Money laundering, terrorist financing:

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Higher trades instigate bullrun, index up 29pts Page 03

Tuesday, 13 March, 2012

APTMA dubs

textile criticism

‘baseless’

LAHORE

STAFF REPORT

Chairman of All Pakistan textile MillsAssociation (APTMA) Mohsin Aziz hastermed Pakistan Cotton Ginners Asso-ciation (PCGA) criticism against Min-istry of Textile Industry and APTMAuncalled-for, saying the PCGA was lev-elling false and baseless allegationsrather putting its own house in order.he said the PCGA was maligning pres-tigious institutions and associations forpetty personal gains, which is unaccept-able. Mohsin said that the unscrupu-lous speculators tried all means to selllow grade, rain affected/damaged cot-ton to TCP to cause losses to exchequer.APTMA and textile ministry thwartedtheir designs, leading to blame game.Regarding APTMA’s opposition to theTCP intervention to free market mech-anism and procure one million bales,Chairman APTMA said APTMA op-posed the move as per its policy of freemarket mechanism and it would notaloe anyone to intervene it.According to him, the role played bythe government in discouraging theunscrupulous elements, particularlythe hoarders and opportunists, ishighly commendable. he said Indiahad tried to intervene in free marketmechanism, which the internationalcommunity discouraged and Indiawithdrew it accordingly. Meanwhile,Central Vice Chairman APTMA SethMuhammad Akbar, who had attendedmeetings of Punjab Seed Council forapproval of cotton varieties includingBT-121 and Fh-114, said the PCGAcriticism to this effect was baseless. hesaid all varieties were approved on thebasis of recommended parameters andspecifications of the varieties.According to him, the PCGA criticismis on the basis of false impressionsdrew out of the proceedings of theCouncil meeting. They should correcttheir information before criticising atransparent procedure adopted in ap-proval of seeds by the Punjab SeedCorporation, he added.

KARACHI

ISMAIL DILAWAR

The central bank on Mon-day asked the banks anddevelopment finance insti-tutions (DFIs) to reviewtheir existing accounts

maintained by the non-governmental,non-profit and charitable organizationsby the end of this financial year.

The State Bank advised the banksand DFIs to conduct enhanced due dili-gence to avoid risks arising out of moneylaundering and terrorist financing activ-ities that, the regulator said, were fastchanging. “All existing relationships ofNGOs/NPOs should be reviewed byJune 30, 2012 to ensure that these or-ganizations, their authorized signato-ries, members of their governing bodyand the beneficial owners are not linkedwith any proscribed entities and per-

sons, whether under the same name or adifferent name,” said an SBP circular is-sued Monday.

In case of any positive match, thecircular said, the banks and DFIs shouldconsider filing Suspicious TransactionReport (STR) or take other legal action.

It has been made binding upon thejunior staff in the banks and DFIs toseek approval of their senior manage-ment while establishing relationshipwith the NGOs, NPOs and any charitableorganization. This, it said, would helpthe banks and DFIs ensure that these ac-counts were used for legitimate pur-poses and the transactions werecommensurate with the stated objectivesand purposes. The SBP said that the ac-counts should be opened in the name ofrelevant NGO and NPO as per title givenin its constituent documents.

“The individuals who are authorizedto operate these accounts and members

of their governing body should also besubject to comprehensive Customer DueDiligence,” the circular added.

The banks and DFIs should ensurethat these persons were not affiliatedwith any proscribed entity, whetherunder the same name or a differentname, it warned.

In case of advertisements throughnewspapers or any other medium, espe-cially when bank account number wasmentioned for donations, the banks andDFIs would ensure that the title of theaccount is the same as that of the entitysoliciting donations.

“In case of any difference, immedi-ate caution should be marked on suchaccounts and the matter should be con-sidered for filing STR.”

Also, the regulator warned the banksagainst allowing the personal accountsto be used for charity purposes as well asthe collection of donations.

The central bank said for opening anaccount the NGO, NPOs and charitieswould have to submit certified copies ofregistration documents, by-laws, rulesand regulations, resolution of the Gov-erning Body/executive Committee, at-tested photocopies of valid CNICs of theauthorized person(s) and members ofgoverning body/executive committee (ifit is the ultimate governing body), anyother documents as deemed necessaryincluding its annual accounts/financialstatements or disclosures in any formwhich may help to ascertain the detail ofits activities, sources and usage of fundsto assess the risk profile of the prospec-tive customer.

