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Registration No. SC-27

BUSINESS

RECORDER Simultaneously published from Karachi, Lahore & Islamabad

Volume LIII, No. 125

Internet: http://www.brecorder.com

Founded by M.A. Zuberi

Karachi, Friday 5 May 2017, 8 Shaban 1438

CPEC facing no Centre-provinces bickering: Ahsan NAVEED BUTT

KABUL: (L-R) Former Afghan President Hamid Karzai, Afghan President Ashraf Ghani, Afghan warlord Gulbuddin Hekmatyar, Afghan former Jihadi leader Abdul Rabb Rasool Sayyaf and Afghanistan Chief Executive Abdullah Abdullah walk to attend a ceremony at the Presidential palace, here on Thursday.—Reuters

Indian troops launch major operation in IHK OCCUPIED SRINAGAR: Thousands of soldiers and paramilitaries were Thursday engaged in a huge anti-freedom fighter operation in Indian-held Kashmir, where freedom fighters have repeatedly attacked government forces in recent weeks. Police said government forces had surrounded at least 20 villages in the drive, launched early Thursday in Shopian district in the volatile south of the disputed Himalayan region. “It is an unprecedented operation,” deputy inspector general of police S P Pani told AFP. “It is impossible to capture > P 4 Col 3 Punish the real culprit(s)!: Page 20

Brief recordings Interview of President Sialkot Chamber of Commerce and Industry [See Page 21]

THE RUPEE Inter-bank market rates for dollar on Thursday at 15:00 hours. BID Rs 104.84 OFFER Rs 104.85 Open market rates for dollar at 18:00 hours. BID Rs 105.70 OFFER Rs 106.90

Rising trend BR RESEARCH

KARACHI: The rupee managed to extend overnight gains against the dollar on the money market on Thursday in the process of trading, dealers said. INTER-BANK MARKET RATES: The rupee moved slightly in terms of the dollar for buying and selling at Rs 104.84 and Rs 104.85, they > P 4 Col 1

NY MIDDAY EURO 1.0976 STERLING 1.2917 SWISS FRANC 0.9871 YEN 112.46 GOLD 1,225.56 COTTON 80.83 DOW 20,908.82 NASDAQ 6,067.45 BRENT OIL (London) 48.43

INSIDE Editorial Page 20 NationalPages 2, 3, 5, 8, 9, 12, 13, 21 International News Page 6 Currency & Stocks Page 7 World Stocks Pages 10 W.E. & Business Page 11 Stocks Pages 14-16 Sports Page 17 SSP Page 18 World Commodities Page 19

‘Butcher of Kabul’ returns after 20 years KABUL: A former warlord branded the “Butcher of Kabul” made a triumphant return to the Afghan capital Thursday, met by uneasy residents two decades after leaving the city where he stands accused of killing thousands of people. Gulbuddin Hekmatyar, a former prime minister, has returned to mainstream political life after his dormant Hezbi-Islami militant group signed a peace deal with President

Ashraf Ghani which sparked revulsion from human rights groups and Kabul’s residents. The peace agreement inked last September marked a symbolic victory for Ghani, who has struggled to revive talks with the more powerful Taliban, but it has also fuelled fears of more political division. Ghani greeted Hekmatyar with pomp at the presidential palace Thursday. “Few people believed the peace efforts, would bear fruit, but today it is

Govt may revise collection target downward SOHAIL SARFRAZ

ISLAMABAD: The government may downward revise revenue collection target of Rs 3,621 billion set for Federal Board of Revenue (FBR) for the outgoing fiscal year 201617. Sources told Business Recorder here on Thursday that there is a possibility of downward revision in the revenue collection target of Rs 3.621 trillion set for 2016-17

keeping in view ambitious tax projections. According to sources, the target might be slashed from Rs 3,621 billion to around Rs 3,500 billion for outgoing fiscal year (2016-17). The FBR is already taking enforcement measures to meet the assigned revenue collection target of Rs 3.621 trillion for 2016-17. According to sources, the revenue shortfall would be > P 4 Col 6

Prince Philip, 95, to retire from public duties LONDON: Britain’s Prince Philip, the 95-yearold husband of Q u e e n Elizabeth II, will retire from public engagements later this year, Buckingham Palace said Thursday in a surprise

announcement. The Duke of Edinburgh, who turns 96 on June 10, is the longest-serving consort in British history, and is still in good health. But the royal family’s patriarch, who conducted 219 royal engagements last year, has been gradually reducing his > P 4 Col 6

clear... that if there is sincere will and effort for peace it can be achieved,” he said. Hekmatyar arrived at the palace after his convoy of several hundred vehicles, mainly pickup trucks equipped with machine guns, wound its way through Kabul’s main thoroughfares watched by hundreds of onlookers. Some were supporters bearing the green party flag and flowers, singing the national > P 4 Col 6

Senate panel approves Cos Bill with 39 amendments ZAHEER ABBASI

ISLAMABAD: The Senate Standing Committee on Finance has approved Companies Bill, 2017 with 39 amendments and major changes include mandatory presence of a female member in boards of companies, hiring of 2 percent disabled persons and powers to the SECP to regulate real estate sector. A meeting of the Senate Standing Committee on Finance presided over by Senator Saleem Mandviwalla > P 4 Col 1

— asks chambers to report any raid by taxmen RECORDER REPORT

ISLAMABAD: The Senate Standing Committee of Finance has asked all chambers and trade associations to immediately report any raid by tax officers of the Federal Board of Revenue (FBR) on the business community to the Senate committee chairman > P 4 Col 7 Benefits of contract manufacturing: Page 20

Equities rebound RECORDER REPORT

KARACHI: Pakistan Stock Exchange rebounded Thursday on the back of healthy buying on dips mainly by local investors and institutions. The benchmark KSE-100 index > P 4 Col 1

BRIndex30 gains 536.63 pts RECORDER REPORT

KARACHI: On Thursday, BRIndex30 opened at 26,485.39 and remained positive throughout the trading session. It touched an > P 4 Col 3

ISLAMABAD: Federal Minister for Planning, Development and Reform Ahsan Iqbal has said that the federal government will work together with all stakeholders and remove all concerns of the provinces. The minister expressed these views while addressing a meeting held to review the progress of ongoing projects under China-Pakistan Economic Corridor (CPEC) in various sectors. The meeting was chaired by Ahsan Iqbal and attended by Secretary Planning Shoaib Ahmed Siddiqui, high officials from Chinese embassy and the concerned provincial and federal ministries. The meeting discussed the projects of various sectors including communication, railways, infrastructure, energy, Gwadar Port and special industrial zones. ‘To have or to be’?: Page 20 A strange case Editorial on Page 20

The minister said that federal as well as provincial governments are working on CPEC projects together like one team. He said the timely completion of CPEC projects would be a success for the people of Pakistan. He said that new technologies are being introduced in infrastructure, transportation and engineering sectors due to CPEC projects. Similarly, the federal government is committed to providing all resources to provinces if they face lack of capacity. He said the federal government and provinces are already working as a team and group harmony can be witnessed throughout the implementation on the CPEC projects, which indeed, is the biggest achievement and a milestone to guarantee the success at all levels. He directed the federal departments to cooperate with the provincial governments in order to ensure smooth working on the underconstruction CPEC projects. He said the CPEC would > P 4 Col 3 Agri credit skewed in favour of Punjab Editorial on Page 20

Properties purchased during PPP tenure

Pakistan may NICL to carry get $2.5bn from ADB: out audit to re-evaluate Dar actual prices MUSHTAQ GHUMMAN

ISLAMABAD: National Insurance Company Limited (NICL) has decided to carry out a special three-year audit inclusive of the scandals associated with properties purchased during the PPP-led coalition government aimed at re-evaluating their actual prices at the time of sale which generated a loss of Rs 3 billion in the national kitty. One special there year audit under the directives of the Supreme Court has already been carried out and a special audit of 300 illegal appointments was conducted in 2014. This was disclosed at a meeting of Senate Standing Committee on Commerce headed by Senator Shibli Faraz on Thursday who termed NICL as a ‘disgraced’ company and asked the Ministry and NICL to > P 4 Col 4

YOKOHAMA: Pakistan will hopefully get financial allocation of $ 2.5 billion as infrastructural financing from Asian Development Bank (ADB), which would help country’s economy to post 7 percent growth rate by 2019. Minister for Finance Senator Muhammad Ishaq Dar in an interview with APP here Thursday said that he had a meeting with the ADB President Takehiko Nakao and the bank was requested to consider the financial allocation of $2.5 billion, under infrastructural financing in view of the surging requirements of that sector. The minister described his meeting with the ADB president, held on the sidelines of ADB Board’s 50th Annual Meeting as “very productive > P 4 Col 4 Picture on Back Page

2

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

NATIONAL NEWS

Analyses&Comments by BR Research

Can we run with the bulls? he past year has been full of news in the auto sector, and not just in the passenger car segment which really gets people excited. Thanks to all the activity which will be potentially spurred by CPEC and CPECadjacent projects, global commercial vehicle giants have also been eyeing Pakistan. We have Chinese FAW Motors which has been operating in Pakistan since 2011 in collaboration with Al-Hajj group, now hoping to expand its existing assembly line of heavy duty trucks and chassis. Al-Hajj also signed a MoU with Hyandai to introduce the South Korean brand’s commercial vehicle line. Meanwhile, Dewan Motors submitted a plan to manufacture light commercial vehicles and SUVs with different partners. Both are seeking some concessions from the government similar to those offered to new entrants under the auto development policy. Volkwagen is also in talks with Audi’s local partner in Pakistan to introduce Amorak pickup and transporter bus/minvan to the auto commercial sector. German MAN SE also expressed interest in launching an assembly line in Pakistan. There are several others that are hoping to enter this market (see table). The interesting bit in all this is that the government is not very sold on the idea to tweak its existing policy to provide

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concessions to existing players wanting to start a Greenfield project. Perhaps many of these projects may never see light of the day. But the interest itself is a strong indicator of the demand that investors are foreseeing in the country, particularly in the commercial vehicle sector. Already the growth numbers for commercial vehicles we are seeing are phenomenal for existing players. There is not a doubt new entrants and high quality vehicles being assembled and distributed locally would change the face of the industry as we know it. But demand is not the only determinant that factors into how well an automotive company will do in a country. The question then becomes whether we can keep up with the times. From the regulatory point of view, better quality vehicles and engines introduced on the roads will require higher quality fuel, more robust roads and highways and more conducive overall infrastructure. Pakistan has been slowly trudging along the narrow pathway of introducing EuroII emission standards into the auto industry. The diesel used and refined in Pakistan is comparatively low-quality with really high sulpher content which is hazardous to the environment. Only recently the government set a ceiling for the sulpher content in diesel at 500 parts per million (ppm),

FIND US @ http://www.brecorder.com/br_research.html Comments & feedback at: [email protected]

Oil sales remain optimistic etroleum sales in the country have been robust in the last couple of years as oil prices glided down. The increase in sales has been predominantly in the retail fuels like diesel and petrol (motor gasoline), aided by increase in demand. The latest 10MFY17 figures from Oil Companies Advisory Council (OCAC) show that the growth in petroleum sales by the oil marketing companies continued albeit with less fervour. Overall, the sales of three key petroleum products: furnace oil, high speed diesel, and motor gasoline, increased by 12.14 percent year-on-year, while the imports of the same grew by around 20 percent, year-on-year. Unsurprisingly,

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growth in sales volumes for 10MFY17 was led by motor gasoline (up by 17% YoY), followed by HSD and then furnace oil. For the latest month, April 2017, the growth in key petroleum products was around 12 percent year-onyear and 11 percent monthon-month. However, significant growth has been witnessed in furnace oil volumes and hence imports, followed by HSD in Aril 2017. This was led by increased demand for furnace oil from power producers and diesel for running tractors during the wheat sowing season; April is usually the beginning of Kharif sowing season that drives the demand for HSD Moreover, with power short- increase in furnace oil conconsumption by tractors. ages already witnessed, sumption by the power sector

is also no misnomer. Oil prices rebounded in 2016. However, since the beginning of 2017, oil prices have retreated again. And the government has recently decided to keep price of petroleum products intact and not pass on the benefit to the consumers in order to meet the shortfall heralded in the revenue collection. This could partly act as a restrict-

ing factor in the volumetric growth of the petroleum products. Otherwise, the outlook for the OMC sector remains sanguine as construction activities continue as well as the automobile demand remains optimistic. And with the summers already on the horizon, furnace oil too will likely remain a key growth factor in overall petroleum sales.

Rabi season sees high urea off-take N

ear six-year low urea prices finally seem to have started doing the trick. Urea off-take for the Rabi season concluded in March 2017 stood at 2.89 million tons – up 19 percent from last year. The numbers should bode well for the Rabi season agriculture output. Although, the off-take has been on the lower side in 2017, it is the heavy buying in the dying months of CY16 that has done wonders for Rabi offtake. On a monthly basis, the urea off-take in March was barely

0.2 million tons, still significantly higher from the abysmal off-take of 0.11 million tons recorded in the same period last year. The urea prices have come done appreciably ever since the subsidy was introduced last year to help the deteriorating farm economy and put more life into the dwindling urea application. Recall that urea off-take for the past five years has seen continuous slide year after year. It has been six years and counting that yearly urea offtake in Pakistan crossed 6 mil-

though most countries today now use diesel with as low as 15ppm of sulpher content. Oil marketing companies as well as PSO are now importing better quality fuel but the refineries also need to come up to the mark. A lot has to be tackled all at the same time, and the work is

cut out for all the stakeholders—the government to provide a conducive business environment, for local partners to how well they can mesh the new models locally and for local auto parts makers and suppliers to keep up with the demand. It is not going to be easy.

lion tons. It has since come down by half a million tons. While, it is early days to predict if it will be a better year this time around, but signs so far have been encouraging. A lot will depend on the continuity of urea subsidy come the next heavy off-take season. Market fears some drop in buying as the budget nears, in anticipation of subsidy continuation. Given the government is in election mode, it is highly plausible that subsidy on both urea and DAP will continue for the next fiscal year as well.

