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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.