5 Feb 2016

6
Friday, February 5, 2016
Biz
Pakistan to receive $497mn
tranche of IMF loan: Dar
DUBAI, Feb 4: The
International Monetary Fund
announced Thursday it
would release the latest
instalment worth $497 million
of a three-year economic
bailout package to
Pakistan, while urging
Islamabad to implement
planned energy sector
reforms and restructure lossmaking
public companies.
The IMF’s delegation
head Harald Finger said in a
statement that the decision
was taken after a review of
Pakistan’s economic performance
from January 26 to
February 4, and that the
money would be transferred
after approval by the board.
Finger said that the real
GDP growth rate was
expected to reach 4.5 precent
for the 2015-16 financial
year due to lower oil prices,
planned improvements in the
energy supply, investment
related to the China Pakistan
Economic Corridor (CPEC),
ISLAMABAD, Feb 4:
Iranian Ambassador, Mehdi
Honardoost said on
Thursday that Iran could
supply cheapest gas and
electricity to Pakistan while
Pakistan was working with
Iran on some projects to
import electricity.
"Iran is ready to give
more facilities to Pakistan
DUBAI: Finance Minister Senator Mohammad Ishaq Dar and IMF country Mission Chief,
Harald Finger addressing a joint press conference at Dubai on 4th of February 2016. Finance
Secretary Waqar Masood Khan and governor SBP Ashraf Mahmood Wathra are also present.
buoyant construction activity,
and acceleration of credit
growth.
“Economic activity
remains robust. Although a
weak cotton harvest, declining
exports, and a more challenging
external environment
are weighing on growth
for materialization of gas
pipeline project," he made
these remarks during an
interaction with business
community at Islamabad
Chamber of Commerce and
Industry (ICCI) here.
The Ambassador also
urged the Pakistani private
sector to step up efforts for
promoting trade with Iran as
prospects,” he said.
“While many structural
benchmarks have been met,
measures pertaining to the
energy sector reform and
restructuring of loss-making
public enterprises are yet to
be implemented,” he added.
The $6.6-billion bailout
both neighbors have
immense potential to
enhance two-way trade in
many areas.
He said Iran-Afghanistan
bilateral trade was over $ 2
billion, but Pak-Iran bilateral
trade of around $ 270 million
was very low despite
huge potential and businessmen
of both countries
agreed in 2013 was granted
on condition that Pakistan
which was suffering an energy
crisis carry out restructuring
in the energy and taxation
sectors.
Addressing a press conference
with Finger in
Dubai, Finance Minister
Iran ready to supply cheapest gas,
electricity to Pakistan: Iranian Envoy
World food prices tumble near 7-year low
ROME, Feb 4: World food
prices fell to near a sevenyear
low in January, weighed
down by declines for agricultural
commodities, particularly
sugar, the United Nations
food agency said on
Thursday.
Food prices have fallen for
four straight years and remain
under pressure from ample
agricultural supply, a slowing
global economy, and a
strengthening US dollar.
PSDP aid sought for
SMEDA to set up
startup support fund
KARACHI, Feb 4: The Union
of Small and Medium
Enterprises (UNISAME) in a
message to the prime minister
(PM) Nawaz Sharif stated on
Thursday that SMEs form the
fabric of the economy and
stressed the need of government
patronization for SME
development and promotion
on fast track to enable the sector
meet the global challenges.
President UNISAME
Zulfikar Thaver appreciated
the proposal of the Small and
Medium Enterprises
Development Authority
(SMEDA) sent to the Ministry
of Industries and Production
(MoI&P) for adoption of the
KOSGEB model of Turkey
for SME development and
promotion.
The Food and Agriculture
Organization's (FAO) food
price index, which measures
monthly changes for a basket
of cereals, oilseeds, dairy
products, meat and sugar,
averaged 150.4 points in
January against a revised
153.4 points the month
before.