Attaching great significance on thecontinuous training of banks’ staff espe-cially relating to AML/CFT, the SBP saidto contact its relevant department for ac-quiring or/and developing relevanttraining programs and tests.

SBP asks banks, DFIs to review accounts of NGOs, NPOs, charities

ISLAMABAD

AMER SIAL

The advocacy forum of country’s top 38 businessgroups, Pakistan Business Council (PBC) has calledfor taxing all incomes and has proposed that filing oftax returns should be made mandatory for personshaving a credit card, personal loan, member of pri-vate club or a professional body, have traveledabroad in the last financial year and owns a urbanproperty of more than 240 square yards.

This demand is made in PBC budget proposals sentto the government for consideration for the federalbudget of fiscal year 2012-13. It stresses revitalizing ofmanufacturing sector not through rebates, refunds orwrite offs but through enabling environment for con-solidation, investment and competitiveness.

PBC stresses that all incomes irrespective of the

source must be taxed as currently agriculturists, realestate developers and builders are exempt from in-come tax. It will enable fairer distribution of tax bur-den. It proposes that the real estate developersshould be taxed on per square foot basis for built upproperty and on per square yard basis on land devel-oped for sale. This will enable the government torapidly enhance the low taxpayers’ base of 1 millionin a population of 170 million.

It finds that it could be accomplished easily as allthe information is readily available and will lead togreater documentation of economy and more rev-enue collection. It recommends across the board im-plementation of value added tax and wheredocumentation is currently not possible in thewholesale and retail chain, the model of zero ratedexport sectors should be followed.

Pakistan needs to take a more proactive ap-

proach in ensuring that the provisions for monitor-ing of misuse of Afghanistan Pakistan Transit TradeAgreement including provision of bank guaranteesequivalent to levies are collected from Afghan im-ports. This will reduce pressure on domestic manu-facturers and increase revenues. It also demandsstrengthening of National Tariff Commission tocounter massive under invoicing and dumping of im-ported products.

It recommends reducing rate of corporate in-come tax 42 per cent, which is highest in the regionand needs to be rationalized to attract foreign directinvestment, by reducing it on two per cent perannum to bring it at 25 per cent level in five yearstime. The tax rate of 25 per cent on non-corporatesector is becoming a big incentive for convertinglimited companies into partnerships and propri-etorships.

PBC demands filing of tax returns be made mandatory

PRO 13-03-2012_Layout 1 3/13/2012 12:53 AM Page 1

news02Tuesday, 13 March, 2012

KARACHI: BankIslami Pakistan Lim-ited delivered strong results by postingprofit before tax of Rs608.5 million forthe year 2011 as against Rs44.50 millionin 2010.

The Bank also recorded an increase of32.4 per cent in Deposits which crossedRs50 billion. Asset base was noted atRs58.8 billion denoting an increase of30.6 per cent.

In the last three years the Bank hasgrown by more than 300 per cent makingit one of the fastest growing banks in Pak-istan. BankIslami is the second largest Is-lamic Bank in the country with 102branches in 49 cities which is the 16th

largest network in the country.These impressive results were re-

ported without any network expansion.Speaking on the occasion the CeO of theBank, Mr hasan A Bilgrami noted thatthe Bank is all set to commence the sec-ond wave of network expansion with atarget to cross 200 branch mark in nextthree years.

BankIslami is eying to increase itsmarket share in the rapidly growing Is-lamic banking market with a target tocross Rs100 billion in next two years.BankIslami is a joint venture betweenDubai Bank, JS Group and Randereefamily of the UK. STAFF REPORT

