profit.com.pk

Doing development better Page 02

Sunday, 13 May, 2012

LAHORE

STAFF REPORT

THe Lahore Chamber of Commerceand Industry on Saturday urged thegovernment to bring down the prices

of petroleumproducts and theirprices in theInternational marketregistered visibledecline. In a statement issuedhere Saturday, theLCCI president IrfanQaiser Sheikh saidthat if Indiangovernment cancurtail the prices ofpetroleum productsby about Indian Rs.11per liter (about 19Pakistani rupees) inone go, the Pakistaniauthorities shouldalso make equal cut

in the prices. The LCCI President said thatthe cut in oil prices would cause no dent togovernment revenues as it would just bepassing on what it is getting from theinternational market. Irfan Qaiser Sheikhsaid that by bringing down the prices ofpetroleum products government would bearresting fast escalating inflation graph whilecut in cost of doing business would help

expedite productions that have nose-diveddue to an acute electricity shortage and highcost of doing business. The LCCI Presidentalso urged the government to cut the numberof taxes on petroleum products as the fuel isthe engine of growth. If the fuel would beheavily taxed the entire economy wouldsuffer and the same happened in Pakistan asthe repeated increases in the POL prices hadruined the industrial and economic activities.He said that only because of high cost ofdoing business in Pakistan, a large number ofindustrial units had already shifted theiroperations to other countries. The LCCIpresident said that the entire industrialsector was already facing multiple internaland external challenges and a cut POL priceswould help provide them some relief. He saidthat the ongoing high prices of petroleumproducts had also hit the agriculture sector.The LCCI President said that not only thetransportation cost of goods would comedown but fares of public transport would alsodecrease. He said that Government isproducing huge amount of electricity throughthermal means and after cut in petroleumprices, prices of electricity would come down.Irfan Qaiser Sheikh said that the LahoreChamber of Commerce and Industry had forthe last many months been calling on theconcerned government circles to takemeasures for the promotion of alternatefuels as trade deficit was fast widening dueto heavy imports under the head ofpetroleum products.

LAHORE

STAFF REPORT

THe Pakistan Association ofAutomotive Parts andAccessories Manufacturers(PAAPAM), the representative

body of automotive vending industry,while hailing the report of PlanningCommission Deputy Chairman DrNadeemul Haq’s resignation, hassuggested him to focus on his primaryduty of governmental developmentprogrammes rather than disturbing theindustrial culture of which he is notfamiliar.Disgruntled by the IMF-planted DrHaq’s anti-industry policies, who hasvast knowledge but zero experience ofindustry, Business Forum of Punjaband PAAPAM Chairman Syed NabeelHashmi, has said that his policies aremore relevant to the place he comesfrom i.e United States of America. So,the Punjab industry and particularly theauto sector welcome his idea of quittingthe Planning Commission and leavingPakistan, as the country needs not sucha technocrat, who least cares for thesick manufacturing economy ofPakistan and who likes to see morepresence of outsiders to run therestaurants and chain stores. Criticizing the amusing and funny ideasof Dr Haq ‘that foodoutlets bring moreemployment thanindustry’,Hashmi saidthatmanufacturingprovides

employment to more than 10 per centof the labour force employed inPakistan; it supports the growth ofservice sector and generates the taxes of65 per cent against the share in grossdomestic produce of just 20 per cent.He said that PAAPAM also wants accessto cheaper and quality goods forconsumers in Pakistan, but its solutiondoes not lie in duties reduction, ratherit lies in excessive industrialization andtransfer of high technology in thecountry. Rejecting extraneous andimpractical views of Dr Haq, who is aproponent of excessive tradeliberalisation through reduction oftariffs, Hashmi said that one cannotforget that the government has failed toprovide the required infrastructure tosupport the growth of manufacturingsector, therefore, the local industry stillneeds protection. “We work without thesupport of governments in suchatmosphere which is non-predictable;we have switched over from electricityto more expensive power generated bylight diesel or by furnace oil; we have touse alternate energy when gas is notavailable; we have to keepcontingencies against being looted onaccount of being victim of bad law andorder situation,” observed Hashmi.He argued that govt wants tointroduce trade liberalization likein Japan, europe and the USA,but we put a single question.

