12 December 2018

6
Wednesday, December 12, 2018
Biz
Dollar rate falls by 20
paisa in open market
KARACHI: The US
Dollar on Monday had registered
a decline of 20 paisa
in open market after which
green side is trading at Rs
138.60.
On the other hand, the
dollar value remains intact
at interbank sans fluctuation
to trade at previous
Rs.138.90.
Following a 20 paisa
E-commerce growth: Sale
value reaches Rs100b mark
I S L A M A B A D :
Pakistan has witnessed reasonable
growth in e-commerce
activities over the
past few years as sale value
KARACHI: It is high
time for the oil and gas sector
of a developing country
like Pakistan to adopt most
updated, stringent, and digital
safety systems and
regimes as being practised
by the European Union to
safeguard the environment.
“I would not say that we
should all start blindly following
the EU’s regulatory
and safety regime as
adjustments should be
made in it according to the
peculiar environment of
any country but so far the
European system provides
the best industry practice
for the oil and gas sector,”
said Raja Bou Fakher
Aldeen, representing
Technical Centre of Middle
Eastern Region of Bureau
Veritas that is a Francebased
international certifi-
of industry is on rise and
reached Rs100 billion
mark. According to State
Bank of Pakistan, the sales
of local and international
e-commerce merchants
were Rs20.7 billion in
2017 and Rs 40.1 billion in
2018 with an encouraging
growth of 93.7 percent.
Call for Pakistani oil, gas sector to upgrade to
EU’s safety regime to safeguard environment
cation provider having
HSE (Health, Safety,
Environment) expertise
also.
Mr. Aldeen is speaking
here at a Technical Seminar
on “OPEX Services for
O&G Industry” attended
by the representatives of
oil, gas, and related industries
of the country.
The HSE expert based
in the UAE said that during
his stay in Pakistan, he was
more than willing to interact
with the representatives
of the government and regulators
here in order to help
Pakistani oil and gas industry
to adopt the best safety
systems.
“It is basically not the
issue of new assets being
developed by the oil and
gas sector of a country like
Pakistan as such safety systems
would be very much
there owing to the international
collaboration and
partnerships as this is basically
the problem of the
existing assets whose safety
standards have to be
upgraded and digitized to
meet the EU’s standards,”
said Mr. Aldeen.
He said that his company
had recently worked
with the government of
Lebanon so that the
Lebanese assets in oil and
gas sector should adopt the
most updated safety systems.
He said that regulatory
regimes of Pakistan so far
assessed by him showed
that government and regulators
in the country were
working in the right direction
to protect the environment.
LCCI for construction permission
making easy for business community
the province will have to
take the ownership of doing
business indicators related
to the province of Punjab for
the improvement of business
climate in the
province”, he added.
He said that Pakistan’s
performance is below the
par in the indicator of dealing
with construction permits”
where the country is at
166th place as compared to
Hong Kong and China who
are occupying first position.
Almas Hyder recommended
that automation of
urban land record on land
record management infor-
LAHORE: Lahore
Chamber of Commerce and
Industry (LCCI)’s President
Almas Hyder has said that
dealing with construction
permits is a surmounting
task for Pakistani business
community and slowing
down the smooth running of
businesses.
In a statement issued
from LCCI on Tuesday he
said that there is a dire need
for more automation and
streamlining the procedures
adopted by the civic bodies
in line with the best country
in dealing with construction
permits where it takes only
72 days and 11 procedures mation
to get the construction permit
of a warehouse.
“Political leadership of
system(LRMIS)
should be expedited. He
said that court proceedings
or stay orders, if any,
should be displayed at
LRMIS. He further stated
that all rules, regulations
and procedures for dealing
with construction permits
should be listed and placed
on one website.
The LCCI President
demanded that commercialization
fee of land should be
eliminated and zoning
should be clearly demarked
so that conversion is not
needed. All stakeholders
should be added in committee
which decides zoning
for commercial and industrial
activities. He said that
water and sewerage connections
should be provided
automatically within 30
days of approval of construction
permits.
HYDERABAD: DIG Hyderabad Naeem Shaikh holding meeting with Saleem Shaikh
President Hyderabad Chamber Of Commerce and Industry.
increase in the open market,
dollar is trading between Rs
138.60 to Rs 138.90.
The financial experts
are of the view that Prime
Minister Imran Khan’s
recent Karachi visit is
good omen for the economy
as an improvement
was seen in purchase of
the power, cement and
banking sectors.
Agriculture sector
being made part of
multi billion dollars
CPEC project
ISLAMABAD: The
National Assembly (NA)
was informed on Tuesday
that government is giving
priority to the uplift of agriculture
sector as this sector is
also being made part of multi
billion dollars China
Pakistan Economic Corridor
project.
Responding to the points
raised by Ajmal Khan on the
problems faced by farmers,
Information Minister Fawad
Chaudhary said the government
is giving priority to the
uplift of agriculture sector as
this sector is also being made
part of multi billion dollars
China Pakistan Economic
Corridor project.
He said that country
whole economy depends on
agriculture and sitting government
was committed to
solve the problems of farmers.
