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6<br />

Saturday, <strong>October</strong> 1, <strong>2016</strong><br />

Biz<br />

Roundup: PSX beat regional<br />

tension to hit fresh peak<br />

KARACHI, Sep 30: The<br />

Pakistan Stock Exchange<br />

(PSX) rose after heating<br />

Pakistan-India tension across<br />

the Line-of-Control (LoC)<br />

and hit a fresh all-time historic<br />

peak above 40,500<br />

points in a volatile session by<br />

ending Friday.<br />

The Pakistan Stock<br />

Exchange's benchmark KSE<br />

100-Index surged by 0.61<br />

percent or 246.29 points to<br />

40,541.81 points on Friday<br />

when compared with<br />

40,295.52 points recorded on<br />

Thursday. During the week<br />

that ended on Sept. 30, the top<br />

index jumped by 759.86<br />

points with four out of five<br />

trading sessions ending in the<br />

green zone.<br />

The KSE All-Share Index<br />

jacked up by 0.78 percent or<br />

213.24 points to 27,682.25<br />

points, the KSE 30-Index<br />

grew by 0.38 percent or 84.85<br />

points to 22,436.20 points,<br />

the KMI 30-Index elevated<br />

by 0.43 percent or 292.16<br />

points to 68,959.36 points,<br />

whereas the Islamic All-Share<br />

Index increased by 0.8 percent<br />

or 151.67 points to<br />

19,176.82 points.<br />

Friesland Campina<br />

Pakistan made a public<br />

announcement Friday to<br />

acquire 49.8 million shares of<br />

Engro Foods (EFOODS) at<br />

151.85 rupees per share. This<br />

resulted in EFOODS to close<br />

at its upper limit of 5 percent.<br />

Murree Brewery<br />

(MUREB) announced consolidated<br />

earnings per share<br />

of 49.92 rupees along with a<br />

cash dividend of 10 rupees<br />

per share in addition to previously<br />

announced 10-rupee<br />

dividend and a bonus of<br />

1,500 percent. As a result, the<br />

stock closed at its upper limit<br />

of 5 percent.<br />

Market volumes decreased<br />

by 38.71 percent or 275.644<br />

million shares to 436.516 million<br />

shares on Friday when<br />

compared with 712. 161 million<br />

shares posted on<br />

Thursday. During the week<br />

under review, the top<br />

Pakistani bourse witnessed<br />

total volumes of 2.641 billion<br />

shares at an average daily<br />

Finance Ministry extends date for filing<br />

of Income Tax Returns, statements<br />

ISLAMABAD Sep 30:<br />

Minister for Finance,<br />

Revenues and Economic<br />

Affairs, Mohammad Ishaq<br />

Dar on Friday extended the<br />

due date for filing of Income<br />

Tax Returns/Statements by<br />

Salaried persons,<br />

Individual, AOP, and<br />

Companies till 31st <strong>October</strong>,<br />

<strong>2016</strong>.<br />

The Minister extended<br />

the date in view of Eid-ul-<br />

Adha holidays falling in the<br />

month of September, <strong>2016</strong><br />

and the fact that a number of<br />

taxpayers and their consultants<br />

were in Saudi Arabia<br />

for performance of Hajj.<br />

The taxpayers accordingly<br />

could not find ample time<br />

ECNEC approves 6 mega development<br />

projects costing billions of rupees<br />

ISLAMABAD: Federal Finance Minister, Senator Mohammad Ishaq Dar chairs a meeting of<br />