Whether the developedcountries have such

issues ofenergycrisis andlaw and

order, our industry is confronting with,he asked the deputy chairman.He said that the slowdown of economicgrowth is due to internal weaknesseswhich are also powered by themismanagement and importedeconomic policies. He said that theelectricity, gas, infrastructure, inflation,high rate of borrowings, soaring powerand gas tariffs and staying away fromproviding credits to manufacturing bybanks due to easy management of saleand purchase of treasury bills togetherhave promised a very bad performanceof manufacturing economy.PAAPAM Vice ChairmanMunir K. Bana pleaded thatif the import tariffs arefurther reduced, thepresent growth ofindustrial economywhich hasregistered less than2 percent growthduring 2010-11 willfurther declineand also add to theportfolio ofnonperformingloans bringing inmore industrial unitsunder the category ofsick units. He explainedthat imposition oftariffs orduties

at importstage isnecessary to

provide a costdifferential for

competing thewrath of under

invoiced imports inPakistan. He

said that

Pakistan’s motorcycle industry hasprogressed in a very impressive fashionover the last half decade based on theAIDP. Adequate competition has beenintroduced and today well over 60companies are producing motorcyclesin Pakistan. The recommendations bythe Planning Commission to reducetariffs seem to be IMF agenda tofurther aggregate the sufferings of theauto business community at large. Hefurther said that the Deputy Chairman

Planning Commission seems to beoblivious from the groundrealities and the problems thatconfront small and mediummanufacturers which formthe backbone of themotorcycle vendingindustry.

noT So Fond FaReweLLS

Au revoir!g auto sector bids adieu to pC deputy chairman g paapaMcalls for representation of industry in policy making

Zubair Motiwalasays Thar projectsare workableKARACHI: Muhammad ZubairMotiwala, Chairman Sindh Boardof Investment has categoricallydenied news item appearing onmedia by Planning Commissiondeclaring Thar projects asunworkable. Muhammad ZubairMotiwala said Thar is Nationalstrategic Reserve of Pakistan and ithas been duly vetted byInternational agencies consideredas authority on Coal and furthercompanies in coal mining andpower generation through coalbusiness have committed to investmore than $15 billion in Thar, they

have done so only after completedue diligence.

Statements like thesetantamount to

sabotaging themost

importantprojectforPakistanand itseconomy.NNI

kCCI hauls coals overplanning Commission’sThar statementKARACHI: Karachi Chamber ofCommerce & Industry’s ActingPresident Younus MuhammadBashir has strongly reacted overthe statement from planningcommission terming the TharCoal project “unworkable”. Hestated that Chairman Sindh Boardof Investment Muhammad ZubairMotiwala has completely deniednews item appearing in the mediaby planning commissiondeclaring Thar Coal projects asunworkable. SBI Chairman hassaid that Thar Coal is NationalStrategic Reserve of Pakistan andit has been duly vetted byInternational agencies consideredas authority on Coal and furthercompanies in coal and mining andpower generation through coalbusiness have committed toinvest more than 15 billion USDin Thar. They have done so onlyafter complete due diligence.Statements like these tantamountto sabotaging the most importantproject for Pakistan and itseconomy. STAFF REPORT

ToyS BeInG ThRown FRoM The pRaM LeFT, RIGhT and CenTRe

SqueakywheeL needS oIL… and Cheap LCCI wants cutin oil prices

PRO 13-05-2012_Layout 1 5/13/2012 3:17 AM Page 1

CAMBRIDGE

DANI RODRIk

JIM Yong Kim’s appointment asWorld Bank president mayhave been predictable, giventhe long-standing tradition that