Earlier, member
Assembly Rao Ajmal has
stated that wheat sowing
process has been completed
across the country. He stated
that government earlier
promised to provide 0.1 million
ton fertilizer and currently
50000 ton fertilizer has
reached. National
Assembly was also informed
that no gas load shedding is
being carried out in any part
of the country.
Responding to a calling
attention notice moved by
Agha Hassan Baloch,
Minister for Petroleum
Ghulam Sarwar Khan admitted
there is issue of low gas
pressure in different cities.
He said Sui Southern Gas
Pipelines Limited is executing
two projects of replacing
the old pipelines with new
ones at a cost of 2.28 billion
rupees. He said the laying of
new pipelines and installations
of new compressors
will help address the issue of
low gas pressure.
The Petroleum Minister
said the gas distribution companies
have also been directed
to check their losses and
gas theft. Minister of State
for Parliamentary Affairs Ali
Muhammad Khan said all
the stakeholders including
the political parties should sit
together to formulate a charter
of economy.
On the protest of teachers
of basic education community
schools at D.Chowk in
Islamabad, Minister of
Education Shafqat Mahmood
assured that their salaries will
soon be paid after approval of
over three billion rupees by
the Executive Committee of
the National Economic
Council for this purpose.
Abdul Qadir Patel stated that
fifty seats of Lyari Medical
College has been reduced and
this decision will affect our
people. On this Minister of
Education Shafqat Mahmood
stated that Lyari Medical
College has no link with education
ministry. Sindh and
PMDC looks this.
A number of bills were
laid before the House on
Tuesday. These are: The
Constitution (Amendment)
bill, 2018 (Articles 25 B, 51,
63 B, 92 and 106), Pakistan
Psychological Council Bill,
2018, The Election
(Amendment) Bill, 2018,
The Legal Practitioners and
Bar Councils (Amendment)
Bill, 2018 and The
Constitution (Amendment)
Bill, (Article 106).
CORPORATE CORNER
DS-Concept announces rebrand to ‘Tradewind’
The new brand reinforces the company’s investment in innovation and serves as an
opportunity to remain unique in the marketplace
KARACHI :DS-Concept, a Multinational German based, global provider of trade
finance solutions for export enterprises, has changed its name to Tradewind. The firm, a
recognized leader in international export factoring, decided on the change in order to illustrate
its prominent role in financing cross-border transactions, which resemble trade winds
on the globe. Like the conductive climate its namesake’s currents provide for trade,
Tradewind propels commerce worldwide, with its network of more than 20 offices on 4
continents.
Via export factoring solutions of Tradewind Pakistan, suppliers can offer desired credit
terms to their international buyers from 30 days up to 120 days without any risk and
avail immediate post shipment finance in foreign exchange as well as security of their
receivables. With more liquidity in hand, the supplier plans to further penetrate the international
market and enhance ones business by grabbing potential buyers. “We are glad to offer a cash flow solution
that satisfies not only the client’s, but also its buyers’, needs. Tradewind Pakistan has been recognized as a
pioneer in factoring services in the region, providing its services since 2006, and is happy to see that our clients
are meeting the rising demand to conduct business on open account terms with our help” states Mr. Rafi-ul-
Hasan, Managing Director of Tradewind Pakistan.
The group has built an unrivaled reputation for the depth of its international finance expertise by maintaining
a network of offices around the world including the USA, China, India, Hong Kong, UAE, Turkey, Bangladesh,
Pakistan, Iceland, Bulgaria, Hungary, Peru and its headquarters in Germany. Combining financing, credit protection,
and collections into a single trade finance facility, Tradewind offers streamlined, flexible and best-inclass
services.
ISLAMAABAD: Petroleum Minister Ghulam Sarwar Khan
Country needs sustained growth of petroleum reserves,
supplies to control huge import bill: Sarwar Khan
ISLAMABAD: Petroleum Minister Ghulam
Sarwar Khan opened the Annual Technical
Conference in Islamabad. Event is held every year by
Pakistan Association of Petroleum Geoscientists and
SPE Pakistan (Society of Petroleum Engineers), with
the support and active participation of Oil & gas professionals
and E&P businesses operating in Pakistan.
He said that the theme of the conference “Challenges
and strategies to sustain E&P growth” very rightly
addresses the prevailing energy challenges the country
is facing. Our country needs the sustained growth of
indigenous petroleum reserves and indigenous supplies
to control the huge import bill. This conference
highlights the investment opportunities for international
local businesses. International speakers attending
the conference are very effectively sharing their knowledge and technology experiences which can improve
Inaugurated the Annual Technical Conference (ATC) 2018.
Pakistan’s E&P industry. He said, “our government will make all out efforts to increase exploration acreage by
introducing more exploration blocks in the country. We are encouraged to see that companies participated and
offered winning bids for the blocks in exploration bid round that took place last month. This shows the trust of
investors and their interest in future exploration licensing rounds”. He appreciated the efforts of organizers and
participants and encouraged them to continue to discuss the challenges and the means & tools of sustaining
exploration and production activities and ensure indigenous supplies of oil & gas continues.
