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businEss

BWednesday, 13 March, 2013

CMYK

A mafia is using energy crisis to

increase personal fortunes. — APCNGA

Chairman Ghiyas Abdullah Paracha

IWCCI suggestsmeasures to resolve energy crisisISLAMABAD: The Islamabad Women’s

Chamber of Commerce and Industry

(IWCCI) said on Tuesday government

should push power companies using

furnace oil to switch to coal driven low

prices, stability and vast supplies for

years to come. Coal is the cheapest and

the most common fuel used to produce

electricity and heat in the world, its

share in world’s energy mix has hit

record high with 5.4 per cent increase, it

said. With 1004 billion tonnes of known

coal reserves left on earth and global

consumption estimated at 9.98 billion

tonnes per annum by 2030, Pakistan

can become a major player with 175

billion tonnes of coal, said Farida Rashid,

President IWCCI. Thar coal is sufficient

to meet our fuel requirements for

centuries and help export electricity to

regional countries opening door for

prosperity but it remained largely

ignored, she said. Speaking to business

community, she said that we are paying

a very heavy price for running power

plants on furnace oil and natural gas

while the slow pace of the government’s

decision to convert some the furnace oil

based power plants to coal is frustrating.

Conversion of furnace oil based power

plants on Thar coal can save around 5

billion dollars of foreign exchange per

annum as furnace oil imports stands at

40 per cent of total petroleum imports

that are over 12 billion dollars. Farida

Rashid adding that switching on coal

should be made easier for the private

power producers seeking permission

since long as conversion to imported

coal will also save billions, she observed.

Conversion will cut oil import bill, reduce

borrowings, clip subsidies and bring

production cost down providing relief to

domestic, commercial and industrial

consumers, she added. Farida Rashid

said that conversion will also help cull

circular debt which is biggest threat to

the economy, bridge budgetary gap,

make funds available for new

investment on public welfare and power

sector betterment and improve balance

of payments position. She said that

some two billion dollars could also be

saved by ensuring merit in provision of

gas to the power plants, a decision

implementable within an hour. nni

ISLAMABAD

nni

THE All Pakistan CNG Associ-ation (APCNGA) on Tuesdaycommenced hunger strike toprotect interests of 80 millionmasses using CNG-powered

vehicles for transportation, 3.7 millionowners of vehicles using economicalfuel, safeguard Rs 400 billion invest-ment in the CNG sector and bring endto unjust load-shedding.

“We are protesting anti-CNG poli-cies of the government, politically mo-tivated gas distribution, 5-day gas loadshedding in Punjab, continuous mal-treatment, and abuse of power by au-thorities,” said Ghiyas AbdullahParacha, Chairman Supreme CouncilAPCNGA while speaking to reportersin the hunger strike camp.

Ghiyas Paracha said that in a bid tointroduce costly imported LNG andLPG to benefit few influential, govern-ment has been systematically destroy-ing CNG sector which will be resisted.

He said that efforts to familiarisemasses with costly liquid fuels met withfailure despite the fact that gas crisiswas engineered to justify the wrongdo-ing. However, he said, in the processmillions of jobs were lost, masses werepunished and deprived of economical

transportation and investment of aroundRs 400 billion was put on stake, he said.

Paracha said that APCNGAhas been blowing whistlesover massive, contin-ued and unprece-dented corruptionin the petroleumministry whilerecent move ofthe SupremeCourt to takenotice of cor-ruption in theLPG importscam proves thatour stance was justand based on ir-refutable facts.

Some influential officialsand crooked businessmen have shapeda gang to deprive masses of their rights,relieve them of their hard earnedmoney and lay waste to our invest-ments, he said, adding that plunderingnational resources will not be allowedcome what may.

A mafia has been using energy cri-sis to increase personal fortunes andthey come up with another idea in caseof failure of former move, Paracha in-formed. He said that many owners ofCNG filling stations from all acrossPakistan are not being provided gas

since one and a half years despite direc-tives of the Prime Minister and courts

which is devastating their Rs 10billion investments.