There are reports that the Kharif season sowing may get delayed in some key areas, which could have a toll on urea buying as the season begins So far the signs are encouraging in terms of agri output, and urea should see demand pick up once Kharif crops get in full swing. The best part in the whole scenario is that the price uncertainty that persisted for much of last year seems to have vanished, at least for now. There should be less anticipatory buying this year than there was last year.

A 27 percent year-on-year decline for February tells how much more accessible has the commodity become. That the off-take fails to grow by as much tells the very nature of fertilizer demand and farm economics. In all likelihood, the government would want to extend the cash subsidy on urea for another year, with the general elections round the corner. International urea prices have gone up way beyond $230 per ton – and that should offer a cushion to the local manufac-

turers. Recall that international prices had slid down to as low as $200 per ton, compelling local players to sell at discount faced with pressure. That said the inventories still sit at over 1.5 million tons which could be a cause of concern, as demand has struggled to keep pace. Local manufacturers may still have to release some of the inventory at discounted prices in the coming months, although the pricing power may not be tested as much as it was in the yesteryears.

Pak-Iran trade alk about a hefty target! In his meeting with Iranian Foreign Minister Javad Zarif earlier this week, PM Nawaz Sharif underlined the need to achieve bilateral trade of $5 billion between the two countries. Let’s put that number into perspective: as per SBP data, Pak-Iran trade is just $31 million as of FY16, or $0.03 billion! The statement may well have been diplomatic eyewash, but it warrants a look into Pak-Iran trade. Now that banking channels are opening up and some trade between the neighbours has resumed, particularly in rice (See yesterday’s column on rice exports), this is an opportunity to improve our ever-increasing current account deficit. Prior to the sanctions, Pakistan had always maintained a trade deficit with Iran. Oil was our primary import from Iran, account-

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ing for around 80 percent of total Iranian imports. From our end, rice (mostly Basmati) made up 80 percent of exports to Iran. This was in FY10. Then the sanctions happened. In November 2011, thenPresident Barrack Obama signed an executive order authorizing ‘the imposition of certain sanctions with respect to the provision of goods, services, technology, or support for Iran’s energy and petrochemical sectors.’ Since then, Iran’s exports to the world dropped massively, as they did with Pakistan, and vice versa. Then at the onset of FY13, another executive order authorized additional sanctions on Iran. From then onwards, PakIran trade has been negligible. Now that trade is resuming, Pakistan can reap some benefits of that lost trade. Firstly, purchasing oil from Iran as compared to Saudi

Arabia and the Gulf states will be relatively cheaper due to geographical proximity and lower freight costs, so that’s a plus. Secondly, barring competition from India, Basmati exports to Iran are picking up and earning much-needed forex. Recall that Basmati is considered a premium, high-end rice and is more expensive, thereby earning more dollars. That being said, Basmati rice is not without its problems – a high cost of doing business, lack of research and development into new

varieties, low yields, water shortages, etc. Moreover, there is a dire need for product diversification. Simply put, without oil, Iran is of no significance to Pakistan; without Basmati rice, Pakistan is of no significance to Iran. Currently, a Pak-Iran FTA is in the works, slated to be finalised by end 2017. Hopefully, the entire emphasis of the document will not be on just these two products, and some roadmap will be formulated to at least come close to the $5 billion target.

All information and data used are from reliable source(s) and subjected to extensive research after diligent and reasonable efforts to determine the soundness of the source(s). This analysis is not for the benefit of or discredit to any person, scrip or tradable instrument. The content(s) of this analysis shall not be construed as an advice or recommendation to trade. No relationship of client will be created between Business Recorder and user of this information. Professional advice must be taken by the reader before making investment/trading decisions. BR disclaims any liability for investment(s) made or liability accrued on basis of this analysis. The content(s) including all opinion(s), statement(s) and information are subject to change without prior notice and/or intimation.

Future of PSM

NA body to discuss govt’s line of action today ISLAMABAD: National Assembly Standing Committee on Industries and Production headed by Asad Umar will meet on Friday (today) to discuss government’s final line of action regarding Pakistan Steel Mills (PSM) rehabilitation by the Privatisation Commission. The government recently appointed Mohsin Haqqani, a BS-22 officer of Pakistan Administrative Services (PAS) as Chairman Export Processing Zone Authority (EPZA) under Ministry of Industries and Production with additional change of the post of CEO PSM for a period of three months or till the privatisation of PSM whichever occurs earlier. On March 22, 2017, the then Secretary Privatisation Commission, Sardar Ahmad Nawaz Sukhera revealed that the federal government is working on a new integrated module to privatise PSM which would comprise settlement of liabilities hovering around Rs 200 billion and making the mill operational. The mill is dysfunctional due to disconnection of gas supply by SSGC as the former is unable to clear Rs 40 billion bills including late payment sur-

charge. Well-informed sources told Business Recorder that a meeting pertaining to PSM payable debts of NBP & SSGC was held recently in Islamabad. Standing Committee is divided on the future of PSM as the incumbent Chairman wants to rehabilitate it but Members from PML(N) maintain that the mill cannot be made operational in current circumstances. The Economic Coordination Committee of the Cabinet has also directed Privatisation Commission to prepare a plan to pay salaries to employees. The committee will also discuss implementation status of its recommendations regarding a legislation to enforce and impose the compulsory penalty upon the automobile industry for delayed delivery of vehicles. Regularization of serving daily wages/contract in Utility Stores Corporation (USC) will also come under discussion. The corporation will brief the committee on zone wise details of the employees posted on daily wages/contract along with criteria/ procedure of their appointment. —MUSHTAQ GHUMMAN

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

3

NATIONAL NEWS Code of conduct

IHC bars ECP from proceeding against Imran RECORDER REPORT

ISLAMABAD: PTI leaders Naeem-ul-Haq and Murad Saeed addressing a press conference outside the Press Information Department building on Thursday, as they were not allowed to do the same inside the building.—Recorder photo

PTI leaders again barred from holding PC at PID building RECORDER REPORT

ISLAMABAD: The government on Thursday, once again, barred the leaders of Pakistan Tehreek-e-Insaf (PTI) from holding a press conference at the building of Press Information Department (PID), citing rules do not permit any opposition party to use the facility. The gates of the PID building were shut and a large number of policemen were deployed outside the building on the special directives of State Minister for Information and Broadcasting Marriyum Aurangzeb. Central Information Secretary of PTI Naeem-ulHaq along with MNA Murad Saeed had to go back to Bani

Gala. While speaking to journalists, they accused the government of misusing the facility for political purposes at the expense of the taxpayers’ money. He termed the government’s decision of not allowing the party from holding a presser at PID a dictatorial move, saying PTI has already held a press conference inside the building when Pervaiz Rashid was information minister. He said that the delay behind releasing the report of Dawn Leaks is because Maaryam Nawaz Sharif’s name is also included in the list, adding there will be no compromise on this and it must be made public. About the joint investiga-

tion team (JIT) that will probe the allegations against Sharif family’s offshore companies, he said that the party is confident the JIT will complete the gigantic task with full honesty. The PTI leaders were also stopped from holding a news conference at PID last month. Leaders of PTI, Shibli Faraz and Shehryar Afridi, exchanged harsh words with the PID officials after they were stopped at the gate. The PTI leaders had also filed a complaint against Marriyum Aurangzeb at Aabpara police station. Responding to this, the police informed that they have received the complaint and it is currently under legal review.

Offshore companies

PML-N leaders accuse Imran of running away from accountability NUZHAT NAZAR

ISLAMABAD: The leaders of Pakistan Muslim League (Nawaz) have claimed that Chairman Pakistan Tehreek-eInsaf (PTI) Imran Khan is running away from his accountability over offshore companies and collecting funds for his party from abroad. Addressing a news conference here on Thursday, Minister of State for Capital Administration and Development Division Tariq Fazal Chaudhry said that

PTI should now answer to the Supreme Court about charges of foreign funding to the party instead of getting disturbed and raising hue and cry over the issue. He said the PML-N was dragged in multiple cases during Panama Papers case proceedings but it never hesitated to face any court proceedings, while on the contrary Imran Khan is hiding his offshore companies and refusing to own Niazi service limited.

He said the trial should be the same as PML-N has gone through, so that public should come to know what reality is. PML-N leader Daniyal Aziz said offshore companies were established in several countries, including the United States, and the PTI leadership has admitted collection of funds from the supporters of Pakistan’s enemies. He said funds were transferred from California to Islamabad, which will be proved in the court. Daniyal Aziz said Imran Khan also misrepresented himself in the Election Commission by hiding his offshore company titled Niazi Services Limited. Responding to a question, he said notification regarding Dawn Leaks is as per the recommendations mentioned by the Consensus Committee in para 18. Parliamentary Secretary for Information Mohsin Shahnawaz Ranjha said Imran Khan should answer the foreign funding charges and prove money trail in the Supreme Court. He said PML-N could have challenged the maintainability of the Panama papers case but it faced the trial.

ISLAMABAD: Election Commission of Pakistan (ECP) has suspended proceedings against Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan in code of conduct violation case on the directives of Islamabad High Court (IHC). The IHC on Thursday barred the ECP from any further proceeding against Imran Khan in code of conduct violation case. The ECP in a notification had asked Imran Khan not to participate in election rallies. The petition stated that ban on participating in rallies was unconstitutional and consequently be declared annul. Imran Khan on Tuesday challenged the ruling of the ECP in IHC, seeking the court’s direction for annulling the ECP’s decision. The directives were issued after a hearing of the case in IHC by Justice Amir Farooq. The PTI’s plea was accepted by the judge whereas the attorney general of Pakistan was summoned by the court for assistance. In his arguments, PTI lawyer Dr Babar Awan said that prime minister, chief ministers, ministers and those holding any official post cannot run an electoral campaign whereas ECP’s notifications against Imran Khan were violation of Article-15; therefore, they should be annulled. The court remarked that the case faces significant constitutional questions, therefore, the Attorney General of Pakistan should provide assistance to the court.

PIA to start direct flights to Central Asian states KARACHI: In addition to the commitment for shared economic prosperity and to enhance regional connectivity, Advisor to PM on Aviation Sardar Mahtab Ahmad Khan stated that direct connectivity of PIA flights to Central Asian States will be started soon which will not only open new chapters of regional linkages and will also enhance the economic and trade related activities with the countries of this region. He expressed these views while talking to the Federal Minster for Commerce and Trade Engineer Khurram Dastgir Khan who called on him here in Islamabad on Thursday. Minister for commerce and trade Khurram Dastgir praised the ingenuities and steps taken by PIA under the leadership of Sardar Mehtab Ahmad and appreciated the different endeavors particularly flights punctuality, latest equipment and modern technology, improved competitiveness and modifications of infrastructures in PIA to make it parallel to international standards. Federal Minster Khurram Dastgir Khan further expressed to the Advisor to PM on aviation to extend the mutual cooperation with Ministry of commerce and trade to increase the export and trade activities for stabilizing the economic position of Pakistan in the region.—PR

Musharraf will come back to hold corrupt accountable: APML ISLAMABAD: Giving reaction to the statement of Pakistan Peoples Party (PPP) leader Syed Khursheed Shah, All Pakistan Muslim League (APML) Joint Secretary Information (JSI) Shehzad Arabi Satti on Thursday said that the APML Chairman will surely come to Pakistan to hold the loot and plunder accountable. The other day Khursheed Shah in a statement had said that Pervez Musharraf should come to Pakistan instead sitting outside the country and issuing statements. APML JSI said, “Leadership of two major political parties have been fighting fake wars and they were supporting each other’s corruption instead.” “The country doesn’t need clowns but a visionary leadership. Only Pervez Musharraf has guts to safeguard country’s interest when there are wars all around the world and powerful countries under the pretext of their respective national interests

destroying weaker nations,” he said. “Syed Pervez Musharraf time and again has proved that he is the only man to fight Pakistan’s case internationally and rebut the accusation leveled against the country,” he said. JSI Satti said, “The country is entering in an important phase and there is a dire need to adopt future oriented policies. International forces fighting their proxy wars in Pakistani and its adjacent regions.” “In this perspective we need to evolve dynamic strategies for the safety and security of Pakistan keeping country’s strategic importance in view,” he added. “Asif Ali Zardri and Nawaz Sharif fighting fake wars for their interests and national security and prosperity of the people of Pakistan their least concerns. They are fooling general public. This time and hour needs serious, visionary and dynamic leadership for Pakistan,” he said.—NNI

Land purchase process

CDA causes massive loss to exchequer: AGP ABDUL RASHEED AZAD

ISLAMABAD: The Capital Development Authority in collaboration with a leading land developer and builder has caused multibillion rupees financial losses to the national kitty as well as small landowners in land purchase process for sector H-16 and I-17 in 200809. This was claimed by the officials of the Auditor General of Pakistan (AGP) while briefing the participants of the subcommittee of the Public Accounts Committee which met here under the chairmanship of Senator Mushahid Hussian Sayed to review the audit paras of the CDA for the year 201112. According to AGP officials, land in sectors H-16 and I-17 was purchased by the middlemen during the period July 2008 to January 2009. The land was purchased by the middlemen/housing societies from the land owners at the rates of Rs 100,000 and Rs 200,000 per kanal as per record but the land award was announced at the rate of Rs 830,000 per kanal. This resulted in irregular payment of Rs 575.177 million. The middlemen also managed to get their payments cleared from CDA on a priority basis, the audit observation said. The AGP officials further stated that the payment was made to M/s Bahria Town (Pvt) Ltd for Rs 541.062 million and Usman Nawaz Khokhar for Rs 34.115 million at the rate of Rs 830,000 per kanal. It was further stated that CDA didn’t conduct an inquiry to fix responsibility against the persons who made huge payments of land compensation to big investors. As per ‘official’ documents, the Director Land CDA failed to implement the subject policy in sectors 1-17 and H-16 which provided opportunity to the investor Usman Khokhar to purchase landholdings from the land owners in these sectors at lower rates in October 2008. In