renders the selection an Americanprerogative. But even the appearance ofcompetition between Kim and the othercandidates, Ngozi Okonjo-Iweala andJosé Antonio Ocampo, served to exposea deep fissure within the field ofdevelopment policy, because Kim andhis two rivals represented dramaticallydifferent approaches.The vision for which Kim stands isbottom-up. It focuses directly on thepoor, and on delivering services – forexample, education, health care, andmicrocredit – to their communities.This tradition’s motto could be,“Development is accomplished oneproject at a time.”The other approach, represented byOkonjo-Iweala and Ocampo, takes aneconomy-wide approach. It emphasizesbroad reforms that affect the overalleconomic environment, and thusfocuses on areas such as internationaltrade, finance, macroeconomics, andgovernance.Practitioners in the first group idolizeNGO leaders like Mohammad Yunus,whose Grameen Bank pioneeredmicrofinance, and ela Bhatt, a founderof India’s Self-employment Women’sAssociation (SeWA). The heroes of thesecond group are reformist finance oreconomy ministers such as India’sManmohan Singh or Brazil’s FernandoHenrique Cardoso.At first sight, this might seem likeanother dispute between economistsand non-economists, but the rift runswithin, rather than between,disciplinary boundaries. For example,recent work with field experiments andrandomized controlled trials (RCTs),which has caught on like wildfireamong development economists, liesstrictly in the tradition of bottom-updevelopment.The relative effectiveness of the twovisions is not easy to determine.Proponents of the macro approachpoint out that the greatest developmentsuccesses have typically been theproduct of economy-wide reforms. Thedramatic reductions in povertyachieved by China over the span of afew decades, as well as by other eastAsian countries like South Korea andTaiwan, resulted largely from improvedeconomic management (as much asearlier investments in education andhealth may have played a role).Reforms in incentives and property-rights arrangements, not anti-povertyprograms, enabled these economies totake off.

The trouble is that these experienceshave not proved as informative forother countries as one might havewished. Asian-style reforms do nottravel well, and, in any case, there issignificant controversy about the role ofspecific policies. In particular, was thekey to the Asian miracle economicliberalization or the limits that wereplaced on it?Moreover, the macro traditionvacillates between specificrecommendations (“set low anduniform tariffs,” “remove interest-rateceilings on banks,” “improve your‘doing business’ ranking”) that findlimited support in cross-countryevidence, and broad recommendationsthat lack operational content(“integrate into world economy,”“achieve macroeconomic stability,”“improve contract enforcement”).Development specialists in the bottom-up tradition, for their part, candeservedly claim success indemonstrating the effectiveness ofeducation, public health, or microcreditprojects in specific contexts. But, toooften, such projects treat poverty’ssymptoms rather than its causes.Poverty is often best addressed not byhelping the poor to be better at whatthey are already doing, but by gettingthem to do something altogetherdifferent. This calls for diversificationof production, urbanization, andindustrialization, which in turn requirepolicy interventions that may lie atconsiderable distance from the poor

(such as fixing regulations or targetingthe value of the currency).Moreover, as with macro-leveleconomic reforms, there are limits towhat can be learned from individualprojects. An RCT conducted underspecific conditions does not generateusable hard evidence for policymakersin other settings. Learning requiressome degree of extrapolation,converting randomized evaluationsfrom hard evidence into soft evidence.The good news is that there has beenreal progress in development policy,and, beneath the doctrinal differences,is a certain convergence – not on whatworks, but on how we should thinkabout and do development policy. Thebest of the recent work in the twotraditions shares commonpredilections. Both favor diagnostic,pragmatic, experimental, and context-specific strategies.Conventional development policy hasbeen prone to fads, moving from onebig fix to another. Development is heldback by too little government, too muchgovernment, too little credit, theabsence of property rights, and so on.The remedy is planning, theWashington Consensus, microcredit, ordistributing land titles to the poor.By contrast, the new approaches areagnostic. They acknowledge that we donot know what works, and that thebinding constraints to developmenttend to be context-specific. Policyexperimentation is a central part ofdiscovery, coupled with monitoring and

evaluation to close the learning loop.experiments do not need to be of theRCT type; China certainly learned fromits policy experiments without a propercontrol group.Reformers in this mold are suspiciousof “best practices” and universalblueprints. They look instead for policyinnovations, small and large, that aretailored to local economiccircumstances and politicalcomplications.The field of development policy can andshould be reunified around theseshared diagnostic, contextualapproaches. Macro-developmenteconomists need to recognize theadvantages of the experimentalapproach and adopt the policy mindsetof enthusiasts of randomizedevaluation. Micro-developmenteconomists need to recognize that onecan learn from diverse types ofevidence, and that, while randomizedevaluations are tremendously useful,the utility of their results is oftenrestricted by the narrow scope of theirapplication. In the end, both campsshould show greater humility: macro-development practitioners about whatthey already know, and micro-development practitioners about whatthey can learn. The writer is a professorat Harvard University’s KennedySchool of Government and a leadingscholar of globalization and economicdevelopment.