the Executive Committee of the National Economic Council (ECNEC).<br />

ISLAMABAD, Sep 30: The<br />

Executive Committee of<br />

National Economic Council<br />

(ECNEC) here on Friday<br />

approved six mega development<br />

projects in the country<br />

costing billions of rupees.<br />

The ECNEC met here<br />

under the chairmanship of<br />

Finance Minister Senator<br />

Muhammad Ishaq Dar and<br />

approved the 7th Secondary<br />

Transmission Line Grid<br />

Station project worth Rs<br />

19,989.114 million.<br />

It also approved Golan<br />

Gol Hydropower project<br />

(106) MW at a cost of Rs<br />

29.077.173 million.<br />

The ECNEC approved<br />

Southern Punjab Poverty<br />

Alleviation Project (SPPAP)<br />

costing Rs 4,657.957 million.<br />

Procurement of 58 Nos<br />

(29 Nos 3000 H. P & 29 Nos<br />

2000H.P) Diesel Electric<br />

Locomotive at a cost of Rs<br />

16,300.000 million was also<br />

approved by the ECNEC.<br />

It also approved construction<br />

of 100 Small Dams in<br />

Balochistan – package 3(20<br />

Dams) at a cost of Rs<br />

7,829.874 million while<br />

Gwadar-Nawabshah LNG<br />

Terminal and pipeline project<br />

(GNP) costing Rs<br />

203,314.08 million was also<br />

approved by the ECNEC.<br />

Arrangements to supply of gas to KP<br />

will be completed soon: Jam Kamal<br />

ISLAMABAD, Sep 30:<br />

Minister of State For<br />

Petroleum & Natural<br />

Resources Jam Kamal<br />

Khan stated on Friday that<br />

after uplifting ban on dispensation<br />

of gas in<br />

Khyber Pakhtunekhwa by<br />

the Prime Minister Nawaz<br />

Sharif all arrangements<br />

regarding supply of gas to<br />

areas including Bannu<br />

town ship will be done.<br />

During the question<br />

hour in the senate Jam<br />

Kamal Khan stated that<br />

Punjab CNG station is utilizing<br />

imported LNG<br />

adding that domestic consumers<br />

are first priority of<br />

the government after that<br />

industrial sectors, Khad<br />

factories, and CNG sectors<br />

will be provided gas.<br />

Replying to questions<br />

asked by senator Baz<br />

Muhammad Khan, senator<br />

Shahi Syed, Mian<br />

Muhammad Atiq and others<br />

he said that it is true<br />

that work of laying gas<br />

pipe line in Bannu Town<br />

Ship has been completed<br />

however dispensation of<br />

connection from the main<br />

gas pipe line has not been<br />

come into action so far.<br />

Kamal Khan said that<br />

owing to shortage of gas,<br />

CNG stations had been<br />

shut down almost adding<br />

that when we undertook to<br />

import LNG then CNG<br />

sectors expressed its willingness<br />

to use LNG first<br />

of all.<br />

He said that it is not<br />

this is not a good notion<br />

that LNG’s price is higher<br />

in other provinces than<br />

Punjab. He added that<br />

total 136 CNG stations in<br />

Punjab are utilizing LNG.<br />

Kamal Khan said that<br />

Pakistan fulfill its 20 to<br />

25percent need from the<br />

country production of oil<br />

and 75 percent of oil is<br />

imported.<br />

Replying to questions<br />

asked by Senator Nuzhat<br />

Sadiq, Babar Awan and<br />

others, he said that Diesel<br />

and Petrol are main<br />

sources of fuel which is<br />

utilized in Transport sector<br />

across the country<br />

adding that at this time<br />

87percent RON petrol is<br />

being utilized in the country.<br />

Jamal Kamal Khan said<br />

that from November<br />

Pakistan will start to<br />

import of RON. He said<br />

that Pakistan State Oil<br />

(PSO) under the long term<br />

agreement with Kuwait is<br />

importing approximately<br />

75percent diesel.<br />

He added that the use<br />

of Euro ii Diesel will be<br />

effective from January<br />

2017 adding that two local<br />

Refineries are producing<br />

Euro ii Diesel while other<br />

Refineries have been<br />

given deadline of June<br />

2017 to produce Euro ii<br />

Diesel.<br />

for filing their tax<br />

returns.Therefore, in the<br />

spirit of taxpayers' facilitation,<br />

the due date of filing of<br />

tax returns/statements has<br />

been extended till 31st<br />

<strong>October</strong>, <strong>2016</strong>.<br />

Pak, UK agree to<br />

continue strong<br />