Pak-India trade

to increase to

$6b in short run

ISLAMABAD

STAFF REPORT

The bilateral trade between Pakistanand India will rise to $6 billion inthe short run as the informal tradebetween the two countries will beturning through the normal chan-nels.Former Director IMF and currentlySenior Fellow at Peterson Institutefor International economics, Wash-ington DC Dr Mohsin S Khan saidthis at a seminar on expandingIndia-Pakistan trade organized byPakistan Institute of Developmenteconomics (PIDe) on Monday.While giving a presentation on tradepotential between two neighbouringstates, he said that it was the firsttime that both countries decided toseparate trade issues from othercontentious issues like Kashmir andIndus Water Treaty, which hetermed a positive development.The opening up of bilateral trade ismajor breakthrough that will bringenhanced opportunities for eco-nomic growth, he said adding thatthere were enormous potential toexpand trade which can rise to $6billion in the short run. In themedium term, the studies show thatthe trade between the two countriescould increase by as much as twentytimes. he was of the opinion thatthe normalisation of trade relationswould not mean that other bilateralissues would be placed on the back-burner. “Instead, strong bilateraltrade ties will build confidence tohelp resolve other pressing issues”.India is a fast growing economy thatwill occupy an increasingly impor-tant position in the region as well asin the world economy and in thiscontext expanding bilateral tradelinks with India will be advanta-geous for Pakistan.

LCCI announces Shopping Festival LAHORE: Lahore Chamber of Commerce and Industry has announcedto hold Lahore Shopping Festival 2012 (LSF-2012) from April 23 to April29 that would not only help revive the economy but would also highlightthe soft image of the country. This was stated by LCCI President IrfanQaiser Sheikh while addressing a press conference here at the LahoreChamber of Commerce and Industry on Monday. Convener LCCI Stand-ing Committee on Lahore Shopping Festival Sheikh Mohammad Arshadand former Senior Vice President Sohail Lashari also spoke on the occa-sion. executive Committee Members Yousaf Shah, Kh Khawar Rasheedand Ilyas Majeed Sheikh also attended the press conference. Briefing themedia on the week-long LSF, starting from April 23, the LCCI Presidentsaid that the event has been designed in a way that it would send a verypositive signal to the foreign investors as a large number of foreign em-bassies were also taking part in this mega show. he disclosed that the La-hore Shopping Festival encompasses a range of business and culturalactivities that would be kicked off with a Qira’at competition. STAFF REPORT

BankIslami profit crosses Rs608mn

MAAz BIn JunAID

The last few years have been charac-terised by qualms and trepidation for thebanking industry worldwide. With theeurozone debt crisis looming on theglobal forefront in 2011, our local bankingindustry too has been treading dangerouswaters amidst growing militant concerns,sluggish GDP growth, worsening law andorder situation, fuel and energy crises,growing fiscal and current deficits anduncertainty of monetary policy.

In CY10, inflationary pressure ofabout 15.5 per cent YoY was compoundedby heavy government borrowings mainlydue to fiscal expansion. This was followedby the decision of the government to in-crease the discount rate thrice. RisingNPLs and increases in provisioning ex-penses were especially detrimental tosmall banks which do not have the capac-ity to sustain profitability amidst suchgrowing concerns. As of December 31,2010, the combined NPLs of all banksand DFIs stood at Rs548 billion as com-pared to Rs446 billion as at December 31,2009, an increase of 22.8 per cent. Therise in NPLs has been significant since2007, mainly attributed to the economicrecession in 2008 and heavy floodingthat afflicted the country in 2010.

The 2010 trends were reversed withfiscal pressure easing out considerablyand the government’s successive cuttingof the discount rate by 200 bps. Interestincome, on the back of increased invest-ment in government securities, was theprimary driver of profitability growth forbanks. The State Bank opined in Decem-ber 2011 that this was unsustainable, asopposed to interest income through ad-vances. Successive DR cuts were under-taken in an attempt to boost privatesector credit; this does not seem to be aworkable solution. Small banks continue

to be wary of lending to the private sectorand still invest large sums in governmentsecurities.

In 1hCY11, profit concentration forbanks improved drastically. Moreover,the 95 per cent banking profits’ shareheld by the Big Five in December 2010dropped to 78 per cent by June 2011.Asset utilization ratios for the top fivebanks remained stable at 6.6 per cent in1hCY11 due to the infection in loan port-folios that continuously plague the bank-ing industry. Surprisingly, medium andsmall banks are the ones who reportedabove average AU of 8.9 per cent. Thiswas due to lending to weak borrowers athigh rates, hence aggressively utilizingtheir narrow deposit base.

It is thus that the situation of thebanking sector in Pakistan remains pre-carious. even then, small banks have per-formed at par with relatively larger banksin certain areas. In the face of a challeng-ing business environment, small banksmaintained low ADR ratios in 2011.While Silk Bank maintained an ADR ratioof 73 per cent, others like KASB, JS Bankand Summit had even lower ADRs in2011 (refer to Figure 3). This is indicativeof a conservative strategy adopted bysmaller banks in order to avoid large ex-posures.