January 2009, the award was announced and investors received compensation from the CDA at higher rates. The audit held that CDA deliberately provided an opportunity for the sale and purchase of land in violation of the cited policy. Therefore, mutation/transfer of land in the name of investors in this case was unauthorised. Furthermore, the CDA acquired 3,277.17 kanals of land in Mauza Bhadana Kalan: however, it made payment only in respect of 222.13 kanals, which showed that the investors were able to secure the payment, while the original land owners did not receive any payment. This indicates connivance between CDA and investors. The failure to implement the cited policy resulted in monetary favour of Rs184.12 million to the investors. Briefing the panel, Secretary Ministry of Capital Administration and Development Division (CADD), Nargis Ghullu stated that departmental accounts committee (DAC) meeting held on March 13, 2017 was not satisfied with the response of the CDA on the issue and directed the civic body to hold a departmental inquiry into the matter to fix responsibility. She further said that DAC also directed that the matter should be investigated by National Accountability Bureau (NAB). The Member Finance and Member Land of CDA while accepting incompetence of the CDA officials said that CDA has to pay Rs 10 billion to the owners of small land holdings in the above case. The CDA also requested the panel to direct secretary Capital Administration and Development (CADD) to hold an inquiry into the matter instead of involving the NAB. The panel accepted the request of the CDA officials and asked secretary CADD to hold an inquiry into the matter. Member National Assembly (MNA) Mian Abdul Manan

while commenting on the issue said that CDA and private investors have caused a Rs 50 billion loss to national kitty but nobody has the courage to nab the culprits. Manan while appreciating the AGP officials who unearthed this scam said that he was amazed that the officials are still ‘alive’. Taking up the issue of violations of building codes, set rules and regulations of the government by CDA and various contractors, the chairman committee said that there should be no respect for criminals. He said that CDA failed to compel the contractors of Grand Hyatt Hotel and Centaurus to complete construction of five-star hotels in Islamabad, while both the parties have constructed commercial centres on the purchased land. Mian Abdul Manan and Mushahid Hussian said that the contractors of Grand Hyatt Hotel have collected Rs7 billion from different parties but violated the CDA rules which was pointed out by audit department before PAC, consequently the PAC took action and the issue was landed in superior court, which as per the findings of the audit department has stopped the builders from constructing while violating the rules. The audit officials informed the committee that CDA officials and cellular phone operators have caused a loss of Rs 383 million to national kitty by fixing far below the market tariff for mobile towers on the property of CDA. The AGP officials said that CDA was just charging Rs 10,000 per annum for a mobile tower from operators while private land owners are taking Rs100,000-150,000 for the same purpose. The committee directed the officials to submit all the details regarding the installed mobile towers on CDA land within 12 days before the committee and take appropriate actions against the officials involved.

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4

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

Rising trend > from page 1 said. OPEN MARKET RATES: The rupee gained 10 paisas further against the dollar for buying and selling at Rs 105.70 and Rs 105.90, they said. The rupee, however, dropped by 20 paisas in relation to the euro for buying and selling at Rs 115.00 and Rs 116.50, they said. In the fourth Asian trade, the dollar hit a six-week high against the yen, after the US Federal Reserve downplayed weak first-quarter economic growth and was seen as leaving the door open to raising interest rates in June. The Fed kept interest rates unchanged on Wednesday while emphasising the strength of the labour market - a sign it was still on track for two more rate rises this year. The central bank said consumer spending continued to be solid, business investment had firmed, and inflation has been “running close” to its target. The dollar rose to 112.89 yen earlier on Thursday, its strongest level in more than six weeks. It later pared those gains and last traded at 112.76 yen, little changed from late US trade on Wednesday. The US currency benefited as the Fed kept the door “wide open” to a June rate hike, said Mitul Kotecha, head of Asia macro strategy for Barclays in Singapore. The dollar was trading against the Indian rupee at Rs 64.205, the greenback was at 4.323 in terms of the Malaysian ringgit and the US currency was at 6.897 in relation to the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday. 80.44-80.45 (previous 80.40-80.40). LAHORE

The Pak rupee recovered marginally on buying side while it stayed unchanged on selling side against the US dollar in the local currency market on Thursday. The trading activity of the dollar resumed on its Wednesday’s closing trend of Rs 105.80 and Rs 105.95 as its buying and selling rates, respectively. At the close, it lost by fivepaisa on buying counter and ended at Rs 105.75. However, no change in its value took place on selling counter as it maintained its overnight trend of Rs 105.95, said the local currency dealers. Moreover, the rupee showed strength as it recovered its earlier losses versus the pound sterling. The pound’s buying and selling rates slid from the overnight closing trend of Rs 135.65 and Rs 136.30 to Rs 135.40 and Rs 136.10 respectively, they added. ISLAMABAD

The rupee gained strength against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday. The dollar opened at Rs 105.90 (buying) and Rs 106 (selling) against last rate of Rs 106 (buying) and Rs 106.10 (selling). It closed at Rs 105.90 (buying) and Rs 106 (selling). Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.

Equities rebound > from page 1 again crossed 49,000 psychological level. The index closed at 49,283.65 points with a healthy increase of 678.51 points. Foreign investors remained net sellers of shares worth $6.9 million. Trading activity also improved as daily trading volumes on the ready counter increased to 287.866 million shares as compared to 260.205 million shares traded Wednesday. The market capitalization increased by Rs 81 billion to Rs 9.777 trillion. Out of total 394 active scrips, 249 closed in positive, 132 in negative while the value of 13 stocks remained unchanged. Engro Polymer was the volume leader with 39.189 million shares. It increased by Rs 1.44 to close at Rs 30.36 followed by Invest Bank that declined by Rs 1.00 to close at Rs 3.98 with 20.052 million shares. Aisha Steel Mill lost Rs 0.28 to close at Rs 23.67 with 14.827 million shares. Rafhan Maize and Sapphire Textile were the top gainers with Rs 187.23 and Rs 51.00, respectively to close at Rs 7,299.98 and Rs 1,797.00. Colgate Palmolive and Nestle Pakistan were the top losers with Rs 100.00 and Rs 45.00, respectively to close at Rs 2,200.00 and Rs 9,155.00. Arhum Ghous at JS Global Capital said that the market finally broke its bearish streak as the KSE-100 index rebounded to close at 49,283 level, up 678 points. Major index movers were HBL (up 2.22 percent),

LUCK (up 2.06 percent), SNGP (up 4.36 percent) and UBL (up 1.77 percent) as they cumulatively contributed 208 points to the index. Banking sector led the gains in the market as MCB, HBL and UBL closed in the green zone. OMC sector gained to close higher than its previous close as Oil sales rose 16 percent on month-on-month basis to 2.22 million tons in April 2017. APL (up 2.73 percent) and HASCOL (up 0.98 percent) were the major movers of the aforementioned sector. An analyst at Topline Securities said that the market relegated prevailing politics, as investors quickly realized that The Force is stronger given MSCI-EM index inclusion is around the corner. Subsequently, the KSE-100 index surged 1.4 percent. Naturally, index leaders were all MSCI heavy weights with HBL (up 2.2 percent), ENGRO (up 3.1 percent), LUCK (up 2.1 percent), MCB (up 2.6 percent) and UBL (up 1.8 percent) adding 276 points to the gain, while COLG (down 4.3 percent), DAWH (down 0.6 percent), PIOC (down 1.3 percent), JLICL (down 2.5 percent) and NESTLE (down 0.5 percent) eroded 27 points. On the sector front, Banks contributed 206 points, while Fertilizer and Cements contributed 91 points and 89 points, respectively. EPCL (up 5 percent) continued to rally, closing above Rs 30/share after almost 9 years as the company’s operations have improved.

Senate panel approves Cos Bill > from page 1 proposed allocation of employment quota for disabled persons in companies and at least one female board member. Chairman Securities & Exchange Commission of Pakistan (SECP) agreed to the proposals and accordingly changes were made in the proposed law. The proposed law will now go to the Senate for approval and then to the National Assembly for re-approval of the amended one before forwarding it to the President for signature. An official of SECP later talking to media stated it would be mandatory for company to at least take one female board member. The SECP has been empowered to increase the limit of paid-up capital beyond Rs 10 million for mandatory filing of audited financial statements by the private company. Every public interest company, which has 50 or more employees, will be required to hire two percent disabled individuals, he added. Additionally, the law would also empower SECP to regulate the real estate sector. The meeting was informed that as per Ordinance, any person of the company can sign documents and company’s chairman and chief executive would be separate persons. Pakistani and foreign directors of foreign companies have to give their all professional details. The chairman of the committee suggested that the condition of escrow account for real estate sector should be softened, upon which the chairman SECP said that softening of the

condition would make it difficult to regulate the sector. The committee convened nine sessions to discuss the law clause by clause and proposed certain changes after detailed deliberations. The proposed changes aim to empower women, enhance rights of disabled people and ensure ease of doing business. According to the SECP, the procedures regarding signing of statutory returns and making changes in the memorandum of association of the company have been simplified. The provision for winding up of companies by the courts has been rationalised. Further, any major change in the shareholding of the company will be reported to the SECP in an expeditious manner. The mechanism has been introduced to enable companies to indemnify their officers through insurance cover. The Bill intends to encourage and promote corporatisation in Pakistan based on the best international practices. It contains provisions, including simplifying the procedure for incorporation of companies, enabling maximum use of technology, as well as encouraging paperless environment at all levels and relaxations to small and medium enterprises. The law will facilitate the growth of economy in general and the corporate sector in particular by providing simplified procedure for ease of starting and doing business, greater protection of investors and augmenting corporatisation in the country.

NA Speaker says official work not done thru tweet

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KARACHI: National Assembly Speaker Ayaz Sadiq said on Thursday that the official work is not done through tweet and whatever happened was not appropriate, Aaj News reported. Ayaz Sadiq was referring to the tweet messages of Director General of ISPR regarding the Dawn Leaks inquiry report. Speaking to the PML-N workers in Lahore, he further said that the issue needs to be resolved and one should not complicate it. He said that the assembly would complete its tenure and the elections would be held on time.

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Indian troops > from page 1 the militants, but we hope there will be contact (exchange of fire) with them in the course of the day.” Suspected men are frequently killed in shoot-outs with government forces in held Kashmir, but are only rarely captured alive. Witnesses said hundreds of residents came out onto the streets in two villages, Sug and Tarkwangan, during the search operations and threw stones at the soldiers. One said soldiers had attacked private homes in his village with sticks and rocks. “It was scary. Many houses were damaged,” the villager told AFP by phone, requesting anonymity. Witnesses said army helicopters were hovering above the area as the search operations were going on. Officials say the Kashmiris ranks have swelled since July, when the killing of a popular leader by security forces sparked widespread unrest that left at least 100 civilians dead. Since then armed encounters between rebels and government forces have been more frequent. The latest operation comes after five police were shot dead this week in a raid on a bank van carrying cash — the latest in a series of bank robberies in the region carried out by suspected freedom fighters. Last week militants killed three soldiers in a pre-dawn assault on a garrison near Line of Control.—AFP

CPEC facing > from page 1 help Pakistan and it is great opportunity to learn the state-ofthe-art knowledge and technologies in various sectors. He said Pakistani universities and research institutes should tap those opportunities by making comprehensive planning in this regard. The minister directed the federal departments to cooperate with the provincial governments in order to ensure smooth working on the under-construction projects. He also directed the Higher Education Commission to prepare a comprehensive report for this purpose with the help of all universities and research institutes across the country. The minister said that improving capacity building of the concerned institutes and the individuals is also an important goal of the government. He also stressed the need to improve the educational curricula in line with modern trends and research.

BRIndex30 > from page 1 intraday high of 27,083.90 and an intraday Low of 26,485.39 and closed at 27,022.02 which was 536.63 points or 2.03 percent higher than previous close. Total volume was 163,377,000, which was 62.79 percent of KSE All share volume and 121.11 percent of KSE 100 volume. The KSE All Share volume was 260,205,980 and KSE 100 volume was 134,901,820. BR Commercial Banks Index Closed at 9,678.33 with a net positive change of 140.31 points or a percentage change of 1.47 and a total turnover of 46,601,000. BR Cement Index Closed at 8,865.25 with a net positive change of 126.2 points or a percentage change of 1.44 and a total turnover of 16,434,000. BR Oil and Gas Index closed at 5,008.07 with a net positive change of 51.97 points or a percentage change of 1.05 and a total turnover of 17,290,120. BR Tech. & Comm. Index closed at 1,561.77 with a net positive change of 29.74 points or a percentage change of 1.94 and a total turnover of 18,960,000. BR Power Generation and Distribution Index closed at 7,722.77 with a net positive change of 16.09 points or a percentage change of 0.21 and a total turnover of 10,213,000.