commercial relations<br />

ISLAMABAD, Sep 30:<br />

Pakistan and UK have shown<br />

complete consensus on the<br />

need to continue with the<br />

strong commercial relations,<br />

which exist between the two<br />

countries.<br />

The resolve to this effect<br />

was expressed during a meeting<br />

of Pakistani delegation led<br />

by Commerce Secretary<br />

Azmat Ali Ranjha and<br />

Permanent Secretary at the<br />

Dept for International Trade of<br />

UK Sir Martin Donnelly in<br />

London. British side assured<br />

Pakistan of their full commitment<br />

to support GSP plus<br />

arrangement not only in UK<br />

but also in EU. Secretary<br />

Commerce conveyed desire to<br />

engage fully with the UK by<br />

continuing with the GSP Plus<br />

like arrangement in the short<br />

term but later on expanding it<br />

to a Preferential or a Free<br />

Trade Agreement with UK.<br />

KARACHI, Sep 30: The Pakistan<br />

Economy Watch (PEW) on Friday said<br />

Indian attack on Pakistan will be a suicide<br />

for New Delhi and her economy<br />

will sustain damages beyond imagination<br />

due to Islamabad's capability to hit<br />

back on aggressors.<br />

Tensions between two most important<br />

countries of Saarc region will have<br />

a global negative impact on trade,<br />

commerce, agriculture and industrial<br />

output, it said.<br />

turnover of 528.257 million<br />

shares.<br />

Market capitalization<br />

improved by 0.78 percent or<br />

63.345 billion rupees to 8.223<br />

trillion rupees whereas trade<br />

value depleted by 34.41 percent<br />

or 7.372 billion rupees to<br />

14.052 billion rupees.<br />

Among 435 active scrips<br />

on Friday, prices of 310<br />

issues advanced, 114<br />

slumped, whereas values of<br />

11 other companies stayed<br />

unchanged for the week.<br />

Karachi Electric Ltd, Pace<br />

Pakistan Ltd, and TRG<br />

Pakistan Ltd were the top<br />

traded companies with<br />

turnovers of 55.688 million<br />

shares, 28.247 million shares,<br />

and 26.203 million shares,<br />

respectively.<br />

Wyeth Pakistan Ltd<br />

emerged as the top price<br />

accumulator with an increment<br />

of 100.52 rupees to<br />

2,300 rupees while on the<br />

other hand, Bhanero Textiles<br />

led the major price shedders<br />

with a decline of 41.97 rupees<br />

to 798 rupees.<br />

Furniture design stars<br />

break new ground at<br />

China Int’l Furniture Fair<br />

SHANGHAI, Sep 30: The<br />

38th China International<br />

Furniture Fair (CIFF)<br />

Shanghai hosted from<br />

September 7 to 10 at the<br />

National Exhibition and<br />

Convention Center<br />

(NECC) in Shanghai<br />

brought the public's attention<br />

to pioneering furniture<br />

design concepts and products,<br />

highlighting modern<br />

architecture's relationship<br />

with art through a series of<br />

exhibitions, forums and<br />

dialogue seminars.<br />

The EAST design show<br />

was one of the most popular<br />

exhibitions at the 38th<br />

CIFF, designers and artists<br />

of nine brands and 24 studios<br />

from China, Japan,<br />

South Korea, Singapore,<br />

Australia and more displayed<br />

unexpected home<br />

furniture and décor works<br />

and shared the ideas<br />

behind the creations as<br />

well as the future trend of<br />

furniture industry at<br />

forums with institutions,<br />

buyers and e-commerce<br />

representatives.<br />

The show featured two<br />

special events, the "EAST-<br />

OOL Design Show" presented<br />

the big ideas of the<br />

small folding stool and "48<br />

Stands Youth Collection"<br />

showcased various works<br />

by young designers.<br />

SBP asks banks to focus<br />

on employee’s training<br />

KARACHI, Sep 30: State<br />

Bank of Pakistan (SBP) has<br />

issued “guidelines for training<br />

and development of bank<br />

employees.” The guidelines<br />

primarily aim to provide continuous<br />

learning atmosphere<br />

to bank employees, said a<br />

statement issued here on<br />

Friday..<br />

The guidelines advised<br />

banks to prepare a comprehensive<br />

training and development<br />

policy duly approved by<br />

their Board of Directors for all<br />

major functional areas, which<br />