The 1.9 percent decrease
from December follows an
almost 19 percent slide in
2015. Food on international
KARACHI, Feb 4: President
Federation of Pakistan
Chambers of Commerce &
Industry (FPCCI) Mr. Abdul
Rauf Alam has nominated
Chairman Consumers
Association of Pakistan
Kaukab Iqbal as Sr. Vice
Chairman FPCCI Standing
markets in January was 16
percent cheaper than one year
ago, the FAO said.
"There are still prospects
perhaps for further downward
pressure on markets, but the
US economy, exchange rates,
and the overall macro conditions
are impossible to predict
and their implications could
be quite important," FAO
senior economist Abdolreza
Abbassian said. Positive revisions
for wheat production
prompted the FAO to raise its
estimate for world cereal output
in 2015 to 2.531 billion
tonnes, still 1.2 percent below
2014's record harvest.
Early prospects for cereal
harvests in 2016 are mixed,
the FAO said, partly due to El
Nino-associated weather patterns
having a particularly
deleterious effect in the
southern hemisphere.
Kaukab Iqbal nominated as Sr Vice
Chairman FPCCI standing committee for
Consumer Protection and Adulteration
Committee for Consumer
Protection & Adulteration.
President FPCCI has
expressed the hope that he will
also do his best for consumers
and fulfil all aims & objectives
of standing committee. It is
clarified that Kaukab Iqbal has
been engaged in solving consumers’
problems for several
years. He is also President of
Pakistan Consumers
Federation and Member Task
Force of Commissioner
Karachi. Kaukab Iqbal said
that his nomination as a Sr.
vice Chairman for FPCCI
Standing Committee for
Consumers Protection &
Adulteration is a great source
of pride for himself.
SECP publishes access to inside Information
regulations to seek public opinion
ISLAMABAD, Feb 4: The
Securities and Exchange
Commission of Pakistan
(SECP) has published draft
“Access to Inside Information
Regulations 2016” in the official
Gazette and placed it on
its website to seek public
opinion, says a press release.
The comments of the
stakeholders, received within
14 days of the day of publication
will be considered before
finalizing the regulations.
Section 131 of the 2015
Securities Act requires the
listed companies or persons
acting on their behalf, to
maintain a list of persons
employed, who have access to
inside information. These regulations
provide the manner
in which the said list is to be
maintained.
should become active to
fully realize the available
untapped trade potential.
He said, after the lifting
of sanctions, Iran was poised
to undertake many infrastructure
development projects
while lot of European
companies were visiting his
country to explore business
opportunities.
Palm oil falls from
20 month high on
stronger ringgit
KUALA LUMPUR, Feb 4:
Malaysian palm oil futures
ended lower on Thursday
and snapped two sessions of
gains after hitting a 20-
month high earlier in the
session, on the back of a
stronger ringgit and weaker
export demand.
The palm oil contract for
April delivery on the Bursa
Malaysia Derivatives
Exchange rose as much as
0.82 percent to 2,568 ringgit
a tonne, its highest since
May 19, 2014, before settling
down 0.6 percent
2,531 ringgit ($610.62) per
tonne.
Traded volume stood at
48,968 lots of 25 tonnes
each.
"The ringgit is firmer,
and there are expectations
of a bumper crop in Brazil,"
said a trader from Kuala
Lumpur, referring to soybean
output in the South
American country.
An oversupply of soybeans
from South America
would send soyoil prices
lower, narrowing its spread
with palm oil. A discount
would help soyoil grab market
share from palm oil in
top consumers China and
India, who favour importing
soybeans to crush for
domestic consumption.
Ishaq Dar said that his government
had successfully
reduced fiscal deficit and
brought down inflation.
“For the first six months
of the year, inflation is down
to 2.1 percent,” Dar said,
referring to the period from
July 2015 to January 2016,
the start of the financial year.
Dar said that the target for
budget deficit was 4.3 percent
this year, which over the
years had been brought down
from 8.8 percent.
He added that the government
had chalked out a
“robust plan” for loss-making
public sector companies
which are causing losses
amounting to billions of dollars
over the decades.
These include Pakistan
International Airlines, the
bloated and badly managed
national carrier which loses
hundreds of millions of dollars
a year. Islamabad plans
to partly privatise the carrier
later this year.