NICL to carry out audit > from page 1 rebrand the company with the objective of jettisoning its notorious past. Commerce Minister, Engineer Khurram Dastgir Khan, former Finance Minister Senator Saleem Mandviwalla, Senator Ilyas Bilour, Senator Mufti Abdul Sattar, Senator Saud Majeed, Senator Rubina Khalid, Senator Naseema Ehsan and Senator Haji Saif Ullah Khan Bangash attended the meeting. At least four Senators Mufti Abdul Sattar, Rubina Khalid, Naseema Ehsan and Haji Saif Ullah Khan Bangash did not utter a single word but by their presence justified their TA and DA. Secretary Commerce Younas Dagha informed the committee that after assuming the charge, he visited different organisations including NICL and got updates on different issues. According to him, NICL has been directed to undertake a special audit of the three years of the PPP tenure and reevaluate property purchased during those years as the evaluation of property, including Dubai property undertaken by a private firm, was apparently exaggerated. Chairman standing committee requested Secretary Commerce, who was recently transferred from Ministry of Water and Power, to give a detailed presentation on energy issues. CEO NICL Capt. Jamil Akhtar Khan informed the committee that NICL has completed the audit for 2010 and 2011 which has been finalised and approved whereas accounts for the subsequent years are being audited on a fast-track basis and are expected to be finalised by September next. He said the company ran without a CEO and a Board for about five or six years after the property scam was unearthed and a number of actions were taken by the then management which were illegal. This also included payment of illegitimate claims. A hot discussion was witnessed between Chairman Standing Committee, Shibli Faraz and Senator Saleem Mandviwala on NICL property scam with Mandviwala disputing the loss of Rs 3 billion due to purchase of property at higher price. However, Senator Ilyas Bilour who was the Chairman of Senate Committee on Commerce during PPP’s term confirmed that the property was purchased at exorbitant rates. “We requested a special audit because after the arrest of Ayaz Niazi, neither a CEO nor a Board was appointed for five years and we need to cover this period through special audit aimed at streamlining the company,” he added. The committee was further informed that a number of inquiries/investigations have already been carried out in the past. A comprehensive report has been discussed at the Board as well as at Ministry level. FIA has recently asked for a report along with list/details of irregular appointees. The then Chairman is already facing investigation, two of the then selection committee members have since expired, two have been dismissed from service by the present Board while the remaining two have retired. According to the CEO, an inquiry into property purchase scam is still pending with NAB. At this Minister for Commerce Engineer Khurram Dastgir Khan said that NAB and FIA are to be pursued for active follow-up of cases.

NICL in its presentation to the committee said that surplus funds amounting to Rs 11.50 billion of the company has been invested in National Bank of Pakistan (NBP) Term Deposit Receipts (TDRs) at optimum rates. Board has completed pending inquiries in respect of a suo motu case and dismissed certain senior officers and overall expenses have been rationalized and curtailed drastically. The long-outstanding matter of pensioners has been resolved and merger of CCC with NICL is already on fast track. Board of Directors (BoD) has constituted various committees to facilitate and implement well thought-out decisions by the Board. The Board, along with the CEO is currently focused on the following matters: (i) strategies are being developed with special attention towards CPEC project; (ii) future utilization of NICL’s properties; (iii) effective controls with full accountability/check and balance system are being implemented; and (iv) all legal case are being rigorously pursued. CEO informed the committee that the company has suffered a Rs 600 million financial loss due to lower POL prices. Secretary Commerce said that the company has been directed to come out of “guaranteed” insurance of public corporate sector like Pakistan State Oil (PSO) and gas companies and enter the private sector market. The committee also discussed working and performance of State Life Insurance Corporation of Pakistan (SLIC) and embezzlement of Rs 106 million of policy holders. The Chairman State Life Insurance Corporation (SLIC) Naveed K. Baloch gave a presentation to the committee with the comment that the entire dependency of the $ 7 billion company is on policyholders as the company has not gone for product differentiation. Bank insurance is entirely in the domain of private insurance companies like EFU, Adamjee, etc. Baloch who assumed the charge on April 17, 2107 also acknowledged that the company is facing capacity issues including accounting procedures. “We are not updated on IT and accounting procedures. The company is facing NAB inquiry with respect to embezzlement of Rs 106 million which was done due to lack of accounting and IT procedures. The fraud was done from 2000 to 2015 and responsible official is still an absconder,” he added. He maintained that until the company adopts international best practices and hires professionals at market rates it would be difficult to compete with other insurance companies. Senator Saleem Mandviwala enquired about the State Life Insurance Corporation Bill 2016 already approved by the Senate Standing Committee. Commerce Minister did not give any deadline for its passage from the NA committee which is insisting on clause-wise reading. The officials of Intellectual Property Organisation also gave a detailed presentation regarding its functions and performance. The committee was informed that draft law on Geographical Indication (GI) is ready which would be informally discussed jointly with the standing committees of Senate and National Assembly prior to tabling it in Parliament.

Prince Philip, 95, to retire from public duties > from page 1 workload in his nineties. Prince Philip was in classic jovial form as he joined Queen Elizabeth at a service and lunch on Thursday for members of the prestigious Order of Merit. When mathematician member Michael Atiyah said to him: “I’m sorry to hear you’re standing down,” the duke replied: “Well, I can’t stand up much longer!” On Wednesday he described himself as “the world’s most experienced plaque-unveiler” on a visit to Lord’s cricket ground in London. “He’s looking forward to enjoying more of his leisure time,” a royal aide said. “This is not a decision taken for medical reasons. The duke decided this is the right time; he’s nearly 96 and most people will have retired 30 years earlier,” the aide added. The former naval officer’s irascible, no-nonsense approach, combined with his infamous and sometimes polit-

Govt may revise > from page 1 overcome through administrative and enforcement measures. However, the revenue collection for the first nine months was Rs 2,260 billion. In March 2017, the FBR recorded a growth of 16.1 % in revenue collection, as it collected Rs 345 billion against a collection of Rs 297 billion in the corresponding month of the last year. Special tax recovery officials have been deputed in the field formations to ensure recovery of arrears and recoverable tax demands as admissible under the law. The recovery of current tax demands and recovery of arrears is the prime focus of recovery plan. The income tax initiatives during 2016-17 include taxation of real estate sector, imposition of withholding tax (WHT) on transfer of immovable property, imposition of capital gains tax and taxation of builders/ developers under section 7C and 7D of the Income Tax Ordinance, broadening of tax base (more than 465,000 notices issued over the last three years), enhancing the scope of differential taxation and real time monitoring of withholding agents down to unit level through a digital assistant/ directory. The initiatives also included change in audit policy and parametric selection of audit cases for tax year and rationalisation of jurisdiction for optimal output i.e. corporate cases consolidated under corporate RTOs/ zones and remaining jurisdiction organised on territorial basis.

Citing Pakistan’s long partnership with the ADB, Ishaq Dar said the bank extended financial support valuing $1.2 billion for infrastructure project last year. Besides the bank had made commitments of $1.2 billion for National Disaster Risk Management Fund, out of which $200 million had been released by the bank. The government has strategized its measures and arrangements to deal with the flood calamity, since there was no strategy earlier in place to handle flood-stricken situation in the country, he added. The minister said he had meetings with the presidents of multilateral development institutions, including Asian

pilot this year in order to undertake more royal duties. Prince Philip is patron, president or a member of more than 780 organisations, and while he will maintain his association with them, he will “no longer play an active role by attending engagements”, it said. He has conducted 22,191 solo engagements since 1952, the palace said. His 219 engagements last year were made up of 101 official visits, 91 receptions and 21 other engagements. They were all carried out in Britain as Queen Elizabeth and her husband have cut down their overseas travel. They visited Germany and Malta in 2015 but have not left Europe since touring Australia in 2011. May said Prince Philip’s contribution to Britain, the Commonwealth and the wider world would be “of huge benefit to us all for years to come”. On behalf of the Canadian government, Prime Minister Justin Trudeau thanked him for his decades of service and wished him “all the best in his retirement”. Ouside Buckingham Palace, visitors said the prince deserved to put his feet up. Pamela Strohmaier, from Vancouver in Canada, told AFP: “It’s a surprise to me but I think he’s due to retire. He’s put in a long, lengthy service.” “I think he’s at the age where he deserves to retire.” Archaeology student John Bilton, 22, said he remained “pretty popular”, despite his “slightly iffy” remarks Diane Cole, 76, a retired Briton living in Melbourne, Australia, said: “The thing I like the most is when he... speaks his mind.” Sarah Graham, 30, from Scotland, said: “It’s about time because he is an old man, poor chap!”—AFP

— asks chambers to report > from page 1 and FBR Chairman Dr Muhammad Irshad. According to the instructions of the Senate Standing Committee of Finance to all presidents of chambers and trade associations, with reference to the meeting of Senate Standing Committee on Finance and Revenue held on 27th April 2017 in the Parliament House, no raid would be conducted in future by the FBR officials without the permission of the chairman FBR or a member concerned at any industry, factory or shop of those who are taxpayers/filers. It is worth mentioning here if any FBR officer along with a large number of security per-

sonnel enters the premises of tax filers for threatening or harassing them without the permission of chairman or member FBR, it will be considered as raid. Moreover, if any such action is taking place by the FBR officers, the affected party should complain to chairman FBR under intimation to this office along with all the evidence. Therefore, it is requested to all concerned that paying of taxes is national duty but the harassment and threats from the concerned authorities and non-cooperation of the tax payers is also an illegal act, the Senate Standing Committee of Finance added.

‘Butcher of Kabul’ returns after 20 years > from page 1 anthem or chanting “Welcome to Kabul, Honourable Hekmatyar” in Pashto. Onlooker Jamshed, who goes by one name, told AFP the “rare happy news” meant the warlord’s influence could help improve security. But for others, his return brought memories of death and destruction in the capital rushing back. “The most important issue for me is to end this war and rescue the country from crisis,” said Hekmatyar, calling on neighbouring countries like Pakistan not to interfere. The Hizb-i-Islami leader said he had accepted the constitution drawn up following the U.S.-led campaign that ousted the Taliban in 2001, but wanted it amended and said a parliamentary system was not appropriate for Afghanistan. The national unity government led by Ghani and Chief Executive Abdullah Abdullah, painstakingly brokered by Washington after the disputed election of 2014, was “not working”, he said, and either Ghani or Abdullah should resign. “It is not suitable for the current condition of the country,” he said, but added that he was

Pakistan may get $2.5bn > from page 1 and useful.” The minister said ADB had already agreed in principle for enhancing its annual financial allocation for Pakistan to $2 billion. ADB was in fact requested last year, during its meeting held in Frankfurt in that regard, which also led to merging of two major financing lines as part of its plan for 2017-19. To a question, the minister explained that Pakistan had a long-term basis plans and activities regarding financing for economic development with the ADB. The bank, he stated, always extended substantial cooperation as a part of its lending policy in the energy sector and state-owned enterprises reforms.

ically incorrect off-the-cuff remarks, has not made it easy for people to warm to his style. But his forthright manner and unwavering devotion to duty and the queen has endeared him to the nation. Prime Minister Theresa May offered him the whole country’s “deepest gratitude and good wishes”. Buckingham Palace said in their statement: “His Royal Highness The Duke of Edinburgh has decided that he will no longer carry out public engagements from the autumn of this year.” “In taking this decision, the duke has the full support of the queen.” He will attend previously scheduled engagements until August, and would not accept any new invitations thereafter. However, “he may still choose to attend certain public events from time to time”, the palace said. Prince Philip has been everpresent at his wife’s side since she took the throne in 1952. They married in 1947 and will celebrate their 70th wedding anniversary on November 20. Like her husband, Queen Elizabeth has gradually cut back her workload in recent years as they go into their nineties. But she made a sacred vow before God and her people at her 1953 coronation to serve for life, which experts say she considers unbreakable. “Her Majesty will continue to carry out a full programme of official engagements with the support of members of the royal family,” the palace stressed. It is likely that the monarch will be accompanied by younger members of the royal family on future engagements. Prince William, second in line to the throne, has already announced that he is leaving his job as an air ambulance

Development Bank (ADB), Asian Infrastructure Investment Bank of China (AIIB) and Japan International Cooperation Agency (JICA). Ishaq Dar said that he would have back-to-back engagements during his stay the next three days with regard to annual, bilateral and multilateral meetings on the fringes of Golden Jubilee annual meeting of the bank’s Board of Governors. He said he was also one of the five panelists at the launch of book on 50 years history of Asian Development Bank. Another meeting with regard to an event on Asian Crisis twenty years ago was also attended by the minister.— APP

not seeking any formal position for himself. “I am not here for partnership. I have no conditions, I don’t want ministries.” Hekmatyar also made a pointed call to politicians, many of whom keep their families abroad: “Bring your families back to Afghanistan. I have returned with my family.” International partners including the United States have welcomed the agreement with Hekmatyar, seeing it was a possible precursor to a deal with the Taliban, the country’s dominant militant group. The Taliban have shown no sign of accepting any arrangement with Hekmatyar, but Ghani thanked him for accepting the deal and said the Afghan people wanted peace and prosperity. His arrival also risks fuelling ethnic divisions and complicating Ghani’s already difficult relationship with partners including Abdullah, who is from Hekmatyar’s civil war rivals, the old Northern Alliance. Abdullah’s mainly Tajik Jamiat-i-Islami party has been particularly suspicious of Hekmatyar, who draws most of his support from the Pashtuns, traditionally Afghanistan’s strongest ethnic group. Human rights groups have also been strongly critical of the agreement, saying it reinforces a culture of impunity that allows political strongmen to get away with gross abuses. Hekmatyar earned his bloody nickname for laying siege to Kabul during the 1992-1996 civil war, bombarding it with rockets that inflicted some of the worst damage in nearly 40 years of conflict, destroying one-third of the city and killing tens of thousands of civilians. “He will be surprised to see Kabul rebuilt again,” said one wry onlooker who did not wish to give his name. Many, like 20-year-old metal worker Edress Arabzada, could not forget the past but were pragmatic about the future. Hekmatyar was the “chief

destroyer” of Kabul, Arabzada told AFP, adding the warlord should apologise for the spilling the blood of innocent people. But, he added, “we welcome his arrival to Afghanistan if it leads to peace and stability”. Cucumber seller Sayed Mohammad, 52, agreed. “All the warlords are corrupt and have blood on their hands,” he told AFP. “But, we welcome (Hekmatyar) to Kabul because we are tired of war and conflict.” Afghanistan has suffered near-continuous fighting since the Soviet invasion of 1979, and beleaguered security forces are currently struggling to beat back the resurgent Taliban, with more than one third of the country outside government control. Hekmatyar is the latest in a series of controversial figures that Kabul has sought to reintegrate by granting judicial immunity for past crimes, and many residents who spoke to AFP called for him to apologise and be prosecuted. Some were more accepting of the rehabilitation of the warlords, including figures such as Abdul Rashid Dostum, currently the country’s first vice president. “Hekmatyar’s arrival to Kabul will not make a difference... We want him to continue a normal life like other warlords in Afghanistan,” said drinks seller Mohammad Nasim. Hekmatyar first returned to public life on Saturday at a gathering in Laghman province, two hours east of Kabul. At the presidential palace Thursday he repeated calls for the Taliban to lay down their arms and hold talks, saying he would fight for their demands. “Let’s end the war, live together as brothers and then ask foreigners to leave our country,” he said. Huge billboards heralding his return sprang up around the city in the last week, but were quickly covered in paint or mud, testament to the polarising nature of the peace deal.—Agencies