Courtesy: Project Syndicate

news02Sunday, 13 May, 2012

SARGODHA

ONLINE

THe SeCP’s Company Registration Office(CRO) Faisalabad Saturday held a seminaron e-Governance Regime and

corporatization at the Sargodha Chambers ofCommerce and Industries (SCCI) Sargodha.Mahboob Ahmad, Joint Registrar, in charge CROFaisalabad, underlined numerous actions takenby the SeCP to facilitate the corporate Sector ofPakistan. He made a detailed presentation onintroduction of e-services project covering therelevant provisions of the company lawsespecially highlighting different aspects ofincorporation of companies and postincorporation statutory compliance. Heelaborated the newly introduced Fast TrackRegistration Services (FTRS) wherein theregistration of the selected services carried outwithin 4 working hours of filing of theapplication/documents. He said that the conceptof “Once Online For ever Online” beingimplemented from May 16, 2012, and alsoanswered participants’ questions and sought theirsuggestions for further improvement.MuhammadAsghar Baig, Deputy Registrar, elucidated thetechnical aspects of various steps of online filingof documents in e-services including availabilityof name, steps/procedures for onlineincorporation and e-filing of various statutoryreturns.Muhammad Tariq Rasheed facilitated theseminar and answered the different queries of theparticipants regarding the e-Services.Theparticipants included practicing members ofSargodha Chamber of Commerce and Industriesincluding business dignitaries, corporatesecretaries and practitioners.Mazhar AhmadMalik, president, SCCI, appreciated the efforts ofSeCP in the development of corporate sector ofthe country and facilitation provided videintroduction of e-Services.

‘diamir Bhasha damis paksitan’s lifeline’

ISLAMABAD

APP

DIAMIR-BHASHA Dam project, a life-linefor the national economy, would helpmeet country future agricultural and

power requirements. Talking to APP an official ofWater and Power Ministry said that the damwould generate 19 billion units of electricityannually. He said the mega project would storeover 8 Million Acre Feet of water to meetcountry’s growing power and irrigation needs.Hesaid the Dam would enhance life of Tarbela Damby over 35 years. To a question he said, Diamir-Bhasha dam is the first major hydel power projectafter Mangla Dam built in 1967 and Tarbela Dambuilt in 1974. To another question, he said DiamerBhasha dam with a height of 272 meters, is beingbuilt on Indus river, about 300 kilometersupstream of Tarbela Dam, he added. He said theDam will be completed in seven to eight years.

SeCp’s seminaron e-Governance

NEW YORK

REUTERS

GLOBAL stocks retreated onFriday as uncertainty overeurope’s festering debt crisisovercame an early bounce

driven by better-than-expected U.S.consumer sentiment, while oil prices fellafter weak data from China reduceddemand expectations.Safe-haven government debt rose, withthe yield on the benchmark 10-year U.S.Treasury note falling for the eighthstraight week. Whether Greece canremain in the euro zone and concernsabout the health of Spanish banksspurred buying.The euro retreated against the U.S.dollar late in the session on news thatthe Greek Socialist party leader had beenunable to form a national unitygovernment after holding last-ditch talkswith rivals. Data showing U.S. consumer

sentiment rose to its highest level inmore than four years in early May liftedshares earlier in the day, but concernsover europe and JPMorgan Chase & Co’s(JPM.N) $2 billion trading loss ledequity markets to retreat.“Today there is a flight to safety; Greeceis not resolved, Spain is not resolved,”said Lou Brien, market strategist withDRW Trading Group in Chicago.“And JPMorgan adds a bit of concernsimply because they were assumed to bethe well-run bank, and if this sort ofthing could happen there, where elsecould it happen?” Brien said.JPMorgan’s stock fell 9.3 percent to$36.96, the biggest drag on the S&P 500index. The next-biggest drag wasCitibank (C.N), down 4.2 percent at$29.35. The Dow Jones industrialaverage .DJI fell 34.44 points, or 0.27percent, to close at 12,820.60. TheStandard & Poor’s 500 Index .SPXdeclined 4.60 points, or 0.34 percent, to

1,353.39. But the Nasdaq CompositeIndex .IXIC inched up just 0.18 of apoint, or 0.01 percent, to end at2,933.82. Tim Ghriskey, who overseesabout $2 billion as chief investmentofficer of Solaris Group in Bedford Hills,New York, said JPMorgan will become apolitical issue. “This will increaseregulations on banks and the overhangon large banks will last for awhile,”Ghriskey said. The KBW index .BKX oflarge U.S. financial services firms’ sharesfell 1.2 percent, and in europe, the eurozone STOXX banking index .SX7P fell 1percent. The euro slid to a 3-1/2-monthlow in volatile trade. The euro hasdropped against the dollar in eight of thelast 10 sessions for a cumulative 2.4percent decline, hit by the turmoil inGreece. The euro slid 0.12 percent to$1.2919, while the U.S. dollar index.DXY rose 0.21 percent to 80.283.Against the Japanese yen, the dollar wasdown 0.03 percent at 79.90.