On October 04,2011 and Jan 01,

2013 the PrimeMinister issuedorders to pro-vide gas to ourCNG outletsbut it couldnot be imple-mented due to

friction be-tween petroleum

ministry and Ogra.The all-powerful bu-

reaucracy also violatedthe orders of High Courts di-

recting implementation of PM’s or-ders, he added.

New CNG stations will not enhancethe usage of gas but distribute loadwhich will relieve masses that have towait for hours to get their tanks refilled.Ghiyas Paracha demanded reversal ofall the anti-CNG moves, abandoningprojects which are to benefit few andreduce gas load shedding duration inPunjab. He asked the incoming govern-ment to revisit all the decision taken bythe incompetent cabal to ensure smoothflow and give break to the masses.

APCNGA says on hungerstrike to secure ‘interestsof 80 million people’

KARACHI

STAFF RePORT

Institute of Chartered Accountants of Pakistan (ICAP)President Ahmad Saeed said that CFO conference overthe years has emerged as a strong platform where pro-fessionals in business and industry meet to explore,confront and thrash out solutions to meet the challengesand issues.

He said ICAP professionals constitute an integralpart of the industry and it is incumbent for the instituteto cater to their needs and expectations. He accentuatedthe need for evolving with changing times and chal-lenges. Further, he hailed the efforts of the ICAP PAIBCommittee for their commitment and holding of the3rd Professional Excellence Awards.

Mian Usman A. Ghani -Chairman ConfluentC,Professor of Strategy, University of Texas, USA andSenior Vice President, Harvard Business School Clubtook the stage speaking on ‘Financial Leaders – Meet-ing Future Challenges’. He emphasized on building ofan emergent world, moving from spreadsheets to sim-ulations as to create memories of the future. In today’sorganizational challenges CFO’s role is transforma-tional- leadership of change that is creating synergy andbuilding teams. He stressed the need to move from themyopic view as the health of society is more important

than the wealth creation of a nation.Syed Masoud Ali Naqvi – Senior Partner, KPMG

Taseer Hadi Co and past president of ICAP deliveredthe second keynote of the day. He on the outset con-gratulated the ICAP and PAIB team for organizing theseventh successful conference, which has become themost, looked upon professional gathering. In his ses-sion ‘Critical Analysis on Economy and how it Affectsthe Performance of Business’, Mr. Naqvi highlightedhow the Pakistani economy is the most analysed andresilient economy which has absorbed multi-dimen-sional shocks over the years. The economy today is fac-ing multiple challenges with the total debt standing at68% of GDP, investment 11% percent of GDP, taxes9% of GDP and consumption growth at 20%. Need ofthe time is to have a national economic agenda to steerthe country out of the crisis, for which a robust politicalwill and commitment is needed. Politicians supportedby expert groups can counter the crisis with redefininginstitutions, increase investment in health and educa-tion, reduce the bleeding of the Public sector entitiesand introduce a more aggressive investment policy.

IFAC Senior Technical Manager -Mr. VincentTopHoff spoke on ‘Strategic Risk Management in theFace of Uncertainty and Unexpected Risks’, in hishighly interactive presentation Vincent listed out thecrucial factors for strategic management.He spoke

about achieving the objectives taking into account riskmanagement, internal control and SWOT analysis.CFOs need to champion the importance of good riskmanagement and line manage-ment. He emphasized the need toset the tone at the top.

Another feature of the confer-ence was the presentation by Dr.Sunil Gupta – Lifetime MasterTrainer, deBono Thinking Sys-tems “Unleashing Creativity toDeliver Strategic Excellence”.The session was thoroughly en-joyed by the participants as thespeaker opened new avenues toinnovative solutions. In additionthe Managing Director/CEO, La-hore Stock Exchange Mr. AftabAhmad Chaudhry apprised theparticipants of the scope and thestatus of the public private part-nership on ‘How are Public Pri-vate Partnerships Faring inToday’s Tough Environment’. A highly patriotic tonewas set by the charged session ‘Pakistan as a Land ofOpportunity – Role of CFO in Bringing Investments’of Mr. Kimihide Ando – MD, Mitsubishi Pakistan &

President, OICCI , he outlined the key roles the CFOcan play effectively to garner investments in the coun-try. He spoke about perception and reality and the ex-

cellence achieved by the youth ofPakistan breaking world records.Pakistan is a land of opportunitystrategically located, gifted withnatural beauty and resources anda large young population withhigh potential to take Pakistan toa far better position. He empha-sized on spending less time on thepast and spending more time onthe future. Feel the market andcustomers and look beyond thewishes of the CEO and believe inPakistan, more importantly.