While increasing their number ofbranches on a yearly basis, small tierbanks have done considerably well inkeeping their admin expenses per branchlow. Mid-tier banks like Askari, NIB andSummit, averaged PKR 15-20 million in9MCY11. JS Bank, on the other hand, hadthe lowest admin expense per branch ofRs11.5 million in the nine month periodending September 2011. In the peergroup under consideration, SAMBA Bankhas the highest admin expense perbranch of Rs37.8 million followed by SilkBank with Rs32.4 million In terms of Net

Interest Margin, the peer group has per-formed well with the exception of KASBBank which had a negative NII of (9.14per cent) for the period ended September30, 2011. Others like Askari, Faysal andSoneri have been able to restrict theirmargins above 30 per cent whereas Sum-mit and Silk are under 30 per cent. Thewinners among the lot with the highestmargins are Samba and JSBL achieving awhopping 42.8 per cent and 41 per centrespectively. Overall margins in the peergroup have either been at the same levelor slightly below the previous year onlywith the exception of JSBL and Silk Bankwhich managed to increase their marginsfrom 33 per cent to 41 per cent and 11 percent to 24 per cent respectively.The major challenge for small tier banksis to maintain a low cost of deposit inorder to ensure sustainability. During2010, small and mid-tier banks vied hardto lower their cost of deposits which re-mained in the range of 6-10 per cent.Banks like KASB, Summit and Silk wereon the higher end of the spectrum with9.84 per cent, 8.62 per cent, and 8.44 percent respectively. JS Bank has outper-formed its peers by maintaining the low-est cost of deposits (Dec 10: 6.72 percent) while consistently increasing thedeposit base (Dec 11: PKR 26 bn; Sept 11:PKR 33 bn) which is considered to be theforte of only top tier banks in the indus-try.

The declining cost of deposits cou-pled with the increasing deposit and ad-vances base is the result of the enhancedgeographic presence of JS Bank acrossthe nation. The bank is presently (as onthe date of publication) operating with145 branches across 80 cities and townsin all major metropolitan, suburban andunderserved areas across Pakistan.

In 9MCY11, the deposit base of allcommercial banks jumped by 6 percent.

JSBL stayed the most aggressive in de-posit accumulation, with around 26 per-cent growth in deposits during 9MCY11.The aggressive growth in deposits cou-pled with high CASA ratio of 59 percentsignifies JS Bank’s efforts in generatinglow cost deposits. Among the peers,Askari Bank enjoys the highest CASAratio of 70 per cent while Summit has thelowest.

Overall, JS Bank has done well com-pared to not only other small banks butalso some banks that fall into the mid-tierfor a relatively new bank. JS Bank has po-sitioned itself as a conservative bank byfocusing on good quality / low risk creditwhich is evident from its conservativeADR (Sep 2011: 31 per cent,Dec 10:53 percent) and high CAR (Dec 10: 17.65 percent). The bank enjoyed the lowest ADRand highest CAR amongst its peer groupas at December 2010. Similarly, ADR fig-ures as at Sept 30, 2011 for JS Bank alsoshowed that it had the lowest ADRamongst small banks. high ADRs that arecharacteristic of large and mid-tier banksimply high returns, although at higherrisk. Conservative ADRs of small banks,however, show that they are particularlyrisk averse.

In 1hCY11, capital adequacy was nolonger a concern for large and smallbanks alike due to higher profits andraised minimal capital requirements.This was an indication that the bankingsector as a whole was more resilient tovarious risks that are typical of the indus-try. CAR for banks was 14.1 per cent inJune 2011, as a result of more earningand enhancement in paid-up capital, sub-sequently improving Tier 1 capital. As ofDecember 31, 2010, JS Bank’s CAR was17.64 per cent (refer to figure 4). This isthe highest amongst its peer group. In-evitably, a high CAR ratio provides abuffer against NPLs and ensures that a

bank is able to protect depositors.Results for the first half of 2011 also

revealed that banks, lured by the prospectof high yields in risk-free government se-curities, had broadened their portfolioswith fixed income investments. Pur-chased from the 11 primary dealers in thesecondary market, these undoubtedlyhad a substantial impact on bank earn-ings. In 2010, JS Bank secured the num-ber one primary dealership position in2010, with hBL and NBP at second andthird respectively. Despite being a rela-tively new entrant in the banking indus-try and its small size, JS efficiently actedas a market maker for Government ofPakistan Securities (Treasury Bills, Gov-ernment Bonds) utilizing its strength inwarehousing and distribution of Govern-ment Securities in the Secondary Market.