AGP informed
senate body – No ghost
pensioner at NBP
KARACHI, Feb 4: Auditor
General of Pakistan Mr. Rana
Asad Amin denied presence of
ghost pensioners at NBP. He
was responding to the questions
before the Senate
Standing Committee on
Finance Economic Affairs,
Statistics & Privatization.
He reiterated that after an
interim audit of NBP branches,
it has transpired that the reduction
in the number of pensioners
was only due to switchover
of pensioners to other banks
and those drawing pensions
through DCS.
The hearing was held here
at the Old PIPS Hall,
Parliament lodges. Mr. Rana
Asad Amin rejected the presence
of ‘ghost pensioner’ and
said that it tantamounted to
making a mountain out of a
molehill.
The AGP investigating the
issue of presence of ghost pensioners
at NBP – raised in Nov
last year – hinted towards the
probability of pension being
distributed to those who may
have died in the recent past but
that anomaly, if exists, is corrected
once the pension is converted
to family pension and
amount is recovered.
KARACHI, Feb 4: Under the
auspices of Consumers
Association of Pakistan Eighth
Consumers Food Safety &
Quality Conference will be
held in Pearl Continental
Karachi. Syed Nasir Hussain
Shah Provincial Minister of
Food Government ofSindh
will be the chief guest whereas
conference will be presided by
Senior Vice President
Federation of Pakistan
Chamber of Commerce &
Industries(FPCC I)Mr. Khalid
Tawab. Commissioner
Corporate Corner
Avail 40% discount - UBL joins hands with
Pizza Hut, Burger King & TGI Fridays
KARACHI, Feb 5: UBL (United Bank Limited) one of
Pakistan’s fastest growing banks, recently signed an agreement
with MCR PVT LTD, popular for its renowned food franchises,
Pizza Hut, Burger King and TGI Fridays, to provide amazing
discounts to UBL Bank customers.
Being in business for more than 20 years MCR is unarguably the best in the industry
and is well versed in providing customers with new and exciting offers.UBL and MCR
are well known for providing customers convenience and innovative one stop solutions.
For the first time ever in Pakistan a special promotion is taking place for dine in, take
away and home delivery customers. Burger King, Pizza Hut and TGI Fridays together are
providing 40% off to all UBL Premium Debit MasterCard and UBL Signature card-holders
for dine in, take away and home delivery. This joint promotion will be valid for 5th,
6th and 7th February 2016.
Speaking at the occasion, Mr. Azeem Qureashi, Deputy COO of MCR Pakistan
Limited said, “This is a great opportunity for customers of UBL to experience the hospitality
of our various world-leading franchises. We value UBL as an important partner and
look forward to serving its customers best!”
Mr. Umair, Product Manager -Loyalty & Brand Alliances at UBL expressed the same
sentiments and looks forward to betterment of both organizations.
KARACHI: Former Federal Advisor on Textiles Ministry Dr. Mirza Ikhtiar Baig with
Naveed Cluf Industry CEO Khawaja Tahir Siraj, Nadeem Ahmed, Fahim Amed, Khawaja
Asif Siraj and Khawaja Rehan Siraj during visit at (NCI) stall in a Textile Machinery
Brand Expo 2016 at expo center.
Al-Ameen Funds’ Assets under management
surged by 530% in last 3 years
KARACHI, Feb 4: The Islamic Division of UBL Fund Managers Limited (UBL Funds),
Al-Ameen Funds, has posted a remarkable growth of 530% in the last three calendar
years. Al-Ameen Funds now stands as comprising the second highest market share on a
cumulative basis in the Islamic Funds category in Pakistan, showing particularly impressive
growth in equity funds.
Leaping from Rs. 5.1bn to Rs. 32.5bn in just 36 months, Al-Ameen Funds served as the
major contributor to UBL Funds’ overall growth.
The rapid increase was noted due to the common interest of majority of investors.