Nauman Asif Mian CFO,Bayt.com in his session ‘Re-gional Challenges & Opportuni-ties for Finance Professionals inthe Middle East’outlined the pic-ture of the region. In addition to

the sessions the conference also had two highly inter-active panel discussions on ‘CFO asController orBusiness Partner’ and‘Is there any Expectation Gapbetween Auditors and CFOs’ .

ISLAMABAD

APP

Managing Direc-tor of NationalIranian Gas Com-pany (NIGC)Javad Oji said thatIran plans to ex-port 21 millioncubic meters gasper day initially toPakistan via thepeace pipeline.

Talking to IRNA on the sidelines of a cer-emony marking start of operation to pipe Iran-ian gas to Pakistan, he said Pakistanis favourincreasing the ceiling of mutual contract to 30million cubic meters per day. He said necessary

predictions have been made for export of 60 million cubicmeters Iranian gas to Pakistan through the peace pipeline.“So, their request to increase the volume of the gas exportsto 30 million cubic meters from the current 21 million cubicmeters will be studied.”

The official said Iran-Pakistan gas line is continuation of the7th pipeline originating from Assalouyeh. He said the first phaseof the 7th gas line, starting from Assalouyeh to Iranshahr in Sis-tan-Baluchestan Province in an area of 900 kilometers, has been

completed and people in the province arenow benefiting from it. Oji pointed outthat 80 kms out of the 320 kms pipeline,which lies in Iranian territory, has beencompleted. He noted that 780 kms of thepipeline lies in Pakistani territory, cost-ing two billion dollars to be implementedout of this $500 million of the piping costhas been financed by Iranian banks andcompanies, he added.

Iran to export 21m cm/day gas toPakistan via peace pipeline

CFO moot a strong platform to explore business solutions: ICAP chief

Pakistan losingkinnow marketin EU: Jawad

ISLAMABAD

Online

Chief Executive Officer HarvestTradings, Ahmad Jawad has urged PunjabIndustrial Estate Development andManagement Company (PIE) to speed upthe process of Industrial estate at Tehsil Bhalwal which will becompromising on 400 acres. Talking to kinnow growers at Sargodha,he said after completion this project willmake a strong push for the export ofkinnow process as Bhalwal is known asthe hub of kinnows, supplying over halfof the country’s kinnow exports. However it was a matter of great concernsthat Pakistan which is 13th largestkinnow producing country in the world, annually produces 2 million tonsyield has minimum in the ranking toexport of this fruit.As Pakistan needs to get seedless varietyon a large scale to cater the needs for EUmarkets as with the introduction ofseedless variety, kinnow exports areexpected to grow to $1 billion extra. Currently, the world citrus markets valueis $2.135 billion, in which, country sharehas remained around 2.5 per cent Jawadsaid Pakistan is losing the kinnow marketin the European Union due to excessiveseeds, as buyer seeks seed-free fruit foreasy eating,” still we are looking forwardto have max 3 to 5 seeds in each fruit.However research revealed thatEuropeans consider massive seeds tocause stomach disorder as every seed ofkinnow has a specific chemical materialthat sometimes disturbs the stomach”.Despite the fact Pakistan is the bestkinnow producing country but suffersfrom a lack of value addition and supportfrom the government. “Neither thegovernment nor the fruit association(PFVA) have taken measures to educatethe farmers about the latest techniques forproducing fruits,” He added that Pakistanigrowers should learn from their Turkishcounterparts who captured the EU marketwell because of the lack of seeds.“Presently Pakistan has a yield of 8,000kilogram per acre of land while it is16,000 to 20,000 kg per acre as per worldstandards,” Jawad added.

Efforts tofamiliarise masseswith costly liquid

fuels met withfailure. The gas

crisis wasengineered to

justify thewrongdoing

MIAN USMAN A. GHANICHAIRMAN CONFLUENTC

In today’s organisationalchallenges CFO’s role is

transformational-leadership of change thatis creating synergy and

building teams.