While large banks manage to staystrong despite macroeconomic concerns,small banks have to stay on their toes inthe face of fierce competition from mid-tier banks as well. This is perpetuated bythe possibility of takeovers of small banksby mid-tier banks. however, given thatsmall banks are more nimble, they maybe able to curb rising NPLs in future ascompared to mid-tier and large banks. Asthe year 2012 approaches, it is yet to beseen how small banks perform in the faceof a possible upward revion of discountrates if the government’s decides to rejointhe IMF programme.

Going forward, JS Bank is focused oncreating a competitive advantage in thefinancial services industry by its empha-sis on earning sustainable incomethrough low cost deposits and basic lowrisk lending, and by utilizing efficient op-erational processes and technology. JSBank thus seems well positioned to takeadvantage of a highly competitive yetconsolidating phase of the banking indus-try in Pakistan.

JS Bank set to thrive in highly competitive phase of banking industry

KARACHI

STAFF REPORT

KARAChI Chamber of Com-merce and industry (KCCI) andKarachi Center of Despite Res-olution (KCDR) singed MoU to

urged the government to do legislation anddeclare mediation mandatory before pro-ceeding to courts, here on Monday. AMemorandum of Association betweenKarachi Chamber of Commerce and Indus-try (KCCI) and Karachi Centre for DisputeResolution (KCDR) was renewed andsigned at KCCI on this occasion. PresidentKCCI, Mian Abrar Ahmed stated that to fa-cilitate the members and the business andindustrial community of Karachi, KCCIjoined hands with KCDR to provide theman opportunity to resolve their disputeswith their counterparts in Karachi, Pak-istan and abroad. he said that mediation ismandatory in the western countries beforeproceeding to courts and had gaining pop-ularity. At present in Pakistan mediation isa voluntary option to resolve the disputesand the Government should declared itmandatory through legislation. Investmentand economic growth is often hampered bybusiness and commercial disputes, which

take long time to settle in courts due tohuge case backlogging in the existing judi-cial system, he articulated.

Mian Abrar appreciated the servicesrendered to the business community by theKCDR under the President ship of Justice(R) Saiduzzaman Siddiqui. he opined thatthe mediation for trade disputes throughKCDR would not only settle the disputes incost effective manner without delay but itwould alongside develop better relationshipand mental satisfaction among the parties.

KCCI President also appreciated therole and initiative of IFC/World BankGroup in institutionalizing mediation forthe business community, especially theSmall and Medium enterprises (SMe’s).he highlighted that the KCCI membersand business community may approach di-rectly KCDR or through KCCI’s helpdesk toresolve their business dispute vis-à-vis fi-nancial & loan disputes with banks & fi-nancial association, grievances withutilities companies etc.

he hoped that KCCI-KCDR wouldbring sigh of relief to the members of KCCIand the business and industrial communityfor resolving their disputes immediately onreasonable cost. he also focused on in-creasing regional trade for the socio-eco-

nomic uplift of Pakistan and urged Presi-dent KCDR Justice (Retd) SaiduzzamanSiddiqui to devise a mechanism to workclosely with the important organization offriendly and regional countries as the busi-ness community is facing tremendousproblems and impediments to resolve theirbusiness disputes with their internationalcounterparts.

exchanging views on the KCCI-KCDRMoU signing ceremony, Justice (Retd)Saiduzzaman Siddiqui, President& Chair-man, Board of Governors of KCDR and for-mer Chief Justice of Pakistan appreciatedthe efforts of stakeholders and partner or-ganization like KCCI in promoting the useof mediation for resolution of disputes. heinformed that apart from mediation &training services, KCDR was also offeringits services in field of Arbitration.

he disclosed that about million ofcases were pending with different courts inPakistan and to reduce the pendency ofcases in the country, mediation would helpthe existing courts as done in the developedcountries. The National Judicial Policy wassupportive of the use of ADR and media-tion for resolution of disputes. It was ex-pected that with support of stakeholders,ADR and mediation could lead to resolu-

tion of disputes in timely manner and withless cost, he added. he expressed that over1500 cases have been referred in over threeyears, which illustrates KCDR’s signifi-cance as a dispute resolution centre.