europe stoked market jitters. The failureby politicians in Greece to agree on anew government sent the countryhurtling toward a new vote, with radicalleftists leading in the polls and poised toscrap a 130-billion-euro bailout that hasstaved off default.The 10-year U.S. Treasury note rose9/32 in price to yield 1.84 percent.european shares erased early losses toend higher on the U.S. consumersentiment data, although many investorsremained wary over Spain’s banks andGreece’s political impasse. The Greekstock market dropped to levels last seen20 years ago during an earlier crisis overa mechanism to reduce exchange-rateswings in europe before the euro’sadvent. German Bund futures rose ashigh as 143.09, up 48 ticks on the day.The FTSeurofirst .FTeU3 index of topeuropean stocks rose 0.3 percent toclose at 1,022.52. The MSCI world equityindex .MIWD00000PUS turned lower,

falling 0.3 percent to 314.99.Prices of crude oil, copper and gold allfell. Brent crude oil prices fell below $112a barrel early in the session after a weakreading of industrial growth in Chinasparked worries that demand may slowfrom the world’s No. 2 oil consumer.Chinese industrial output expanded inApril at its slowest annual pace innearly three years. When paired withpoor trade figures from Thursday, thedata suggest China’s economycontinues to slow after a weak first-quarter performance. Brent crudefutures for June delivery shed 47 centsto settle at $112.26 a barrel. The U.S.June light sweet crude contractdeclined 95 cents to settle at $96.13 abarrel.Gold fell almost 1 percent, capping a 3.7percent loss for the week, its biggestweekly decline this year.U.S. gold futures for June delivery slid$11.50 to settle at $1,584 an ounce.

Global stocks, euro slip as Europe concerns mount

Doing development better

PRO 13-05-2012_Layout 1 5/13/2012 3:17 AM Page 2

news

Sunday, 13 May, 2012

03

MCB offers soft loans to students

LAHORE: The Lahore University of Manage-ment Sciences (LUMS) and MCB Bank Limitedsigned an agreement on Saturday, May 12, 2012through which MCB Bank will provide commer-cial loans to MBA and executive MBA studentsof the Suleman Dawood School of Business(SDSB) of the university. The commercial loanfacility will be pivotal for students who are cur-rently financially unable to afford the cost of tu-ition and living facilities. This is one of the firstventures of such kind in Pakistan and is a testi-mony to MCB’s commitment to support highereducation as well as the marketability of LUMSstudents. While speaking at the ceremony, Dr.Arif Butt, Dean Suleman Dawood School of Busi-ness, LUMS, said, “LUMS holds a need blind ad-mission policy i.e. it does not discriminate on thebasis of financial strength of the individual whileadmitting a student, the process for which isbased purely on merit. Today, LUMS gives 25%of its tuition fee as waivers and aid to various stu-dents. At any point in time over 1/3rd of studentsin LUMS are availing some form of financial sup-port. The institution has consistently been in-cluding other stakeholders in the community tohelp with this important task through various en-dowments and scholarship programs. This stu-dent loan by MCB is part of the endeavor forproviding financial assistance to students and wehope to see the program being expanded to in-clude other graduate and undergraduate stu-dents.” Ali Mubashir Kazmi, the Head ofConsumer Banking at MCB said: This structuredstudent loan facility for LUMS MBA Programme,is first of a kind being offered in the country. Thisis in line with MCB Bank’s vision to provide fi-nancial assistance to talented students whilemaintaining financial viability of the product.This structured loan facility to LUMS is the firststep towards this vision and we will also try to ex-tend this facility to other premier institutions ofthe country. The lending rate under this schemeis subsidized as compared to commercial rate sothat students can take educational loans on softerterms. We have introduced the concept of First

Loss in the structuring which is in line with struc-turing of similar products in more developedeconomies. PRESS RELEASE