PAKISTANIS FAVOURINCREASING THE CEILINGOF MUTUAL CONTRACTTO 30 MILLION CUBICMETERS PER DAY, NIGCMD JAVAD OJI

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businEssWednesday, 13 March, 2013

Seminar on US dairy cowsLAHORE: A Dairy and Livestock Conference was

held in Avari Lahore with 200+ participants from all

over Pakistan representing the dairy farmers, Small

and Large corporate farms, representatives from

Federal and Provincial Governments, NGO sector,

USAID, USDA, American Consulate Lahore, major

dairy product manufacturers, Service Providers,

Academia, developmental Agencies and agriculture

consultants. Dr. JapieConraidie, Head of Nestle’

Pakistan gave a brief history of the importation of

the better producing cows to Pakistani market and

explained how the industry has evolved since the

time he was on the first ship taking the cows off. He

explained that since the white revolution slogan has

shown many changes in the dairy sector of

Pakistan, resulting in an increase in milk production,

better breeding, AI awareness and better animal

husbandry. During this period, we also saw a wave

of milk processing facilities opening up in Pakistan

including UHT, fresh, powdered, organic and value

added products. PReSS ReleASe

COMSATS organizes GFIFLAHORE: COMSATS Institute of Information

Technology (CIIT) in collaboration with the

Lancaster University, UK has arranged the first

Global Forum on Islamic Finance (GFIF) 2013 at

Pearl Continental Hotel, Lahore. The theme of the

forum was Global Forum on Islamic Finance: New

Realities and New Challenges. Mr. Akhlaq Ahmed

Tarar, Secretary Ministry of Science and Technology

was the chief guest of the event. Deputy Governor,

State Bank of Pakistan Mr. Kazi Abdul Muktadir was

also grace the event. Among other dignitaries were

Commissioner, Security and Exchange Commission

of Pakistan, Mr. Zafar Abdullah, Mr. Akmal Hanuk,

Chief Executive, Islamic Banking & Finance Centre,

UK, Mr. Waheed Qaiser President Maxim Corporate

Finance, UK, Dr. Azmi Omar Director General IRTI,

Islamic Development Bank, Saudi Arabia, Prof. Dr.

Volker Nienhaus Germany and Mr. Alberto Brugnoni

Chairman, ASSAIF, Italy, Dr. Kent Matthews, Cardiff

University, UK, Mr. Saleem Ullah, Director, Islamic

Banking Department, State Bank of Pakistan , Dr.

Nasim Shirazi Islamic Research Training Institute,

Islamic Development Bank, Saudi Arabia. Mr.Akhlaq

Ahmed Tarar, Secretary Ministry of Science and

Technology in his inaugural address said that he is

glad to see that CIIT has successfully gathered so

many distinguished academics, researchers and

strategic partners and leaders of the Islamic

banking and financial services industry and related

institutions not only from within Pakistan but also

from around the world. He said that he is confident

that this forum will help gaining knowledge and

wisdom to develop and promote the Islamic

financial system as an inter-mediatry process that

will contribute to overall wealth creation, economic

growth and development. He congratulated

COMSATS Lahore Campus team for organizing such

an international event in Pakistan despite security

reasons. PReSS ReleASe

Nokia Pakistan and Mobilink

to promote Lumia WP8

KARACHI/LAHORE: Nokia Pakistan has joined

hands with Mobilink, as a means of strengthening

its local ecosystem partnerships as well as

extending the availability of the innovative Nokia

Lumia WP8 range in Pakistan to bring better value

propositions for consumers. As a result of this

partnership, Mobilink will sell the Nokia Lumia

Windows Phone 8 range as a special bundle offer

including exciting Nokia gear. The new Nokia Lumia

920 with free Wireless Charger DT 900, Lumia 820

with free Wireless Cover and Wireless Charger DT

900 and Lumia 620 with USB Portable Nokia DC 16

charger. The first 1000 customers will get to avail

the special bundle offer available via Mobilink

Business Centers. Additionally, Mobilink is offering

1GB data for one month to all new and existing

Mobilink customers purchasing Nokia Lumia

through Mobilink Business Centers or retail. This is

a limited time offer. Speaking on the occasion, Arif

Shafique, country general manager, Nokia Pakistan

said, “As we continue to invest towards delivering

unique experiences to consumers, we have

partnered with Mobilink to take the Lumia

experience to more and more consumers swiftly.”