Investors may draw comfort from the fact that Al-Ameen Funds falling under the realm of
Shariah-compliant fixed income funds are generally superior to conventional fixed income
funds because the underlying debt instruments are structurally less risky than conventional
debt instrument. Furthermore, the borrowing levels are lower and dividend yields are
higher with Shariah-compliance stocks, which may provide extra comfort to investors of
Al-Ameen Funds that fall into the Shariah-compliant equity category. This is also one of
the main reasons that Islamic financial institutions were in much better shape compared to
the conventional financial institutions during the global financial crisis of 2008-09.
CEO UBL Funds, Mir Muhammad Ali, said “The Islamic funds industry has shown
impressive growth in recent years especially in funds which invest in stocks. Growth in
income funds has been less impressive mainly because of government’s failure to increase
supply of Islamic debt instruments over the last few years. However, we expect that things
will soon improve on that front as well. On the whole, we see a bright future for Islamic
funds industry and we expect it to grow at a much higher rate compared with the conventional
funds industry.” He added that, “the company strives to retain and grow its market
share in Islamic Funds by delivering superior fund performance in existing funds and by
introducing new funds that cater to investor needs which are yet unfulfilled.”
8th Consumers Food Safety & Quality
Conference will be held on Feb 11
Karachi Syed Asif Haider
Shah, Consul General
Malaysia Mr. Ismail Bin
Mohammad Bakri, Honorary
Consul General of Yemen Dr.
Mirza Ikhtiar Baig, CEO
Naheed Super Market Mr.
Ibraruddin, Honorary Consul
General Morocco Mr. Mirza
Ishtiaq Baig, Managing
Director Water & Sewerage
Board Mr. Misbahuddin
Fareed, Senior Director Food
& Quality Control Mr.
Mukhtar Hussain KMC,
President All Pakistan
ISLAMABAD: Australian High Commissioner, Margaret Adamson and Secretary Economic
Affairs Division (EAD), Tariq Bajwa exchanging documents after signing an agreement.
Restaurant Association Mr. Palm Oil Board Mr.
Shaukat Ali Umer Sons, FairusHidzir, Director
Country Ambassador Department of Food Science
American Society for Micro Sindh Agricultural University
Biology Dr. Shahana Urooj TandoJam, Director
Kazmi, Cooking Expert O r g a n i z a t i o n
Zubaida Tariq AAPA, Senior DevelopmentNew Nest Dr.
Manager Legal & Corporate Salman Lodhi, President
Affairs English Biscuits Mr. National Alliance for Safe
Mohammad AzamShakeel, Food Rana Owais Khan, Chief
CEO City Events Punjab Mr.
Tahir Mahmood will be the
Guests of Honor.Chairman
Food Inspector Regulation &
Quality Control KMC Mr.
Abdul Waheed Bhatti, Dr.Asia
Consumers Association of Panwar Professor Sindh
Pakistan Kaukab Iqbal said University TandoJam will
that Regional Head Malaysian deliver their presentations.
Modern Diesel, Isar Trading
International sign agreement
KARACHI, Feb 4: Modern
Diesel, Lahore and Saudi company
Isar Trading International
Est signed an agreement for
the supply of auto parts worth
$3 million for three years.
Aamir Idrees, managing partner
of Modern Diesel said:
“We are very happy to get government
level contract from
Automechanika Jeddah 2016.”
Commercial Counselor
Abdul Wahab Soomro visited
the exhibition and Pakistani
companies. He emphasized the
need for increased participation
of Pakistani companies in
Saudi exhibition. Saudi automotive,
vehicle and its allied
industry have huge imports
worth $22 billion. Aftermarket
and auto parts import value
was approximately $1.9 billion
in 2014. Pakistan has big
potential in this sector having
more than 278 top-tier producers
out of 1,200 units of the
$1.5 billion industry. Four
companies from Pakistan has
participated in said fair.
Modern Diesel, Sultan &
Kamil, Darson Industries and
S.T Engineering. With the
steady growth of the automotive
manufacturing and aftermarket
industry in the region,
Automechanika Jeddah presented
170+ exhibitors from
over 27 countries at the Jeddah
Center for Forums & Events.
Automechanika Jeddah is
organized by Messe Frankfurt.