Farooq Sattar inaugurates 8thauto & Transport asia 2012 Int’lexo on May 15KARACHI: Federal Minister for Overseas Pakistani,Dr. Muhammad Farooq Sattar will inaugurate 8thAuto & Transport Asia 2012 Int’l exhibition on 15thMay 2012 at Karachi expo Centre. There are more than100 stalls in the exhibition where more than 60 inter-national & domestic exhibitors are showcasing theirproducts and services. Over 51 foreign delegates are alsogracing the event from more than 8 countries includingChina, Iran, Taiwan, India, UAe and more etc. Theevent will be open only for Trade Corporate Visitorsfrom 10 AM to 7 PM daily. More than 35,000 visitorsare expected to visit the event during the 3 days. Someof the major companies to exhibit at the exhibition areAtlas Honda Ltd., Sherwani Motors, Dhl, Beilin Oilequipment Company, Babol Moquette & Carpet In-dustries, Jiangling Import & export Co. Ltd., Organiz-ing Committee of China International, Shenyang JinbeiVehicle Manufacturing Co. Ltd., Shijiazhuang WoyangDiesel Fittings Co. Ltd., Tecwin Inc., and Zhuhai BeilinFueling equipment Co. Ltd. NNI

Mobilink signs up 10 cricket starsas brand ambassadorsLAHORE: Mobilink has signed 10 members ofthe Pakistan Cricket team as the Brand Ambas-sadors for Jazz - Pakistan’s premier prepaid cel-lular brand. A ceremony was held in Islamabadwhere powerful cricketing performers including;Misbah-ul-Haq, Muhammad Hafeez, Umar Gul,Saeed Ajmal, Shoaib Malik, Umar Akmal,Toufeeq Umar, Asad Shafiq, Abdur Rehman andAzhar Ali were officially appointed as Jazz BrandAmbassadors. Mobilink’s Vice President Mar-keting, Jahanzeb Taj said; “We are delighted to

create a strong and exciting alliance betweenJazz and these accomplished sportspersons, whohave won several accolades for the nation. Mo-bilink has a long standing commitment to thenation’s passion for Cricket, as we continue toinspire the fans by recognizing these outstand-ing cricketers and sponsoring international tour-naments.” Jazz is actively looking to promotecricket in Pakistan under the banner of Yeh KhelApna Hai. These cricketers will also appear inmarketing activities for the promotion of cricketamongst the masses. Mobilink partnered withthe Pakistan Cricket Board (PCB) in 2007, toconduct nation-wide talent-hunt activities titled;“Mobilink - Hunt for Heroes” program. Reach-ing out to more than 60 districts across Pakistan,this program strengthened the domestic cricketinfrastructure, trained young cricket stars for thefuture and brought many new cricketers to theNational Juniors team. NNI

Zubair welcomes Britain’s commitmentfor investment in pakistanISLAMABAD: Leading industrialist ZubairMotiwala has said the commitment of the UK forinvestment in Pakistan’s various economic sec-tors including energy, is appreciable. Talking toa private news channel, he said that the commit-ments of the UK are very significant for theprogress of Pakistan. He said Pakistan needsshort, medium and long term economic cooper-ation by friendly countries like the UK. He saidBritain should cooperate with Pakistan in windenergy, thermal and coal power. Commenting onthe visit of Prime Minister Syed Yousuf Raza Gi-lani to the UK, he said Britain is not only Pak-istan’s strong trading partner, but also a secondlargest investor in Pakistan. Pakistan, the US andthe UK have democratic governments and theyshould resolve their issues through dialogues, headded. He said Pakistan should talk with the USand the UK frankly on the future of Afghanistan.He said Pakistan wants constructive role inAfghanistan being its neighbour. PRESS RELEASE

BRIEF CORNER

Major Gainers

Company Open High Low Close Change Turnover

Unilever Food 2990.06 3139.56 3000.00 3139.01 148.95 175Rafhan MaizeSPOT 2902.00 3047.10 2950.00 3047.00 145.00 442Nestle Pakistan Ltd. 4122.31 4320.00 4150.00 4199.75 77.44 2,102Colgate Palmolive 861.00 875.00 850.00 875.00 14.00 180Sanofi-AventisXD 168.58 176.75 168.58 176.70 8.12 1,606