Expressing his views on the occasion, Moied

Javeed, Director Marketing, Mobilink said,

“Mobilink’s partnership with Nokia ensures that our

customers have access to the latest cellular

technology at competitive prices and bundled with

the most attractive offers.” With the globally

acclaimed Nokia Lumia WP8 devices, Nokia and

Mobilink are committed to bring more innovative

experiences and greater value to customers in

Pakistan. PReSS ReleASe

P&G wins 2 awards at the

7th National CSR

Excellence awards

KARACHI: Procter & Gamble (P&G) Pakistan has

won the coveted awards in the categories of

Cause-Related Marketing and Communicating

Sustainability at the 7th National CSR Excellence

awards ceremony held at Indus Valley School of

Art & Architecture, Karachi. The P&G Thank You

Maa / 1 Pack = 1 Contribution Sports Development

Campaign and P&G Pakistan communication

publications and campaigns were selected from

over 100 nominations received this year. The

participants of the awards were the leading local

and multinational firms of Pakistan who are in the

forefront of Corporate Social Responsibility (CSR)

efforts in Pakistan. The awards are yet another

milestone for P&G in its endeavor to touch and

improve lives. National CSR Excellence Awards are

hosted by the CSR Association of Pakistan to

recognize best practices and excellence in

Corporate Social Responsibility in sustainable

business. It aims to showcase innovative corporate

initiatives which are part of a comprehensive

sustainable strategy and address the most

pressing environmental and social challenges. The

finalists are selected by an independent jury who

evaluate the participants on their performance in

the past and their ongoing projects in the CSR

realm. PReSS ReleASe

Dairy farmers boost milk

yields with USAID’s fleet

of motorbikes

MULTAN: In a ceremony held in Multan, the United

States Agency for International Development

(USAID) Mission Director for Pakistan, Jock Conly,

awarded 129 motorbikes for artificial insemination

technicians, who successfully completed a five-week

artificial insemination training program through the

USAID Dairy Project. Artificial insemination

technicians work with local farmers to improve the

quality of the breed and cattle that will produce

higher milk yields. In order to reach farmers in

remote areas, frequent travel is required for

artificial insemination technicians. These motorbikes

enable technicians who have received USAID

training to put that new knowledge to good use,

helping to increase dairy production throughout

southern Punjab. It also enables them to reach far

flung dairy farmers, ensuring those in remote areas

also benefit from artificial insemination and

improved milk yields. PReSS ReleASe

CORPORATE CORNER

03

B

CMYK

We are paying a heavy price for running

power plants on furnace oil and natural

gas. — IWCCI President Farida Rashid

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERColgate Palmolive 1810.00 1900.00 1900.00 1900.00 90.00 100Indus Dyeing SD 467.50 490.00 485.00 487.67 20.17 300Sunrays Textile 242.00 254.00 242.10 254.00 12.00 6,500National FoodsSPOT 297.42 309.75 300.00 309.00 11.58 24,400Millat Tractors XDXB 492.91 505.00 499.00 504.13 11.22 5,300

Major LosersRafhan Maize SPOT 3929.95 3929.95 3733.50 3733.50 -196.45 60UniLever Pak 10720.00 10701.00 10700.00 10701.00 -19.00 40Philip Morris Pak. 211.85 208.00 201.26 204.85 -7.00 18,400Clariant Pak 255.27 258.00 249.55 250.00 -5.27 153,000Blessed Tex. 120.00 118.00 115.00 116.50 -3.50 1,000