Secretary Petroleum Mian Asad Hayaud Din said, “the gathering of geologists, geophysicists and petroleum
engineers is always inspirational and motivating because they offer strategies and share innovative ways of finding
and enhancing new petroleum reserves and production in the country. Pakistan is bestowed with huge shale
gas and conventional oil & gas resources, locked up in areas of difficult access. We need high level of commitment,
technology and financial resources to find and develop these natural resources. Only way to make this happen
is that all stakeholders including public sector companies, private IOCs, GOP organizations all work together
as a synchronized and efficient team.” He applauded the efforts of PAPG, SPE Pakistan and country’s E&P
companies in organizing such activities and taking steps to enhance country’s energy security. Dr. Saeed Khan
Jadoon, Chairman Conference, thanked the Minister, officials and participants and stressed that the sustaining
E&P growth requires formulation of commonly agreed strategy. Oil and gas are major contributor of energy and
require aggressive efforts for their search and development. For last 60 years, efforts are continuously made to
explore conventional oil and gas reservoirs while unconventional reservoir are yet to be exploited. In this conference,
Geo-technical Workshop (GTW) is also being organized to address new methodologies.
Dr. Nadeem Ahmad, Chairman PAPG and Technical Committee, said that over the last 10-15 years, replacing
reserves and maintaining oil and gas production has remained a serious challenge for our domestic oil & gas
industry. “New value” is created only through “Exploration” which is the starting point of “petroleum value
chain.” Organic growth costs 2-4 times less than buying reserves or importing oil and gas. Dr. Nadeem sadi,
“Exploration-based growth does miracles for the countries in saving the foreign exchange ($), supporting other
businesses, generating the economic activities, and it spares funds to spend on unproven high-risk high-reward
opportunities in under-explored remote regions. Support of state organizations is required to facilitate “access”
to these territories, both operationally and in the form of incentives.
Samsung Pakistan Launches the World’s
First Ever Quad Camera Smartphone
KARACHI: 11th December, 2018 – In keeping with its commitment towards maximum efficiency and innovation,
Samsung Pakistan recently introduced the new Galaxy A9, the world’s first quad camera smartphone.
With four rear cameras such as the 8MP Ultra Wide camera, the 10MP Telephoto Camera, 24MP Main Camera
and the 5MP Depth Camera, customers will now be able to take four times the quality of photos for all their special
occasions. All four rear cameras of the new Samsung Galaxy A9 offer a diverse range of options that gives
customers the freedom of choice while taking photos. The 8MP Ultra Wide Camera offers a 120º view that helps
capture a vast landscape while the 10MP Telephoto Camera with 2x optical zoom displays beautifully detailed
photos even from a distance. In addition, the 5MP Depth Camera adjusts the depth of field, blurring out the background
to deliver quality, professionally touched photos. Finally, the 24MP Main Camera is able to shoot crystal
clear photos in both intense and low light conditions and minimizes other disruptions for greater detail.
Apart from the aforementioned features, customers will also be able to use intelligent features such as Scene
Optimizer and Flaw Detection to enhance the quality of their photos with complete ease. Other features on the
phone include a 6.3-inch Infinity Display that offers a more expansive view, greater storage with 6 GB RAM and
128GB internal storage, Dolby Atmos surround sound, a sleek, ergonomic touch that makes it easier to hold and
a unique, colorful design that speaks to customers’ aesthetic sense.
With the new Samsung Galaxy A9, Samsung Pakistan hopes to provide customers with greater flexibility that
in turn helps them to make the best of their phone, thereby allowing them to enjoy their special moments to the
fullest. This amazing device is available across in the price of PKR 99,999.
Pak-Qatar Takaful & IBA-CEIF along with Islamic
Finance Industry leaders honor Dr. Ishrat Husain
KARACHI: Pak-Qatar Takaful
Group jointly hosted an event with IBA
Center for Excellence in Islamic
Finance (CEIF) to honor Dr. Ishrat
Husain, Advisor to the Prime Minister
for Institutional Reforms & Austerity.
The Managing Director of Pak-Qatar
Takaful, Mr. Said Gul, along with all
renowned and prominent leaders of
Islamic financial industry attended the
event including CEOs, Shari’a Scholars,
Regulators, and Practitioners.
Speaking on the occasion, Dr. Ishrat
emphasized and said, “It is my desire to
see the Islamic Finance Industry to
grow to 50% of the total financial
KARACHI: Mr. Said Gul, Managing Director Pak-Qatar Takaful Group
and Mr. Jameel Ahmad, Deputy Governor SBP presenting a token of
appreciation to Dr. Ishrat Husain. Dr. Farrukh lqbal, Executive Director,
IBA and Mr. Ahmed Ali Siddqui, Founding Director of IBA-CEIF also
present at the occasion.
industry and that every key player in
attendance plays a vital role in achieving
that target.” The session was concluded
as Mr. Said Gul, Mr. Jameel
Ahmad, Dr. Farrukh Iqbal and Mr.
Ahmed Ali Siddiqui presented Dr.
Ishrat Husain with a unique gift of old PKR currency notes with signatures of Dr. Ishrat as Governor State
Bank of Pakistan in the year 2001.