should interalia cover<br />

processes related to Training<br />

NeedsAssessment (TNA) and<br />

selection of employees for a<br />

specific training program.<br />

Appropriately trained and<br />

knowledgeable employees are<br />

the most valuable asset for a<br />

bank to attain good governance<br />

and competitive advantage<br />

in the market. Banks,<br />

therefore, require to pay due<br />

attention to the training and<br />

development needs of their<br />

ISLAMABAD, Sep 30: The<br />

International Monetary Fund<br />

(IMF) Mission Chief to<br />

Pakistan, Harald Finger has<br />

expressed the hope that<br />

Pakistan’s economy will set<br />

on a new and sustainable<br />

course, breaking from past<br />

cycles of near-crises and<br />

aborted stabilization programmes.<br />

“With stronger buffers,<br />

improved sentiment, gradually<br />

recovering growth, and the<br />

prospects of more energy supply<br />

and an additional impetus<br />

from the China-Pakistan<br />

Economic Corridor (CPEC),<br />

there is hope that Pakistan’s<br />

economy will set on a new and<br />

sustainable course,” he wrote<br />

in an article published in<br />

English daily.<br />

The IMF Mission Chief<br />

termed the completion of<br />

employees. The ever changing<br />

banking environment coupled<br />

with technological<br />

advancements further put<br />

stress on the importance of<br />

improved skills, capabilities<br />

and knowledge of a bank<br />

employee. Banks can transform<br />

their human resource<br />

into human capital by providing<br />

proper training and development<br />

opportunities to their<br />

employees on a regular basis.<br />

The guidelines further<br />

elaborate that training and<br />

development budget of banks<br />

should specifically be made<br />

part of an overall budget document<br />

to be discussed and<br />

approved by the Board of<br />

Directors on annual basis.<br />

Further, the training and<br />

development budget may ideally<br />

be linked with overall<br />

size and complexity of operations<br />

of a bank or with certain<br />

percentage of administrative<br />

expenses.<br />

SBP suggested that<br />

Human Resources<br />

three-year Extended Fund<br />

Facility (EFF) Programme<br />

by Pakistan as a notable<br />

achievement.<br />

“This a notable achievement<br />

in itself, but particularly<br />

so for a country that has had to<br />

resort to IMF support regularly<br />

and often abandoned its<br />

reform programmes before<br />

completion,” he wrote.<br />

He said that just three years<br />

Committee of the Board<br />

should be assigned the<br />

responsibility of monitoring<br />

the utilization of training and<br />

development budget and<br />

implementation of approved<br />

training & development policy.It<br />

has also been advised<br />

that bank should focus on<br />

training of employees posted<br />

at remote / rural area branches<br />

so that they may also get<br />

appropriate number of trainings<br />

during a year. Banks are<br />

required to implement these<br />

guidelines by December 31,<br />

<strong>2016</strong> after which SBP will<br />

assess their compliance during<br />

the course of on-site<br />

inspections of banks.<br />

Pak economy to set on sustainable<br />

course: IMF mission head<br />

KARACHI / MEXICO, Sep<br />

30: Investing in women economic<br />

empowerment sets a<br />

direct path towards poverty<br />

alleviation and financial<br />

inclusiveness. BISP is key to<br />

financial inclusiveness and literacy<br />

in Pakistan. It is because<br />

of BISP that an uneducated<br />

BISP beneficiary can use<br />

debit cards. This was stated by<br />

Minister of State and<br />

Chairperson BISP MNA<br />

Marvi Memon while speaking<br />

at “International Symposium:<br />

the contribution of conditional<br />

cash transfer programs to<br />

the creation of Social<br />

Protection System with<br />

rights-based approach”<br />

arranged by Ministry of<br />

Social Development and<br />

National Coordination of<br />

PROSPERA Programa de<br />

Inclusion Social with the support<br />

of World Bank at Mexico<br />

ago, Pakistan’s economy was<br />

running out of steam and<br />