Dr. Zafar Ahmad Khan Sherwani, Di-rector Karachi Centre for Dispute Resolu-tion (KCDR), highlighted IFC Pakistan’srole in institutionalizing ADR/Mediation inKarachi, the successful setting up of KCDRin 2007. he emphasised various benefits ofmediation such as inexpensive costs,speedy resolution time as well as a win-winsolution were brought forward. he alsogave a presentation highlighting the bene-fits of alternate routes to resolving disputesin particular mediation and how entrepre-neurs and the business community couldprofit from it. he informed that mediationprocess was client-centred and success ratioof mediation cases was 70per cent whereinthe legal rights of the parties remain intact.

Majyd Aziz, former President KCCI,Member BOG-KCDR, Younus MuhammadBashir, Sr Vice President KCCI, Zia AhmedKhan, Vice President, Managing CommitteeMembers KCCI and members of Board ofGovernors KCDR, representatives of IFC, me-diators affiliated with KCDR and members ofKCCI also participated in the seminar.

KCCI, KCDR sign MOU

PRO 13-03-2012_Layout 1 3/13/2012 12:53 AM Page 2

Qatar Airways announces five

new international routes

BERLIn: Qatar Airways today announced furtherexpansion of its rapidly-growing international net-work with five new passenger routes, more cargoservices and capacity increases to a number of des-tinations served direct from the airline’s Dohahub.Iraq, Tanzania, Serbia and Myanmar are featuredin the passenger route expansion programme overa six-month period starting in May. New freighterservices will be introduced to Korea, Pakistan,South Africa and Oman, while frequency of pas-senger flights will be stepped up to destinations ineurope, Middle east, Africa and Asia Pacific.Qatar Airways Chief executive Officer Akbar AlBaker unveiled the expansion programme on theopening day of ITB Berlin, the world’s largesttravel show taking place in the German capital thisweek.Two destinations in Iraq – the northern city oferbil and capital Baghdad – will be introduced tothe carrier’s Middle east network in May and Junerespectively.Qatar Airways will induct a second Tanzanianpoint to its African map with the launch of flightsto Kilimanjaro. The Serbian capital Belgrade be-comes the newest addition to the carrier’s euro-pean portfolio in September and the airlinereturns to Myanmar, serving the capital city Yan-gon from October after a four-year absence.

Ufone GSM sign up with CIMA

as training partner

KARACHI: 10th March 2012: Ufone became thefirst telecommunication company in Pakistan tojoin the globally acclaimed CIMA Training partnerprogramme an initiative of CIMA, The CharteredInstitute of Management Accountants UK.CIMA country manager in Pakistan, Javaria has-san explaining the programme said “CIMA Train-

ing is a quality assurance scheme, designed to en-sure that the training of CIMA students is deliv-ered everywhere to a consistently high standard.CIMA Training accreditation demonstrates howserious employers are about training and will sup-port them in recruiting and retaining the most tal-ented and ambitious finance trainees. It helpsemployers to offer their trainees a career, not justa job. It offers the best choice for employers want-ing to develop finance staff into strategic businessmanagers. Resources are available to ensure thattrainees will develop and grow professionally tosupport business as it moves forward. In today’schallenging business environment, well qualifiedstaff is an important asset, whatever the size ofbusiness.”

Gregory Bryant appointed Intel

Asia-Pacific Vice President, GM

KARACHI: Intel announced today that GregoryBryant was appointed vice president and generalmanager of Intel Asia-Pacific. Bryant is responsi-ble for all sales, marketing and enabling of Intelproducts in the Asia-Pacific region, including Pak-istan, India and Afghanistan.Bryant joined Intel in 1992. Prior to his currentrole, Bryant served as vice president and directorof the global Lenovo account, managing all aspectsof Intel’s relationship with Lenovo, includingsales, marketing and technical enablement. healso served as vice president and general managerof the Digital Office Platform Division, where heled the inception, launch and subsequent expan-sion of Intel vPro technology across desktop andmobile PCs.Become Crorepati with ‘Warid SMS Crore Ka’LAhORe Warid Telecom announced the launch of‘SMS Crore Ka’. It is an exciting 86 days SMSTrivia Quiz Campaign based on answering simplequestions. The amazing prizes include a daily prizeof Rs100,000, a weekly prize of Rs500,000, freefuel for one year for 10 winners, free airtime of1000 On-net minutes for 300 winners and a GrandPrize of Rs1 Crore for the lucky winner. The campaign started on 12th March 2012 andshall end on 5th June 2012. Warid users can par-ticipate by sending a blank SMS or by writing ‘W’in an SMS and sending it to 3000. Rs 9.99+t/SMSapply. Users can win free wallpapers through everySMS sent to 3000 which can be downloadedthrough WAP portal .