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

5

NATIONAL NEWS

B’stan to be biggest beneficiary of CPEC: PM ISLAMABAD: Prime Minister Nawaz Sharif on Thursday said that Balochistan will be the biggest beneficiary of China-Pakistan Economic Corridor (CPEC), Gwadar Port and all other mega projects being pursued by our government. According to a statement, the PM expressed these views while talking to Chief Minister Balochistan Sardar Sanaullah Khan Zehri who called on him in Islamabad. Chief Minister Balochistan informed the

Prime Minister about the progress on various ongoing development projects in Balochistan. The CM lauded the federal government for its unprecedented policy initiatives in Balochistan. The Prime Minister stated that, “The present government is ensuring all possible measures for development of Balochistan.” The PM further said, “The improved roads network and communication projects will help a great deal in mainstreaming Balochistan.” —NNI

Vast investment opportunities exist in industry & other sectors: Shahbaz RECORDER REPORT

LAHORE: Punjab Chief Minister Muhammad Shahbaz Sharif has said that vast investment opportunities exist in Agriculture, Industry, Transport, Energy and other sectors in Pakistan, especially Punjab. A conducive environment for investment has been made available in Punjab and best facilities are being provided to the investors, he added. He said that although Sweden is a small country yet it has the modern industry and high-tech technology of the world. Pakistan and Sweden can promote cooperation and partnership in industrial and other sectors, he added. The Chief Minister said that Punjab holds a great potential for acquiring energy through waste as we can generate electricity from thousands of ton waste at consistent schedule and can benefit from the technology of Sweden in this regard. He expressed these views while addressing a seminar on the topic “Smart Cities by Sweden” arranged in collaboration with Swedish Business Council and Sweden Embassy at a local hotel on Thursday. Swedish Ambassador in Pakistan Ms Ingrid Johansson, Provincial Minister for Local government Mansha Ullah Butt, Honorary Consul General of Sweden Syed Babar Ali and a huge number of industrialists and investors of Pakistan and Sweden attended the seminar.

The Chief Minister thanked Swedish Ambassador for organizing this important seminar in provincial metropolis and introducing the term of Smart Cities. He said that despite being the small country, Sweden is wellequipped with the latest technology having world best High-Tech industry. He said that there exists economic cooperation between both countries, however it needs extension. Shahbaz said he is Khadim of the people of his province and public service is his pivot. He said that although Lahore Waste Management Company is working well yet it has to do a lot for coping with future challenges. He said that under the vibrant leadership of Prime Minister Muhammad Nawaz Sharif, work is being carried out to steer the country out of energy crisis and added that Punjab is the only province where solar energy project has been installed which is adding 300MW solar energy into national grid. He said that tariff of 6 cent per unit has been fixed for first hundred megawatt of this project while a tariff of 5.15 cent for 200MW which will benefit consumers in provision of cheap electricity. Likewise, 1180MW Gas Power Plant initially producing 717MW electricity has been completed at Bhikki. He said that this project has been completed in a record period of which is a world

record. Furthermore, he said that that projects of Baluki and Bahadar Shah are moving toward completion rapidly and transparently. He said that cheap electricity will also be provided to the consumers from 3600MW Gas Power Projects and transparency will be ensured in these projects. He said that a huge loss was caused to economy of the country due to energy crisis in the past however, due to the efforts of the Punjab government, energy projects are being completed speedily. He said that a high-level delegation of Punjab has recently returned to the country after visiting Sweden which has discussed useful talks for promoting cooperation with regard to improvement in traffic system and checking accidents. He expressed the hope that working relationship will be increased between Punjab Government and Sweden in this regard. However, he said that business to business contacts should be increased for promoting business and trade activities. He said time has come that Sweden and Pakistan should promote trade and business activities. The Chief Minister said that execution of CPEC projects has opened up doors of foreign investment in the country and a large number of friendly courtiers are taking interest in it while several friendly countries are joining

2018 general election

Monitoring wing set up to ensure transparency, fairness: CEC RECORDER REPORT

PESHAWAR: Chief Election Commissioner of Pakistan, former Justice Sardar Muhammad Raza on Thursday said that monitoring wing has been set up to ensure transparency and fairness in 2018 general election. He expressed these views while addressing a high level meeting of all the regional election commissioners, districts and agencies election commissioners of KP and Fata pertaining to preparations for the upcoming general elections here at Peshawar Services Club. The meeting was attended besides others by Secretary Election Commission of Pakistan, Babar Yaqoob Fateh Muhammad, Additional Secretary Admin Fida Muhammad, Additional Secretary Training Zafar Iqbal and Provincial Election Commissioner Pir Maqbool Ahmed. The Chief Election Commissioner (CEC) said the monitoring wing will make full monitoring of every phase of the election at every place and will quickly submit its report to Election Commission and the role of regional election commissioners at division level would be of paramount importance. He said directives have already been given to the Provincial Election Commissioners to visit all the offices of their respective

provinces for effective coordination and work as a team. He said the ECP was making full preparations for election 2018 as it is very near and directed the officers and staff to prepare themselves for it. Raza said a comprehensive strategy has been prepared for training of officers and polling staff started on permanent basis at Federal Election Academy for the last few months, which would continue till 2018 general election. He directed the officers to complete data of all eligible staff and send it to ECP so that their professional training could be started from July 2017. He directed the officers to select upright, honest and hardworking persons so that they could perform the duties of national obligation in effective manner. Raza underlined the need for more work in all those areas where women voters are less than male in electoral lists so that register eligible women voters could be included in voters lists. In this connection, NADRA has been requested to issue CNICs to women before their inclusion in the voters’ lists. Work on reviewing of voters lists is being started soon and directed the staff to get ready for it besides for the situation that would emerged after completion of the ongoing sixth national and population census 2017. He said that the entire nation was looking towards the ECP as Election 2018 is very near

and the role of election officers and staff would be of paramount importance. Raza said Results Management System (RMS) has been made compulsory and asked the staff to understand it fully for its effective utilization in 2008 elections. District Voters Education Committees are being activated for which all necessary instructions were given to all the provincial election commissioners. He said polling staff and officers was being made answerable to the ECP besides efforts are underway to get financial and administrative autonomy. The monthly meetings of planning committees of the ECP has been started so that the staff of KP can discuss important election related issues with Secretary and other officers of the ECP independently. He said the facilities like modern heavy duty vehicles, office furniture and others materials are being provided to the field officers to perfume their duties in most effective manner. Later, briefing newsmen about the key decisions taken during the meeting, Secretary ECP Babar Yaqoob Fateh Muhammad said decisions regarding new delimitations or expansion in the existing delimitations would be made after analyzing the 6th Census Report 2017 likely to be shared with the Commission in July this year.

Boy killed by blasphemy lynch mob in Hub QUETTA: A 10-year boy was killed and five others were wounded Thursday when a mob attacked a police station in an attempt to lynch a Hindu man charged with blasphemy in Hub, Balochistan, officials said. It was the third major vigilante attack linked to accusations of insulting Islam in less than a month, as law enforcement agencies struggle to deal with a surge in violence. The latest incident occurred in the town of Hub following the arrest of Prakash Kumar, a 34year-old member of the country's Hindu religious minority. Kumar, a crockery shop owner, was detained on

Tuesday for allegedly posting an incendiary image on social media. "When news of his arrest was published in local newspapers on Thursday, a crowd of some 500 people including traders, clerics and politicians surrounded the town's police station to demand he be handed over," police official Abdul Sattar told AFP. When police refused, the mob turned on them, beating up officers and local government officials before opening fire with guns. A 10-year-old boy was killed and five others were wounded in the melee, he added.

Jam Mohammad, a second police official, confirmed the account, adding: "The siege went on for about three hours and the mob went on a rampage demanding Kumar be handed over." Order was restored once the government sent in paramilitary troops to disperse the mob, which police said was led by an influential cleric as well as Zia Shehzad, a politician from the ruling PML-N political party. But Mujeeb Qambrani, a senior local administration official said his government had not succumbed to the mob because "we are legally bound to protect the accused".—AFP

Forex reserves move up RECORDER REPORT

$16.062 billion during the KARACHI: The foreign week ended April 28, 2017. exchange reserves held by the According to SBP data, the State Bank of Pakistan total liquid foreign exchange increased by $12 million to reserves held by the country

stood at $21.004 billion this week. The net foreign reserves held by commercial banks stood at $4.943 billion during the week.

CPEC. He said that effective steps have been taken to provide people with comfortable, standard and economical mass transit facilities as Metro Bus in Lahore, Rawalpindi, Islamabad and Multan is operating effectively. Metro bus system is also being started in Faisalabad as

well whereas speed bus service of Lahore is planned to be stretched to other cities of the province, he shared. The Chief Minister said that we needed to propel collaboration with Sweden to get advantage from their ability and innovation additionally Pak-Sweden can improve participation in transport sector

area. Sweden Ambassador in Pakistan, Ingrid Johansson while addressing the seminar said that we will enhance cooperation with Punjab government in different sectors and organization of seminar is that stepping stool. Honorary Consul General Syed Babar Ali also addressed the seminar.

6

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

INTERNATIONAL NEWS

Russia, Turkey, Iran ink deal on safe zones in Syria ASTANA, (Kazakhstan): Syrian regime allies Russia and Iran and rebel supporter Turkey on Thursday signed a pact on a Moscow-backed plan to create safe zones in Syria meant to halt fighting in the war-torn country. The Kremlin has been touting a plan to create safe zones in Syria that is aimed at “further pacification and cessation of hostilities.” Several members of the rebel delegation, however, left the room shouting as the signing took place at talks in the Kazakh capital Astana, angry at regime ally Iran, an AFP reporter saw. The Syrian government and rebel delegations are not signatories to the agreement, which was signed by the talks’ three sponsors. Turkey’s foreign ministry said the zones would cover the whole of Idlib province, portions of the Latakia, Aleppo, Hama and Homs provinces, as well as the Ghouta suburb of

Hopes fade for Iran miners after 26 die in failed rescue bid TEHRAN: Rescuers battled hazardous conditions Thursday at a coal mine in northern Iran where 26 miners died as attempts failed to save workmates trapped deep underground after an explosion. Hopes of finding nine missing miners alive were fading more than 36 hours after the blast Wednesday at the mine in Azadshahr in Golestan province, where three days of mourning were declared. The rescue operation at the Zemestan Yort mine was hampered by poisonous gases that filled the tunnels as well as by fears of a further collapse. The removal of rubble blocking the tunnel was expected to finish by the end of Thursday, state television broadcaster quoted Labour Minister Ali Rabii as saying from the site. Iran’s supreme leader Ayatollah Ali Khamenei offered condolences for the “very bitter” tragedy. “Efforts by various organisations will be rewarded (by God). They (should) increase their efforts as much as possible,” he said in a message. President Hassan Rouhani also expressed sorrow for victims of the disaster, which has overshadowed his re-election campaign. Tasnim news agency quoted director of Iran’s emergency services Pir Hossein Kolivand as saying that 26 bodies had been recovered from the mine. Sadegh-Ali Moghadam, emergencies director in Golestan province, had said earlier that 21 victims were found at a depth of 600 metres (yards) and rescue teams had descended 1,400 metres into the tunnel where the blast happened. The hope of finding the remaining miners alive “is now minimal,” he told state IRNA news agency.—AFP

Iraq forces launch new push on IS in west Mosul MOSUL Iraqi forces thrust into west Mosul from the north on Thursday, opening a new front in the more than six-month-old offensive to dislodge the Islamic State group from the country’s second city. The assault is aimed at sealing the siege of the Old City, where die-hard jihadists holding huge numbers of civilians hostage are preparing for a bloody last stand. Forces from the army, the interior ministry and the police “began breaching the western side from the north,” the Joint Operations Command (JOC) coordinating the war against IS said in a statement. “Now your sons are fighting and striking the enemy’s defences... They rejoice in victory or martyrdom for the sake of liberating the rest of the city of Mosul from Daesh (IS) terrorists,” it said. The JOC said the targets of the latest push were northwestern neighbourhoods on the edges of Mosul called Musharifah, Kanisah and AlHaramat.—AFP