Volume Leaders

P.I.A.C.(A) 6.56 7.18 6.60 6.90 0.34 24,026,500Telecard Limited 5.40 6.27 5.40 6.16 0.76 16,852,500Engro Corporation 122.53 128.65 121.26 128.65 6.12 14,429,600Jah.Sidd. Co. 13.94 14.49 13.27 14.22 0.28 13,384,500P.T.C.L.A 20.27 21.23 20.50 21.08 0.81 12,741,000

interbank RatesUSD PKR 97.8978GBP PKR 145.3880JPY PKR 1.0200EURO PKR 127.4825

ForexBUY SELL

US Dollar 99.1 99.35Australian Dollar 102.8 104.5Canadian Dollar 98.5 99UK Pound Sterling 153.5 154.5Euro 133.5 134.2Japanese Yen 1.055 1.11Saudi Riyal 26.6 26.8U.A.E Dirham 27 27.25China Yuan 13.5 14

KARACHI: The Ambassador of Italy Adriano

Chiodi Cianfarani addressing at Karachi

Council on Foreign Relations on Italy and

Pakistan relations. Shahid Amin and Ahsan

Mukhtar Zubari are also present on the

occasion. PR

Sindh govt, SBP announcemark up subsidy, guaranteefacility for rice millers

PESHAWAR: Provincial Housing Minister Amjad Afridi initiates

the balloting for Jalozai Housing Scheme at PHA office. Mir

Javed Hashmat, managing director Bank of Khyber, and

Javed Ahmed, director general PHA are also seen. PR

KARACHI

STAFF RePORT

THE Sindh gov-ernment, incollabora-tion withthe State

Bank of Pakistan(SBP), has of-fered interestsubsidy of 6.25percent and creditrisk sharing facil-ity of up to 30 per-cent against thelong-term loans to be ex-tended to the rice-husking millsin the province.

The loans would be provided by thebanks under the existing SBP Refinanc-ing Scheme, reported the central bankTuesday. It said these additional incen-tives, being offered by Sindh EnterpriseDevelopment Fund (SEDF), would en-courage the rice mills to carry out BMRof their units so as to reduce their lossesand improve the quality of their prod-ucts. The improved profitability projec-tions with the availability of additionalincentives under the scheme would alsoencourage potential Small and MediumEnterprises (SMEs) to establish newrice-husking units in the province.

Dwelling on the scheme’s broad

features, the State Bank said mark uprate for the facility shall remain the

same, nine percent, for financ-ing up to five years as ap-

plicable under SBP’sRefinance Facility.

However, itsaid, the end-userrate would be2.75 percent perannum only, i.e.the difference of6.25 percent

(SBP share)would be borne by

the SEDF.The SBP said the

banks would be offered acredit guarantee cover of 30 percentagainst their outstanding loans underthe facility.

As mentioned, the cover would beprovided on the strength of financialsupport extended by SEDF. The facilityshall be available against the loansgranted up to the period of five years.The maximum loan size for a singleborrower shall be Rs 10 million.

The banks, which have already ob-tained refinance limits under SBP’s Re-finance Facility for Modernization ofSMEs, may now apply for the guaran-tee and subsidy limits under thisscheme, said an SBP circular issued toall banks Tuesday.

New Porsche Cayenne SHybrid launched in LahoreLAHORE: Dr Ing. h.c. F. Porsche AG, Stuttgart, presented the brand-

new generation of the Cayenne Sports Utility Vehicle this week at a

relaxed event at the Porsche Centre in Lahore. The company

presented the highlight of their new generation of SUVs; the

Cayenne S Hybrid: with its technically highly sophisticated parallel

full hybrid drive and fuel consumption in the New European Driving

Cycle of just 8.2 litres/100 kilometres (equal to 34.4 mpg). The

Cayenne S Hybrid is part of Porsche’s continuing commitment to

environmental conservation thorough the design and manufacture of

more efficient and sophisticated automobiles. With CO2 emissions of

just 193 g/km the Cayenne S Hybrid combines the performance of

an eight-cylinder with the economy of a six-cylinder running on

much less fuel. Led by the Cayenne S Hybrid, all models in the new

generation are trendsetters in efficiency and performance in their

respective segments. Compared with the former models, fuel

consumption is down by up to 23 per cent, since the new Cayenne,

like every Porsche, has been developed according to the principle of

“Porsche Intelligent Performance”: more power on less fuel, greater

efficiency and lower CO2 emissions. PReSS ReleASe

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