Another first by Ufone:

Low priced BlackBerry plans

ISLAMABAd: For the first time in Pakistan,Ufone has launched two extremely low priced andaffordable BlackBerry package plans. Owing to theincreasing number of young BlackBerry users,Ufone has devised a ‘Blackberry Social Service’plan to meet their everyday communication needs.

At just Rs350 per month the BlackBerry SocialService enables the user to create and use oneBlackBerry email address (e.g. ) and offers unlim-ited access to the BlackBerry Messenger (BBM)service. The user will also have unlimited access tobrowse the BlackBerry Internet Browsing Service(BIBS), including data usage on Umail. Further-more the user will be able to access social net-working sites such as Facebook, Twitter andMySpace as well.

Qatar Airways signs over 3,700 hotels

worldwide into airline’s privilege club

loyalty programme

BERLIn: Qatar Airways’ Privilege Club hassigned agreements with several leading hotel com-panies, giving members of the loyalty programmethe chance to earn Qmiles at more than 3,700properties worldwide. Marriott International,Fairmont hotels & Resorts, Jumeirah hotels & Re-sorts, Raffles hotels & Resorts and Swissôtel ho-tels & Resorts have all signed up with theDoha-based carrier’s frequent flyer programmeenabling members to earn Qmiles when they stayat participating properties. The deals collectivelygive Privilege Club members a huge new range ofhotels to choose from during their business orleisure trips across the Middle east, europe, AsiaPacific and the Americas.The news comes after last month’s official openingof Oryx Galleria – a new Doha-based boutique –designed exclusively for Privilege Club, one of theworld’s most generous loyalty programmes, wheremembers can redeem their Qmiles for a variety ofluxury products. Qatar Airways Chief executiveOfficer Akbar Al Baker announced the mega hotelpartnerships during ITB Berlin, the world’s largesttravel show taking place in the German capital.

Samsung inaugurates concept shop in

Gujranwala

LAHORE: Samsung electronics, a market leaderand award-winning innovator in consumer elec-tronics, and telecommunications, is expanding itsnetwork of ‘Samsung Concept Shops’ in numerouscities across Pakistan.A special inauguration ceremony was held on 12thMarch, 2012, at the new Concept Shop establishedon the GT road-Gujranwala. Samsung’s head ofTV/AV division, Mr hae Duck Lee attended theceremony as the Chief Guest and addressed thegathering.Mr Lee said; “The Samsung Concept Shop is amodel of the Samsung Retail Brand, from whereall retailers can learn and emulate for a consistentbranding approach. Samsung is committed to pro-vide the Pakistani consumers with the best retailconsumer experience.”Samsung Concept Shop is a One-Stop solution forexploring and purchasing all Samsung products

with genuine Samsung warranties. It displays;Samsung 3D Smart TV’s, LeD and LCD TV’s, Mon-itors, Plasma Display Panels, IT products, Cam-eras, Mobile phones, and home Appliances. Forthe first two weeks after the inauguration, productinstallation services will be provided free-of-charge to the purchasers.

Mobilink Jazz brings an exciting Ali

Zafar concert in Lahore

Lahore: 13 March, 2012 - Mobilink, Pakistan’smarket-leader in cellular services and a part ofOrascom Telecom holding, organized a vibrantmusical concert for the customers of its popularbrand – Jazz. The musical event featured Pak-istan’s popular and talented, young singer - AliZafar.A fascinating live performance was heavily at-tended by more than 3,000 people at the RoyalPalm Country Club in Lahore, where they thor-oughly enjoyed the music of their favorite artists;Ali Zafar, Roxen and Saein Zahoor.The Director Marketing (Jazz), Mr Moeid Javeed,said; “Mobilink has always played an active role inbringing exciting events for the Pakistani youth,while ensuring a secured environment for healthyentertainment. Promotion of riveting activities insports and entertainment has become a hallmarkof the Jazz brand”.

