.99

Singapore Dollar 80.13 80.29

Swedish Korona 14.49 14.52

Swiss Franc 109.71 109.93

U.A.E Dirham 27.31 27.36

UK Pound Sterling 166.15 166.48

US Dollar 100.3 100.5

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PLP NEWS ALERTS EMAIL No. 191-2014 Bullion Rates (Gold Prices) in Pakistan Rupee (PKR) As on Fri, Aug 22 2014, 03:30 GMT PKR PKR PKR Metal Symbol for 10 Gm for 1 Tola for 1 Ounce

Gold 24K XAU 41,508 48,363 129,106

Palladium XPD 28,651 33,383 89,115

Platinum XPT 46,165 53,790 143,593

Silver XAG 632 736 1,966

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

AUD 441 514 1,372 Dollar Canadian

CAD 450 524 1,399 Dollar

Euro EUR 310 361 963

Japanese

JPY 42,678 49,727 132,746 Yen U.A.E

AED 1,510 1,759 4,696 Dirham UK Pound

GBP 248 289 771 Sterling

US Dollar USD 411 479 1,279

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

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PLP NEWS ALERTS EMAIL No. 191-2014 Gold Rates & Silver Rate from major cities of Pakistan

A year by year reference of the daily Silver Price in Pakistan and history of Gold Rates in Pakistan Aug 21, 2014

Following table shows gold rates per Tola in Pakistan in Pakistani Rupess (PKR) in 24 carat per 10 Grams, 22 carat per 10 grams and sliver rates per 10 grams in pakistan.

City 24k per 10gm 24k per Tola 22k Per 10gm 21k Per 10gm Silver Karachi 41,614 48,550 38,146 36,412 643 Lahore 41,614 48,550 38,146 36,412 643 Multan 41,614 48,550 38,146 36,412 643 Faisalabad 41,614 48,550 38,146 36,412 643 Rawalpindi 41,614 48,550 38,146 36,412 643 Hyderabad 41,614 48,550 38,146 36,412 643 Gujranwala 41,614 48,550 38,146 36,412 643 Peshawar 41,614 48,550 38,146 36,412 643 Quetta 41,614 48,550 38,146 36,412 643 Islamabad 41,614 48,550 38,146 36,412 643 Sargodha 41,614 48,550 38,146 36,412 643

Source: Karachi Saraf.

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