Damascus. The zones will also include parts of the Deraa and Quneitra provinces, the ministry said. Moscow’s draft proposal included four safe zones. The Kremlin’s envoy at the Astana talks, Alexander Lavrentiev, said the zones were set to remain in place for six months, a period that could eventually be extended. The deal also foresees a halt in fighting in the zones, Turkey and Russia said. The Turkish foreign ministry said the zones’ parameters would be determined shortly by a working group formed by the talks’ three sponsors. “We welcome with satisfaction this memorandum, which foresees a halt in the use of all categories of arms among belligerents, including aerial weapons, as well as the rapid and uninterrupted influx of humanitarian aid toward those zones,” the ministry said in a statement. The aim of the zones, according to an Arabic version of the

draft seen by AFP, is to “put an immediate end to the violence” and “provide the conditions for the safe, voluntary return of refugees” as well as the immediate delivery of relief supplies and medical aid, the document said. But issues including which countries could police any safe zones remained unclear. Lavrentiev said Moscow was ready to send observers to monitor the zones, Russian news agencies reported. Russian President Vladimir Putin said Wednesday that ways to monitor the zones would be an issue for separate talks. The Kremlin’s plan echoes calls by US leader Donald Trump to establish safe zones in Syria. Putin said Wednesday that “as far I could tell” the US leader broadly supported the idea in a phone call they held on Tuesday. After talks with Turkey counterpart Recep Tayyip Erdogan

on Wednesday, Putin said the proposed zones would also be no-fly areas if fighting on the ground there stopped entirely. Erdogan said in comments published Thursday that Moscow’s plan to set up these zones in Syria would “50 percent” solve the six-year conflict. Although details on the plan’s implementation remain thin, Erdogan described it as a “new concept” and distinct from Ankara’s previous proposals for terror-free safe zones. Damascus supports the Russian plan, Syrian state news agency SANA reported. Syrian rebels said earlier Thursday that they had resumed participation in the talks after having suspended their involvement a day earlier over air strikes against civilians. More than 320,000 people have been killed in Syria since the country’s war began with anti-government protests in March 2011.—AFP

Brexit rancour as UK holds local elections LONDON: Theresa May faced her first nationwide electoral test as Britain’s prime minister, just weeks before a crucial general election, as the rancour around Brexit swirled on Thursday. Britons were choosing thousands of new local councillors in a vote that will be closely watched for proof of the strength of May’s Conservatives, which opinion polls suggest are on course for a thumping victory in the June 8 parliamentary elections. Nearly 5,000 local authority seats are being contested across England, Scotland and Wales, along with eight metropolitan mayoralties. Experts caution against using the results to predict the outcome of next month’s vote, as they are typically fought on local issues. But the proximity of the general election and the increasingly hostile atmosphere between London and Brussels over the Brexit negotiations look set to overshadow Thursday’s polls. Acting on last year’s referendum, May gave the European Union formal notice of Britain’s intention to leave the bloc on March 29, and two weeks ago called a surprise general election. She says she wants to strengthen her mandate as she heads into the Brexit negotiations. Speaking outside her Downing Street office on the eve of the local elections, May blasted Brussels for

making “threats against Britain” over the divorce proceedings. The two sides have clashed over the costs of leaving, prompting May to accuse the EU of toughening its stance in statements “deliberately timed to affect the result of the general election” next month. European Parliament President Antonio Tajani on Thursday dismissed the claim, insisting that “no one is trying to influence the outcome”. And EU President Donald Tusk warned that early rows over Brexit risked the entire process. “These negotiations are difficult enough as they are. If we start arguing before they even begin they will become impossible,” he told a news conference. “The stakes are too high to let our emotions get out of hand. “To succeed we need today discretion, moderation, mutual respect and a maximum of goodwill.” But the EU fired a fresh salvo at Britain on Thursday, proposing new rules that would require a huge slice of London’s vital banking business to leave the UK after Brexit. Unveiled by European Commission vice-president Valdis Dombrovskis, the rules would deny London the right to host banking “clearing houses” that deal in euros, the EU’s single currency. British opposition leaders have claimed that May is using the EU talks as a dis-

traction from other issues, with Labour leader Jeremy Corbyn accusing her of “playing party games with Brexit”. A YouGov poll of 2,066 adults on Tuesday and Wednesday for The Times newspaper put the Conservatives on 48 percent, Labour on 29 percent, the Liberal Democrats on 10 percent and the UK Independence Party on five percent. Labour says the local election results could show the huge gap could be inaccurate. “Let’s see what happens. That might be an interesting measure of how things are going more generally, and how accurate the polling is,” a senior Labour source said. Roger Scully, a politics professor at the University of Cardiff, said national issues would inevitably have some effect on Thursday’s vote. “The Conservatives are doing very well and that is almost certainly likely to have some spillover into the local elections,” he said. “They will provide some vital information about the pattern of support and where parties are performing particularly strongly or weakly,” added Anthony Wells of polling company YouGov. Polling stations close at 10:00pm (2100 GMT), with results due throughout Friday. The smaller, pro-EU Liberal Democrats are hoping to garner some momentum for the June vote with gains on Thursday.—AFP

Venezuela protests rage, death toll hits 33 CARACAS: Anti-government protests raged on in Venezuela Thursday as students launched fresh marches after a day of flames and tear gas brought the death toll to 33. Scores of students started marching in the sunshine in Caracas in the latest rallies against President Nicolas Maduro’s plan to rewrite the constitution. A day earlier police had fired tear gas and protesters hurled Molotov cocktails. The public prosecution service said a policeman had died from a gunshot suffered during a protest Wednesday in the western city of Carabobo,

bringing the number killed in just over a month of unrest to 33. With tension at a boiling point, rumors broke out online that jailed opposition figure Leopoldo Lopez had died in prison. The government released a video of Lopez denying the claims. The opposition accused Maduro of trying to strengthen his grip on power and delay elections by launching constitutional reforms. Daniel Ascanio, a student leader from Simon Bolivar University, told reporters that students will march from campuses on Thursday around the country to demand “democra-

cy and freedom.” “We will be joined by unions, homemakers, and lawmakers. All sectors of society will mobilize to send a message to Maduro.” The opposition blames the president for food and medicine shortages afflicting the oilrich country. They want a vote on removing him from office. The president, elected in 2013, says the crisis is a USbacked capitalist conspiracy and vows to continue his side’s socialist “revolution.” The opposition has accused authorities of violently repressing protests. The government says the opposition is fomenting violence.—AFP

Protesters hurl eggs at Le Pen at campaign stop DOL-DE-BRETAGNE, (France): Protesters hurled eggs at French far-right presidential candidate Marine Le Pen on Thursday during a campaign stop three days ahead of the election. Around 50 people were on hand as Le Pen arrived at a shipping company in the western town of Dol-deBretagne, hurling eggs and shouting “out with fascists”. None of the eggs hit their target as bodyguards hustled Le Pen, 48, into the building. France’s western Brittany region is not a stronghold of Le Pen’s National Front, handing her only 15 percent of the vote in the April 23 first round of the election. Her centrist rival Emmanuel Macron, 39, scored 29 percent in the region. The visit comes the day after Le Pen took on Macron in a bruising televised debate, with some two-thirds of viewers saying the younger candidate was the more convincing. —AFP

Dust storm blows across north China, flights cancelled BEIJING: A major dust storm engulfed northern China and Beijing on Thursday, prompting authorities to cancel dozens of flights and urge children and the elderly to stay indoors. Buildings were shrouded by the greyish haze in the capital while residents who ventured out covered their mouths and noses with masks and bandanas. At least 48 flights were cancelled, including six international routes in Asia and Russia, according to the Beijing Capital Airport’s website. The storms regularly occur in spring, when winds from China’s northwest blow loose, dry soil and sand into the city from the Gobi desert, coating urban areas with a layer of yellow grime. Visibility in Beijing was as low as one kilometre (0.6 miles) in the morning, according to state media. Levels of large particulate matter, known as PM 10, hovered around 900 in the late morning, according to air quality monitoring website aqicn.org, or nearly 20 times the World Health Organisation’s recommended daily maximum exposure.—AFP

Legendary Swiss climber cremated near Everest TENGBOCHE, (Nepal): The body of legendary Swiss climber Ueli Steck, who died on Mount Everest, was cremated on Thursday at a Buddhist monastery that lies in the shadow of the world’s highest peak. Steck — one of the most feted mountaineers of his generation — became the first fatality of this year’s spring season on Everest when he fell from a ridge during an acclimatisation climb on Sunday. The climber’s body was flown by helicopter on Thursday to the Tengboche Monastery that lies on the trail to the peaks that claimed his life. Steck’s wife Nicole and close family members arrived with the body from Kathmandu for the Buddhist funeral ceremony, according to an AFP photographer at the scene.—AFP

CAIRO: A general view of a protest held in solidarity with Palestinian prisoners on hunger strike in Israeli jails, at the Arab League headquarters here on Thursday.—Reuters

Swiss spy ‘ran mole’ in German tax office BERLIN: A Swiss spy allegedly monitoring German finance officials who hunt cross-border tax cheats also ran a mole in a state finance ministry office, media reports said Thursday. If confirmed, “the scandal has reached a new dimension”, charged Norbert Walter-Borjans, finance minister of the affected state of North Rhine-Westphalia, Germany’s most populous. “It’s hard to believe that a spy thriller like this happened not in the movies but on our doorstep,” he fumed in comments to the Koelner Stadt-Anzeiger daily. German prosecutors said last Friday that police had arrested a Swiss man identified only as Daniel M., 54, in a Frankfurt hotel room, accused of carrying out espionage activities since 2012. Die Welt daily reported the man’s alleged mission was to identify German tax investigators involved in the purchase of “tax cheat” data CDs, which have upset German-Swiss relations in the past. Berlin on Tuesday asked the Swiss ambassador, Christine Schraner Burgener, to clarify the case. Bild newspaper reported the same day that the alleged spy was a former police officer and a double agent, who at one stage had spied for Germany on Switzerland. Now a joint report by the Sueddeutsche Zeitung daily and public broadcasters NDR and WDR said the Swiss spy had run a paid informant inside the NRW

finance ministry. The mission was to find out how, and which, German finance officials had got their hands on the CDs with lists of bank account holders in foreign tax havens. The information provided reportedly helped Swiss authorities file charges of breaching Swiss banking laws and economic espionage against three German tax investigators. Several German states have over recent years paid millions to unknown sources for the CDs, which have listed German citizens’ account information with several Swiss and Liechtenstein banks. Many of Germany’s rich, powerful and famous have as a result had to issue public apologies for stashing away their wealth abroad and paid back-taxes and fines. The threat of dawn raids compelled thousands more German tax cheats to come forward and report their accounts abroad, and pay back taxes on the interest earned plus fines. North Rhine-Westphalia alone has bought 11 CDs, which it says have led 120,000 German citizens to self-report Swiss bank accounts. They have paid back billions of euros in taxes they owed, finance authorities have said. In May 2015, the EU and Switzerland signed an agreement on the exchange of bank data from 2018, which will effectively end the Swiss tradition of bank secrecy for members of the bloc.—AFP

China vows friendship despite North Korean media attack BEIJING: China vowed to remain a good neighbour to North Korea on Thursday, despite a rare and stinging critique in Pyongyang’s state media of its main diplomatic protector and economic benefactor. Beijing offered a measured response to a signed commentary carried by the Korean Central News Agency (KCNA), which lashed out at China and said it should be grateful to Pyongyang for its protection. The bylined article warned of of “grave consequences” if North Korea’s patience is tested further. China’s Global Times newspaper retorted that the nuclear-armed North was in the grip of “some form of irrational logic” over its weapons programmes. But Chinese foreign ministry spokesman Geng Shuang took a conciliatory tone when asked about KCNA’s commentary at a press briefing, saying Beijing has a consistent position of “developing good neighbourly and friendly cooperation” with North Korea. Geng, however, also said China was “firmly committed” to the denuclearisation of the Korean peninsula through dialogue and consultation. Beijing and Pyongyang have a relationship forged in the blood of the Korean War, and the Asian giant remains its wayward neighbour’s main provider of aid and trade. But ties have begun to fray in recent years, with China increasingly exasperated by the North’s

nuclear antics and fearful of a regional crisis. North Korean leader Kim Jong-Un has yet to visit Beijing, more than five years after taking power. The media spat is a sign of the level to which ties between the two have deteriorated. KCNA regularly carries vivid denunciations of the US, Japan, and the South Korean authorities, but it is rare for it to turn its ire on China. Beijing regularly calls for parties to avoid raising tensions — remarks that can apply to both Washington and Pyongyang — and in February it announced the suspension of coal imports from the North for the rest of the year, a crucial foreign currency earner for the authorities. Chinese state-run media have called for harsher sanctions against the North in the event of a fresh atomic test, urged Pyongyang to “avoid making mistakes”, and spoken of the need for it to abandon its nuclear programmes. The KCNA commentary denounced the People’s Daily, the official mouthpiece of the Chinese Communist party, and the Global Times, which sometimes reflects the thinking of the leadership, as having “raised lame excuses for the base acts of dancing to the tune of the US”. Chinese suggestions that the North give up its weapons crossed a “red line” and were “ego-driven theory based on big-power chauvinism” said the article, bylined “Kim Chol” — believed to be a pseudonym. “The DPRK will never beg

Germany challenges Russia over alleged cyberattacks BERLIN: The head of Germany’s domestic intelligence agency accused Russian rivals of gathering large amounts of political data in cyber attacks and said it was up to the Kremlin to decide whether it wanted to put it to use ahead of Germany’s September elections. Moscow denies it has in any way been involved in cyber attacks on the German political establishment. Hans-Georg Maassen, president of the BfV agency, said “large amounts of data” were seized during a May 2015 cyber attack on the Bundestag, or lower house of parliament, which has previously been blamed on APT28, a Russian hacking group. Maassen, speaking with reporters after a cyber conference in Potsdam, repeated his warning from last