Major Losers

Siemens Pakistan 718.97 702.00 683.10 685.57 -33.40 1,345Indus Dyeing 438.10 416.32 416.20 416.29 -21.81 69UniLever PakSPOT 7341.25 7400.00 7100.00 7326.43 -14.82 315Island Textile 228.73 217.50 217.30 217.30 -11.43 1Shezan Inter. 172.94 168.01 165.00 165.69 -7.25 3,900

Volume Leaders

P.T.C.L.A 16.05 16.90 15.90 16.20 0.15 47,264,734Lotte PakPTA 9.12 10.06 9.13 9.94 0.82 38,610,901D.G.K.Cement 45.84 46.55 44.70 46.22 0.38 25,254,141Jah.Sidd. Co. 16.46 17.46 16.25 17.46 1.00 22,052,868Bank AL-Habib 28.00 29.40 27.74 29.24 1.24 16,474,965

Interbank RatesUS Dollar 90.8170UK Pound 146.2971Japanese Yen 1.1401euro 117.8351

Dollar EastBuy Sell

US Dollar 91.10 91.80Euro 117.58 118.40Great Britain Pound 146.45 147.43Japanese Yen 1.1358 1.1433Canadian Dollar 90.38 91.49Hong Kong Dollar 11.58 11.75UAE Dirham 24.78 24.92Saudi Riyal 24.28 24.41Australian Dollar 91.02 93.09

NEW YORK

REUTERS

MORe volatility couldbe in store for stocksnext week as investorsgrapple with less cer-

tainty about the economic outlookand a new blow to the financial sec-tor after JPMorgan Chase’s (JPM.N)trading loss.

europe is expected to keep in-vestors jumpy as well, with inconclu-sive results from the recent Greekelection and the country’s future ap-pearing more worrisome. The eco-nomic picture appears cloudy thesedays, with some data showing amore positive trend and other re-ports showing the opposite. Anindex of consumer sentiment rose toits highest in a more than four years,but last week’s jobs report showedanother monthly decline in hiring.

Next week brings minutes fromthe last Federal Reserve meeting,which investors will look to for moreguidance on whether the centralbank plans to give additional help to

the economy. Stocks closed lower fora second straight week on Fridayafter a week of choppy trading.Strategists say that’s likely to be thecase again in days to come.

“expect more volatility. We’restill seeing this natural risk aversion.We expect any source of bad news totrigger a sell-off, but we’re still not ina red-alert area,” said Omar Aguilar,chief investment officer of equitiesfor Charles Schwab in San Fran-cisco. “The good economy in the U.S.is leading the way, with the FederalReserve being very accommodat-ing.” Citigroup’s chief U.S. equitystrategist, Tobias Levkovich, said themarket has likely begun a pullback,and that the Standard & Poor’s 500index could fall 5 percent to 7 per-cent from its April 2nd intraday highof 1,422. “We’re going to probablyspend several months in kind ofchoppy trading,” he said.

News that JPMorgan Chase &Co (JPM.N), the largest U.S. bank byassets, lost billions of dollar on badtrades raised fresh worries that thefinancial sector was not on the

mend. The KBW bank index .BKXfell 1.2 percent for the day. There’slikely to be more focus on the com-pany next week. After the close oftrading, Fitch Ratings cut JPMor-gan’s credit rating one notch andcited the bank’s $2 billion tradingloss, and Standard & Poor’s revisedits outlook of JPMorgan to negative.

The S&P financial index .GSPFhas lost ground since rallying 21.5percent in the first quarter. Theindex is still up 13.6 percent sincethe start of the year.MESSAGE FROM THE FED:

Wall Street will scrutinize the min-utes from the FOMC’s late Aprilmeeting, which the Fed will releaseon Wednesday at around 2 p.m.eastern time. At that April 24-25meeting, the FOMC repeated its ex-pectation that interest rates wouldnot rise until late 2014 at the earli-est, and it took no action on mone-tary policy. But Federal ReserveChairman Ben Bernanke spurredstock market gains when he told re-porters on April 25 that “we remainentirely prepared to take additionalbalance-sheet actions as necessaryto achieve our objectives. Thosetools remained very much on thetable and we would not hesitate touse them, should the economy re-quire that additional support.”