Brighto Paints Mir Colour Studio opening

LAHORE: Brighto Paints Mir Color Studio &Tinting Machine was opened on 9th March 2012 atAziz Shaheed Road, Sialkot Cantt., with the nameof ‘Mir Color studio’. Free advisory services and allproduct range are available at the shop. The shopwas inaugurated by national cricket celebrityInzam-ul-haq in the presence of Khawaja ejazAhmed Sikka, Chairman Brighto Paints, KhawajaKhurram Shahzad Sikka, Director Productions &Operations along with Mr Khawaja Zain ejaz SikkaDirector All Colour.

news

Tuesday, 13 March, 2012

03

CORPORATE CORNER

LAHORE: Renowned poet Amjad Islam Amjad receivingmemento from S Masood Hashmi, President MAP at the 25-year celebrations of Marketing Association of Pakistan,Lahore Chapter. Also seen here Mr Khaliq Ur Rehman – VicePresident, MAP-Lahore Chapter PRESS RELEASE

LAHORE

STAFF REPORT

StAndARd Chartered Bank (SCB) has in-vested over Rs264 million in social wel-fare and community developmentprojects under its Community Invest-ment programme since 2000. According

to the recent Sustainability Review 2011, the bankhas invested Rs149 million on health, Rs40 millionon education and Rs75 million on disaster re-sponse. the bank’s official estimates suggest thatthe SCB has improved the lives of some 11.5 mil-lion people by providing them quality healthcareservices and some 3,000 students have been pro-vided scholarships; while over 100,000 people hadbeen provided basic facilities under the disasterresponse programme of the Standard CharteredBank. Sustainability Review Report shows that onthe one hand, the professional team of the SCB isdoing a marvellous job on financial front, while onthe other hand, these employees have donatedover 5,000 days for community development re-lated activities. they have planted over 15,000trees, helped 7,000 people, cleaned 60,000 squarefeet of area, removed garbage of 70 tons andscreened 300 children for eye impairments.the report indicated that through the bank’s ef-forts contract blindness had been reduced by 20per cent in Pakistan.

KARACHI:

STAFF REPORT

The trading volumes atKarachi stocks marketremained higher onMonday as the postmajor announcements

led by second and third-tier stocks onstrong valuations. “Pakistan stocksclosed higher amid higher trades postmajor announcements at KSe led bysecond and third-tier stocks onstrong valuations,” viewed AshenMehanti of Arif habib Securities.

The KSe 100-share index gained29.80 points to close at 13,382.54points against 13,352.74 points of theprevious day with the intraday highand low hitting 13,553.11 points and13,352.74 points, respectively.

“Renewed foreign interest, higherglobal stocks and commodities afterdevelopments in Greece crucial debtswap, retail and institutional supportahead of reformed CGT regime imple-mentation from April1, resumption ofgas supplies in fertilizer sector, easing

circular debt concerns in power sectorplayed a catalyst role in bullish senti-ments at KSe despite concerns for ris-ing current account deficit,” saidMehanti. The total traded sharesclimbed to the six-year high of576.823 million shares compared toFriday’s 552.793 million shares. The

trading value climbed to Rs7.914 bil-lion from Rs7.11 billion of the previoussession. The market capital remainedslightly up and was recorded atRs3.476 trillion against Friday’sRs3.472 trillion. In total 389 scripswere traded of which 179 gained, 134lost while 76 remained unchanged.

The turnover in future contracts roseto 15.744 million shares against theprevious 15.15.108 millions shares.The NIB Bank Limited was the vol-ume leader as its traded shares wereaccounted at 58.663 million eachpriced at Rs2.85 in the opening andRs3.03 in the closing.

Higher trades instigatebull run, index up 29pts

Standard Chartered’s

quest for social welfare

ISLAMABAD: Emaar delivers on its promise again – MrKhurram Noor – Emaar Pakistan (Right) at the villahanding over ceremony with Mr Pirzada NadeemAhmed Ansari (Centre) at Mirador Villa Canyon Views,Islamabad PRESS RELEASE

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