December in which he said Russia was increasing cyber attacks, propaganda and other efforts to destabilise German society. Some cyber experts have drawn clear links between APT28 and the GRU Russian military intelligence organisation. Maassen said there had been subsequent attacks after the 2015 Bundestag hack that were directed at lawmakers, the Christian Democratic Union (CDU) of Chancellor Angela Merkel, and other party-affiliated institutions, but it was unclear if they had resulted in the loss of data. Germany’s top cyber official last week confirmed attacks on two foundations affiliated with Germany’s ruling coalition parties

that were first identified by security firm Trend Micro. “We recognize this as a campaign being directed from Russia. Our counterpart is trying to generate information that can be used for disinformation or for influencing operations,” he said. “Whether they do it or not is a political decision ... that I assume will be made in the Kremlin.” Maassen said it appeared that Moscow had acted in a similar manner in the United States, making a “political decision” to use information gathered through cyber attacks to try to influence the US presidential election. Maassen told reporters that Germany was working hard to strengthen its cyber defences, but

also needed the legal framework for offensive operations. Berlin was studying what legal changes were needed to allow authorities to purge stolen data from third-party servers, and to potentially destroy servers used to carry out cyber attacks. “We believe it is necessary that we are in a position to be able to wipe out these servers if the providers and the owners of the servers are not ready to ensure that they are not used to carry out attacks,” Maassen said. He said intelligence agencies knew which servers were used by various hacker groups, including APT10, APT28 and APT29. The German government also remained deeply concerned about the possibility that German voters

could be manipulated by fake news items, like the bogus January 2016 story about the rape of a 13-year Russian-German girl by migrants that sparked demonstrations by over 12,000 members of that community. He said another attempt was made in January shortly after the Social Democrats named former European Parliament President Martin Schulz as their chancellor candidate, with a Russian website carrying a blatantly false story about Schulz’s father having run a Nazi concentration camp. However that story did not receive as much attention. Officials also remained concerned that real information seized during cyber attacks could be used to discredit politicians or affect the election, he said.—Reuters

for the maintenance of friendship with China, risking its nuclear programme which is as precious as its own life,” it said, referring to the North by its official name, the Democratic People’s Republic of Korea. Pyongyang had acted as a buffer between Beijing and Washington since the Korean War in the 1950s and “contributed to protecting peace and security of China”, it said, adding that its ally should “thank the DPRK for it”. Beijing should not try to test the limits of the North’s patience, it said, warning: “China had better ponder over the grave consequences to be entailed by its reckless act of chopping down the pillar of the DPRK-China relations.” In its response Thursday, the Global Times — which can sometimes stridently espouse what it sees as China’s interests — dismissed the KCNA article as “nothing more than a hyperaggressive piece completely filled with nationalistic passion”. “Pyongyang obviously is grappling with some form of irrational logic over its nuclear programme,” it added. Beijing “should also make Pyongyang aware that it will react in unprecedented fashion if Pyongyang conducts another nuclear test”, it said. “The more editorials KCNA publishes, the better Chinese society will be able to understand how Pyongyang thinks, and how hard it is to solve this nuclear issue,” the Global Times said.—AFP

‘World’s heaviest woman’ leaves Indian hospital MUMBAI: An Egyptian once believed to be the ‘world’s heaviest woman’ left an Indian hospital Thursday for the United Arab Emirates where she will continue treatment following drastic weight-loss surgery, doctors said. Eman Ahmed Abd El Aty weighed roughly 500 kilograms when she arrived in Mumbai in February, but has shed an astonishing 323 kilograms since undergoing a series of medical procedures. With her weight now standing at 176.6 kilograms, she will begin a year-long course of physiotherapy at VPS Burjeel hospital in Abu Dhabi, her doctors in Mumbai said.—AFP

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

7

WORLD CURRENCY

Currency exchange rates KARACHI, 4 May The Exchange Rates Committee of State Bank of Pakistan issued the following exchange rates bulletin here on Thursday. Conversion rates for 4 May 2017 for foreign currency deposits, DBC/FCBC, Special US$ Bonds and profits thereon and for forward cover for deposits (Excluding FE- 25 Deposits) : US Dolllar 104.8291 Pound Sterling 135.3239 Euro 114.3476 Japanese Yen 0.9343

Interest Payable on FE Deposits BBA BID RATES WITH VALUE DATE

MAXIMUM RATES FOR PAYMENT OF INTEREST BY AUTHORISED DEALERS

U.S. DOLLARS VALUE 04-05-2017 For 3 months and over but less than 6 months 0.9237% PA For 6 months and over but less than 12 Months 1.1824% PA For 12 months 1.5301% PA For 2 Years 1.5301% PA For 3 Years 1.5301% PA For 4 years 1.5301% PA For 5 years 1.5301% PA POUND STERLING VALUE 04-05-2017 For 3 months and over but less than 6 Months 0.0737% PA For 6 months and over but less than 12 months 0.2243% PA For 12 Months 0.4328% PA For 2 Years 0.4328% PA For 3 Years 0.4328% PA For 4 years 0.4328% PA For 5 years 0.4328% PA EURO VALUE 04-05-2017 For 3 months and over but less than 6 months 0.1121% PA For 6 months and over but less than 12 months 0.0116% PA For 12 Months 0.1067% PA For 2 Years 0.1067% PA For 3 Years 0.1067% PA For 4 years 0.1067% PA For 5 years 0.1067% PA JAPANESE YEN VALUE 08-05-2017 For 3 months and over but less than 6 months 0.2476% PA For 6 months and over but less than 12 months 0.2257% PA For 12 Months 0.1150% PA For 2 Years 0.1150% PA For 3 Years 0.1150% PA For 4 Years 0.1150% PA For 5 years 0.1150% PA

VALUE 04-05-2017 1.6737% PA 1.9324% PA 2.4051% PA 2.9051% PA 3.1551% PA 3.4051% PA 3.5301% PA VALUE 04-05-2017 0.8237% PA 0.9743% PA 1.3078% PA 1.8078% PA 2.0578% PA 2.3078% PA 2.4328% PA VALUE 04-05-2017 0.8621% PA 0.7616% PA 0.7683% PA 1.2683% PA 1.5183% PA 1.7683% PA 1.8933% PA VALUE 04-05-2017 0.5024% PA 0.5243% PA 0.7600% PA 1.2600% PA 1.5100% PA 1.7600% PA 1.8850% PA — APP

MONEY MARKET REPORT High Bid 5.75 5.85 5.90 5.85 5.85 5.85 5.85 5.90 5.90 5.90 5.90

Low Offer 5.25 5.80 5.85 5.80 5.80 5.85 5.85 5.85 5.90 5.90 5.90

High Offer 5.80 5.90 5.95 5.90 5.90 5.90 5.90 5.95 5.95 5.95 5.95

Average 5.45 5.84 5.88 5.84 5.84 5.85 5.85 5.89 5.90 5.90 5.90

High Bid 5.75 5.85 5.90 5.90 5.90 5.90 5.90 5.90 5.90 5.90 5.90

Low Offer 5.25 5.85 5.85 5.90 5.90 5.90 5.90 5.90 5.90 5.90 5.90

High Offer 5.80 5.90 5.95 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00

Average 5.45 5.85 5.88 5.90 5.90 5.90 5.91 5.91 5.91 5.91 5.91

Yield

Range%

PIBs Secondary Market Data Yield

Range%

0.1 -- 0.5 Years 5.96 0.6 -- 1.0 Years 5.98 1.1 -- 1.5 Years 6.05 1.6 -- 2.0 Years 6.10 2.1 -- 2.5 Years 6.18 2.6 -- 3.0 Years 6.40 3.1 -- 3.5 Years 6.70 3.6 -- 4.0 Years 6.81 4.1 -- 4.5 Years 6.90 4.6 -- 5.0 Years 7.00 5.1 -- 5.5 Years 7.12 5.6 -- 6.0 Years 7.25 Clean Deposit Market

Maturity

6.00 6.00 6.10 6.15 6.20 6.42 6.75 6.84 7.00 7.05 7.14 7.35

6.1 -- 6.5 Years 6.6 -- 7.0 Years 7.1 -- 7.5 Years 7.6 -- 8.0 Years 8.1 -- 8.5 Years 8.6 -- 9.0 Years 9.1 -- 9.5 Years 9.5--10.0 Years 15 Years 20 Years 30 Years

7.40 7.65 7.80 7.95 8.05 8.10 8.15 8.20 10.15 10.50 11.10

7.50 7.70 7.90 8.10 8.10 8.15 8.20 8.30 10.30 10.70 11.30

Tenure Yield Range % 1 Month 6.05 .................................................6.25 3 Months 6.15 .................................................6.25 6 Months 6.15 .................................................6.35 12 Months 6.25.................................................6.50 T-Bill Secondary Market Data 3 Months, 6 Months & 12 Months Instruments Days to Maturity 0-7 Days 8-15 Days 16-30 Days 31-60 Days 61-90 Days 91-120 Days 121-180 Days 181-270 Days 271-365 Days

Yield 5.80 5.85 5.93 5.95 5.97 5.98 6.00 6.00 6.00

Range % 5.85 5.90 5.97 5.98 5.99 6.00 6.02 6.02 6.03

Kerb Market FX Rate Currency USD EUR GBP JPY

Bid 105.90 115.00 135.00 0.92

Offer 106.2 116.20 136.70 0.98

Fx Inter-Bank Rate PKR vs USD BID 104.8300 104.8850 104.9300 105.0400 105.2400 105.4400 105.6500 105.8100 106.0100 107.3400

Ready 1 week 2 week 1 Month 2 Months 3 Months 4 Months 5 Months 6 Months 12 Months SWAP Base Rate =>

OFFER 104.8500 104.8900 104.9400 105.0600 105.2600 105.4500 105.6600 105.8300 106.0200 107.4900 104.8400

CLOSE 104.8400 104.8875 104.9350 105.0500 105.2500 105.4450 105.6550 105.8200 106.0150 107.4150

Note: All Interbank Rates Are Indicative Courtesy: (B.I.P.L) Securities Ltd

Forex Association Exchange Rates Date 4.05.2017 U.S $ (Cash Free Market) SAUDIA RIYAL UAE DIRHAM EURO UK POUND JAPANI YEN CHF DKK NOK SEK AUD $ CAD $

WASHINGTON: The International Monetary Fund (IMF), treasuries’ deparment’s currency values in terms of Special Drawing Rights (SDR) (3-05-2017) (2-05-2017) (1-05-2017) (28-04-2017) May 4, 2017

Repo Rates (Yield p.a.) Tenure Low Bid Overnight 5.00 1-Week 5.80 2-Week 5.80 1-Month 5.80 2-Months 5.80 3-Months 5.80 4-Months 5.80 5-Months 5.85 6-Months 5.85 9-Months 5.85 1-Year 5.85 Call Rates (Yield p.a.) Tenure Low Bid Overnight 5.00 1-Week 5.80 2-Week 5.80 1-Month 5.80 2-Months 5.80 3-Months 5.80 4-Months 5.85 5-Months 5.85 6-Months 5.85 9-Months 5.85 1-Year 5.85

CURRENCY

USD L/C 103.89 103.36 102.81 102.67 102.23 101.03 UK Pound Sterling GBP L/C 133.78 133.19 132.60 132.16 131.60 130.73 Euro EUR L/C 113.28 112.84 112.40 111.83 111.36 111.05 KARACHI: Following are the selling/buying rates of major currencies issued by National Bank of Pakistan (NBP) here on Thursday. Selling Buying U.S.A 105.65 103.14 S.ARABIA 28.03 26.38 U.K 136.02 133.80 JAPAN 0.9369 0.9142 EURO 115.11 112.38 U.A.E 28.76 26.36

Currency values in term of Special Drawing Rights

The interbank market initiated at 5.65%-5.75%. Major trading was witnessed within the range of 5.50%-5.60% and closed at the level of 5.00%-5.25%.

Maturity

KARACHI: Treasury Management Division of National Bank of Pakistan Thursday issued the following Exchange rates: Countries Selling TT&OD Buying TT Clean Buying OD/T.CHQ U.S.A. 104.60 104.40 104.19 U.K. 136.68 134.42 134.14 EURO 113.97 113.75 113.52 CANADA 76.26 76.11 75.91 SWITZERLAND 105.19 104.99 104.72 AUSTRALIA 77.64 77.49 77.29 SWEDEN 11.83 11.81 11.78 JAPAN 0.9276 0.9259 0.9234 NORWAY 12.09 12.06 12.03 SINGAPORE 74.88 74.74 74.54 DENMARK 15.32 15.30 15.26 SAUDI ARABIA 27.89 27.84 27.76 HONG KONG 13.60 13.57 13.54 CHINA 15.53 15.50 15.46 KUWAIT 343.46 342.80 341.90 MALAYSIA 24.20 24.15 24.09 NEWZEALAND 72.00 71.86 71.67 QATAR 28.48 28.42 28.35 U.A.E. 28.48 28.42 28.35 KR WON 0.0925 0.0923 0.0921 THAILAND 3.025 3.020 3.012 CONVERSION FOR FC DEPOSITS, DBC/FCBC, SPECIAL USD BOND & PROFITS THEREON (EXCLUDING FE-25 DEPOSITS) US DOLLAR POUND STERLING EURO JAPANESE YEN 104.8291 135.3239 114.3476 0.93 EXCHANGE RATES FOR CURRENCY NOTES SELLING BUYING U.S.A 105.65 103.14 S.ARABIA 28.03 26.38 U.K 136.02 132.80 JAPAN 0.9369 0.9142 EURO 115.11 112.38 U.A.E 28.76 26.36 LIBOR FOR CALCULATING INTEREST ON SPECIA L US DOLLAR BONDS LIBOR VALUE 6 Months US Dollar 1.4324 04-05-2017 INTEREST RATES ON OLD & INCREMENTAL F.C.Y DEPOSITS Rates % p.a. USD 0.1000 GBP 0.1000 JPY 0.0000 PERIOD FOR THE MONTH OF May % PA For 1 week and over but less than 1 month __ For 1 month and over but less than 3 months __ For 3 months __ BILL BUYING RATES PER UNIT OF CURRENCY 30Days 60Days 90Days 120Days 150Days 180Days US Dollar