More focus may be on the Fed andeconomic data next week, with thefirst-quarter U.S. earnings periodnearly done. Ninety percent of S&P500 companies have already reportedresults. Major retailers set to reportearnings next week include HomeDepot (HD.N), a Dow component, andJC Penney Co. (JCP.N), both on Tues-day, followed by Limited Brands(LTD.N), parent of Victoria’s Secret,and discount chain Target Corp

(TGT.N) on Wednesday. Wal-MartStores, Inc (WMT.N), the world’slargest retailer and a Dow component,is set to report earnings on Thursdaybefore the opening bell. The week’smostly closely watched economic indi-cators will include the U.S. ConsumerPrice Index and retail sales, both forApril, on Tuesday, followed by Aprilhousing starts and April, industrialoutput and capacity utilization, all onWednesday. In europe, problems withthe Greek elections raised the risk of itexiting the euro zone.

“I think earnings and valuationsare still very compelling. Unfortu-nately, what we’re looking at onearnings and valuations is going tobe overshadowed by the fact thatwe’ve got these global issues we’redealing with: Greece and France andtheir elections, and debt issues andthe possible breakup of the euro,”said evan Nowack, managing direc-tor at HighTower’s Leventhal Groupin Bethesda, Maryland.BEARISH PATTERN: Technicalcharts indicate bearishness ahead.

“My ‘bigger picture’ view is thatin the near or intermediate term,further downside is favored,” saidChris Burba, short-term markettechnician at Standard & Poor’s inNew York. S&P 500 charts are show-ing a “head-and-shoulders top,” hesaid, noting that demand earlier thismonth was not strong enough topush the benchmark index above itsApril high. He sees support justbelow 1,300, while resistance couldcome at 1,415 for the S&P 500. “Theoutlook stays bearish unless you getabove 1,415,” Burba said.

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waLL STReeT week ahead

Stocks face choppyseas of bank woes,uncertainty

Mulling Ip rightsg Bringing Ip rights registration under one roofhas begun: Chairman Ipo-pakistanISLAMABAD: Chairman IPO-Pakistan Hameed Ullah Jan Afridion Saturday said the process of bringing IP Rights Registration underone roof for efficient management has began. He further said besidesthis other initiatives adopted to accelerate the IP registrationformalities within stipulated period has also been started. Thechairman said this in a briefing presented by Registrar TrademarksKhalid Hidayat Khan, says a press release issued here today.Chairman IPO said that all out efforts would be made to upgrade theservice delivery system according to the expectations of right owners.He said that analyzing the patterns of members countries of WorldIntellectual Property Organization (WIPO), various successfulmodels had been studied and with the consultation of IP experts andstakeholders the best prices would be adopted for strengtheningNational IP system in the country. Hameed Ullah said thatTrademark registration has been comparatively increased in Pakistanin the result of continuous awareness activities performed in differentcities with the cooperation of media. He said in order to involvemedia persons in awareness related programmes, it has been decidedto organise IP Media Orientation workshops and conferences.JanAfridi further said that in order to become self-reliant nation, publicand private partnership is imperative for strengthening IP regime inthe country. He said a mumber of agreements had been signed withTrade and Business Organizations. The executive Director IPO,Umar Dad Afridi, Registrar Copyrights Shakeel Abbasi andController of Patents Sabir Gul were alo present on. APP

Misery down the roadg SITe industrial area suffers from poor roadsKARACHI: Muhammad Irfan Moton, Chairman, S.I.T.e. Associa-tion of Industry has expressed concern on the miserable state of theroad network in the SITe area and drew attention of the authoritiestowards poor condition of infrastructure saying that SITe area beinga prime industrial area of the country is suffering from the poor in-frastructure and no due attention is being given to this issue. The stateof the roads depicts ruin like position. The S.I T.e. Association hadbeen striving for the improvement of roads and despite assurancegiven by the concerned authorities no positive response and no cogentmeasure have so far been taken in this respect. He also stressed thatProvincial Minister for Industries & Commerce should issue directionto the concerned authorities to take cognizance of the deterioratinginfrastructure and take urgent measures to improve the quality ofroads on priority basis. S.I.T.e. Association demanded GovernorSindh, CM Sindh, to issue strict instructions to all concerned for tak-ing necessary measures for start of immediate work for the revampingof road network, so that smooth economic activities are carried outin the SITe area which is contributing enormous share of revenue andproviding ample employment opportunities to the people. NNI

pRopeRTy RIGhTS

en RouTe To oBLIVIon

LAHORE: ZONG CEO Fan Yunjun giving lecture on Next Generation Seamless Mobility – the Way Forwardin National University of Science and Technology (NUST). PRESS RELEASE

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