resources, however with the<br />

oil windfall and an improving<br />

external sentiment, Pakistan<br />

was able to triple its foreign<br />

reserves buffer, through SBP<br />

foreign exchange purchases<br />

and foreign borrowing which<br />

has much strengthened<br />

Pakistan’s shield against economic<br />

shocks.<br />

BISP recognized as largest<br />

financial inclusion program: Marvi<br />

A war will destroy Indian economy<br />

before the country is totally ruined due<br />

to a possible nuclear war, said Dr.<br />

Murtaza Mughal, President PEW.<br />

He said that tensions will have a<br />

very negative impact on trade and<br />

economy while volatility in the financial<br />

markets will not be short lived as<br />

expected.<br />

Dr. Murtaza Mughal said that<br />

India's exports to the neighbouring<br />

country worked out to USD 2.17 billion,<br />

or 0.83 per cent, of the total<br />

Indian outward shipments while<br />

imports were less than USD 500 million,<br />

or 0.13 per cent, of the total<br />

inward shipments.<br />

But, tensions will also damage her<br />

exports to other regions while flight of<br />

capital will also take place, he noted.<br />

India's move to review the most<br />

favoured nation (MFN) status accorded<br />

to Pakistan has raised some uncertainty<br />

for exporters on whether trade<br />

City, Mexico.<br />

Ms Memon highlighted<br />

that BISP has contributed a lot<br />

to the financial inclusion of<br />

the poorest of the poor population<br />

of Pakistan in line with<br />

the overall financial inclusion<br />

strategy of Finance Minister<br />

Senator Ishaq Dar. 5.3 million<br />

BISP beneficiaries are paid<br />

through technology based<br />

mechanisms backed with<br />

branchless banking accounts.<br />

'Indian economy goner in case of misadventure with Pakistan'<br />

LAHORE, Sep 30: Three-day<br />

GTex International B2B<br />

Textile Machinery Brand<br />

Expo opened in Expo Centre<br />

Lahore closed here on Friday<br />

in with negotiated business<br />

deals of worth 17 million dollars.<br />

Event was organized by<br />

Global Enterprise in Expo<br />

Centre Lahore, in which the<br />

world’s first fully automatic<br />

jeans machine was also displayed<br />

by United Machinery,<br />

first time in Pakistan.<br />

As many as 97 companies<br />

participated in this expo with<br />

their 399 brands. About 67<br />

foreign delegates from 32<br />

countries from Europe and<br />

China.<br />

Chief Executive Expo<br />

Centre Lahore Arif Khosa<br />

was chief guest at closing ceremony<br />

and distributed shields<br />

among exhibitors. CEO<br />

Global Enterprise Mujib R.<br />

Siddiqui, Zohaib R. Siddiqui,<br />

Ms. Ghausia, Sohail Aziz and<br />

Naeemuddin of United<br />

Machinery were also present<br />

on this occasion.<br />

Talking to exhibitors at the<br />

closing ceremony, Arif Khosa<br />

will normalise in the future, he said,<br />

adding that the MFN was largely symbolic<br />

as non-tariff barriers frustrated<br />

efforts of Pakistan to improve exports.<br />

It may be mentioned that the official<br />

trade between two countries was<br />

recorded at 2.5 billion dollars during<br />

the last year. Pakistan exports to India<br />

stood at 495 million dollars while it<br />

imported goods worth 1.86 billion dollars<br />

but now the situation is set to<br />

change, he said.<br />

GTex Int'l B2B Textile Machinery Brand Expo closed<br />

97 companies with 399 brands are participated in expo<br />

said that expo centre is always<br />

willing to support such expos<br />

to boost trade activities across<br />

the country and for building<br />

Pakistan’s image at international<br />

level.<br />

Talking about the event<br />

CEO Global Enterprise,<br />

Winner of “Brand of the Year<br />

Award” in Event<br />

Management, Mujib R.<br />

Siddiqui said that during these<br />

three days, 17 million dollars<br />

deals are negotiated and more<br />

are in progress.<br />

Exhibition received more<br />

than 18000 trade visitors in<br />

these days. Next GTex Expo<br />

will be held on Jan 20-22,<br />

<strong>2016</strong> in Expo Centre Karachi,<br />

Mujib R. Siddiqui told.

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