BUYING 105.70 28.15 28.80 115.00 135.60 0.92816 105.76 15.40 12.09 11.86 77.58 77.50

SELLING 105.90 28.35 29.00 116.50 137.10 0.94816 106.76 15.50 12.19 11.96 78.58 78.50

CURRENCY SGD $ HK $ KWD QTR RIYAL OMANI RIYAL BH DINAR INDIAN RUPEE IRQ DINAR MALAYSIAN RINGIT IRANI RIYAL BTK AFGHANI

BUYING 74.87 13.49 345.55 28.79 258.30 277.82 1.50 0.074 24.00 0.0025 1.26 1.60

SELLING 75.37 13.99 345.65 28.89 258.80 278.32 1.60 0.080 25.00 0.0030 1.36 1.70

Aussie falls, kiwi up SYDNEY/WELLINGTON: The Australian dollar fell to four-month lows on Thursday, while the New Zealand dollar was vulnerable after the Federal Reserve remained upbeat on economic growth, setting a fire under the US dollar. The Australian dollar skidded to $0.7408, its lowest since midJanuary, having dropped around a US cent and a half on Wednesday. It has lost 1 percent so far this week, largely due to a shakeout in Aussie long positions. “A break of the $0.7400 level will send the Aussie longs running for the exit and could add more fuel to the downside momentum,” said Stephen Innes, a senior trader at OANDA. The next level of support was found at $0.7385, the 61.8 percent retracement of the January-February move. The New Zealand dollar edged up to $0.6882, having recouped some losses from Wednesday’s session when it shed 0.8 percent. Still, it was within reach of a 10-month trough of $0.6847 set last week. Immediate support

was found at $0.6870 and resistance at this week’s high of $0.6969. It has erased nearly all the gains made earlier in the week following a solid global dairy price auction and a strong jobs report. New Zealand government bonds eased, sending yields 3.5 basis points higher at the long end of the curve. Australian government bond futures fell, with the three-year bond contract down 4 ticks at 98.110. The 10-year contract shed 4.5 ticks to 97.3350, while the 20-year contract was steady at 96.7550. Much of the Aussie weakness came after the Fed made positive comments on the job market, reinforcing expectations of a rate hike in June. Also undermining the Aussie was a sharp 6.5 percent fall in iron ore on Wednesday. Iron ore is Australia’s top export earner. Markets found little comfort from a lower-than-expected Australian trade surplus, which slowed to A$3.1 billion in March from A$3.6 billion in February.—Reuters

Currency 3-May-17 2-May-17 1-May-17 28-Apr-17 Chinese Yuan 0.105941 0.105874 0.105743 Euro 0.797432 0.797066 0.797215 Japanese Yen 0.00652007 0.00655203 0.00655624 U.K. Pound Sterling 0.944006 0.943773 0.94393 U.S. Dollar 0.730316 0.730248 0.730224 0.729382 Algerian Dinar 0.00668559 0.00667823 0.00667528 Australian Dollar 0.547737 0.550534 0.546646 0.545213 Bahrain Dinar 1.94233 1.94215 1.94209 1.93985 Botswana Pula 0.0699643 0.0701038 0.0699477 Brazilian Real 0.230253 0.228359 0.228352 0.229676 Brunei Dollar 0.523975 0.523813 0.52233 Canadian Dollar 0.532533 0.532251 0.533876 Chilean Peso 0.00109501 0.00109491 0.0010974 0.001098 Colombian Peso 0.00024794 0.000247722 0.000247714 0.000247726 Czech Koruna 0.0296792 0.0296379 0.0296148 Danish Krone 0.107223 0.107175 0.107177 Hungarian Forint 0.00255302 0.00255349 0.00255207 Icelandic Krona 0.00687745 0.00688653 0.00687707 Indian Rupee 0.0113856 0.0113733 0.0113581 Indonesian Rupiah 5.49234E-05 5.48399E-05 5.47296E-05 Iranian Rial 2.25135E-05 2.25107E-05 2.25093E-05 2.25864E-05 Israeli New Sheqel 0.202136 0.201542 Kazakhstani Tenge 0.00231589 0.00231663 0.00231992 Korean Won 0.000644299 0.000645414 Kuwaiti Dinar 2.39999 2.39976 2.39968 2.39771 Libyan Dinar 0.517491 0.517491 0.517491 0.517491 Malaysian Ringgit 0.16927 0.168746 0.16777 Mauritian Rupee 0.0209635 0.0208724 0.0208391 Mexican Peso 0.0388402 0.0388986 0.0384707 Nepalese Rupee 0.00711324 0.00710427 0.00710899 New Zealand Dollar 0.507643 0.505843 0.500715 0.501596 Norwegian Krone 0.0849432 0.0849936 0.0854988 Rial Omani 1.89939 1.89921 1.89915 1.89696 Pakistani Rupee 0.0069663 0.00696634 0.00695988 Nuevo Sol 0.224899 0.224979 Philippine Peso 0.0145906 0.0146342 0.014676 Polish Zloty 0.188817 0.18849 Qatar Riyal 0.200636 0.200618 0.200611 0.20038 Russian Ruble 0.0127918 0.0128222 0.0127998 Saudi Arabian Riyal 0.194751 0.194733 0.194726 0.194502 Singapore Dollar 0.523975 0.523813 0.52233 South African Rand 0.0546347 0.0549621 0.0550793 Sri Lanka Rupee 0.00480787 0.00480743 0.00480172 Swedish Krona 0.0828286 0.0825895 0.0825223 Swiss Franc 0.737172 0.73436 0.734115 0.736601 Thai Baht 0.0211427 0.0210682 Trinidad And Tobago Dollar 0.108005 0.10844 0.10832 Tunisian Dinar 0.302283 0.30251 U.A.E. Dirham 0.198861 0.198842 0.198836 0.198606 Peso Uruguayo 0.0259875 0.0259483 Bolivar Fuerte 0.0732146 0.0732078 0.073121 Notes: (1) The value of the U.S. dollar in terms of the SDR is the reciprocal of the sum of the dollar values, based on market exchange rates, of specified quantities of the first four currencies shown. See SDR Valuation. The value in terms of the SDR of each of the other currencies shown above is derived from that currency’s representative exchange rate against the U.S. dollar as reported by the issuing central bank and the SDR value of the U.S. dollar, except for the Iranian rial and the Libyan dinar, the values of which are officially expressed directly in terms of domestic currency units per SDR. All figures are rounded to six significant digits. See Representative Exchange Rates for Selected Currencies. (2) The value in terms of each national currency of the SDR is the reciprocal of the value in terms of the SDR of each national currency, rounded to six significant.

Sterling climbs back above $1.29 LONDON: Sterling rose above $1.29 on Thursday after stronger-than-expected data from Britain’s huge services sector, which was seen bolstering the case for the Bank of England to raise interest rates sooner rather than later. The Markit/CIPS Services Purchasing Managers’ Index (PMI), a closely watched gauge of Britain’s services industry, rose to a four-month high of 55.8 in April, above all forecasts in a Reuters poll of economists. The reading was the second strongest since mid-2015 and a boost for Prime Minister Theresa May who is seeking to persuade voters that the opposition Labour Party cannot be trusted to run the economy after a parliamentary election on June 8. Since that snap poll was called last month, the pound has climbed almost 2.5 percent against the dollar, on the view that May’s Conservative party will increase its majority, bringing stability and diluting the influence of eurosceptics who advocate a “hard Brexit”. The pound was up 0.4 percent on Thursday at 1.2919 per dollar and approaching a seven-month high of 1.2965 hit last week on market optimism around the election. The services sector PMI followed better-than-expected manufacturing and construction surveys. Taken together, they indicate the economy is growing at a quarterly pace of 0.6 percent at the start of the second quarter, double the pace of the first quar-

ter. “The UK economy scored a hat-trick of good news this week,” said Fawad Razaqzada, a market analyst at Forex.com. “The key question was how the dominant services sector performed amid the Brexit uncertainty and ahead of the general elections in June. Well, apparently, very well.” The Bank of England - which will have noted this week’s PMI surveys - is expected to keep interest rates at their record low through this year and possibly until 2019, as it steers the economy through the uncertainty of Britain’s exit from the EU. One rate-setter voted last month for a hike, however, and others said they might follow soon if there were signs the economy was maintaining its momentum from 2016. “The strengthening in the pound, in line with the upside surprise to the PMI data, is consistent with the fact that this puts more pressure on the Bank of England next Thursday to be more hawkish,” said Sam Lynton-Brown, strategist at BNP Paribas, referring to the Bank’s policy meeting and quarterly inflation report next week. “Although this is a one-off release, having this strong a release ahead of the inflation report is likely to have an outsized impact on sterling over the next few days.” Against a broadly stronger euro, however, the pound inched down 0.2 percent to 84.72 pence per euro.—Reuters

Sri Lankan rupee edges up COLOMBO: The Sri Lankan rupee ended slightly higher on Thursday as exporters sold the dollar and a statement from the International Monetary Fund (IMF) that it may review the country’s request to complete a second loan review boosted the sentiment. Rupee forwards were active, with two-week forwards ended tad firmer at 153.25/35 per dol-

lar, from Wednesday’s close of 153.30/25. Foreign investors also net bought government securities worth 908.9 million rupees ($5.98 million) in the week ended April 26, extending the net inflow to 7.2 billion rupees in four consecutive weeks. But they have net sold 57 billion rupees worth of government bonds so far this year.—Reuters

Asian currencies nudge lower on hawkish Fed SINGAPORE: Most Asian currencies fell modestly on Thursday as the dollar retained gains made after the US Federal Reserve’s hawkish policy statement. At the end of its two-day meeting, the Fed kept its benchmark interest rate steady, as expected, but downplayed weak first-quarter economic growth and emphasised the strength of the labour market, a sign it was still on track for two more rate increases this year. The central bank also said consumer spending continued to be solid, business investment had firmed and inflation has been “running close” to the Fed’s target. “The Federal Open Market Committee did not give any explicit cues on what they are likely to do next but the statement that accompanied the decision (to stand pat) was clearly confident of the US growth trajectory and its economic fundamentals,” Maybank said in a note. The dollar index, which tracks the greenback against a basket of trade-weighted peers, climbed 0.1 percent, building on Wednesday’s 0.2 percent jump. Sentiment across Asian currencies was also affected by a survey showing growth in China’s services sector had cooled to its slowest in almost a year in April as fears of slower economic growth dented business confidence. The yen fell 0.1 percent against the dollar to its weakest level in more than six weeks. Among other currencies, the Indonesia rupiah slipped marginally after two days of gains. On Wednesday, an Indonesian cabinet minister said the government will delay all planned price increases until after the Muslim festival of Eid al-Fitr this year, to help control inflation. The country’s annual inflation rose to a 13-month high in April, mainly due to increasing electricity tariffs, the statistics bureau said on Tuesday. The Malaysian ringgit edged lower on Thursday after six straight days of gains against the dollar. Economists surveyed by Reuters forecast Malaysia’s exports in March would grow 19.2 percent from a year earlier, down from 26.5 percent growth in February. Sentiment was also dented by the lapse of a deal by a former unit of troubled state fund 1Malaysia Development Berhad (1MDB) to sell its stake in a project to a consortium including China’s state-owned China Railway Engineering Corp. “This (lapse of the deal) raises doubts whether 1MDB would be able to continue with its deleveraging plans, and could be perceived negatively by ringgit investors,” Mizuho said in a note. The Chinese yuan inched up against the dollar on Thursday after the country’s forex regulator said China will step up its crackdown on illegal foreign exchange deals this year. The State Administration of Foreign Exchange (SAFE) said in it would “strengthen authenticity and compliance checks on trade and investment, intensify checks and punishment of illegal foreign exchange activities”. The yuan has stabilised this year, due to curbs on capital outflows and a reversal of the dollar rally, following a fall of 6.5 percent in 2016. Still, the currency is expected to weaken over the coming year, a Reuters poll found, with the dollar supported by US interest rate hikes. The Philippine peso gained 0.2 percent against the dollar on Thursday, bucking the trend across most Asian currencies. The currency tracked strength in local equities, which rose to a more than seven-month high, driven by gains in the mining sector. Philippine mining stocks rallied after lawmakers ended a 10-month crusade by Environment Secretary Regina Lopez on Wednesday, forcing out the environmentalist whose mining crackdown was backed by the president but led to demands for her removal by miners. Lopez had ordered the closure of more than half of the mines in the world’s top nickel ore supplier and last week banned open-pit mining.—Reuters

BD’s inter-bank forex rates DHAKA: Inter-bank buy/sell rates for the taka against the dollar on Thursday. 80.44-80.45 (previous 80.4080.40).—Reuters

Dollar rallies in NY after Fed signals rate hike likely NEW YORK: The US dollar rallied broadly on Wednesday and hit more than six-week highs against the yen after the Federal Reserve signalled it was still on track for two more interest rate hikes this year. The Fed kept interest rates unchanged, downplayed weak first-quarter economic growth and emphasized the strength of the labour market in its statement following the end of a twoday policy meeting. The central bank also said consumer spending continued to be solid, business investment had firmed and inflation has been “running close” to its target. The dollar rose by as much as 0.7 percent against the yen, and hit 112.69 yen, the highest level since March 21, as the Fed statement solidified expectations for a rate hike in June and another in the second half of the year. “The June hike looks pretty much alive,” said Win Thin, global head of emerging markets currency strategy at Brown Brothers Harriman in New York. The euro fell by as much as 0.4 percent against the dollar, to a session trough of $1.0888 after the statement, after rising as high as $1.0936 earlier. The dollar also jumped against the Swiss franc, sterling and the Canadian dollar. Even before the Fed statement, the dollar had hit more than six-week highs against the yen as traders digested the possibility of ultra-long US bond issuance and stronger-thanexpected April US services sector growth. Investors were awaiting Friday’s monthly US non-farm payrolls report for greater signs of the Fed’s likely rate hike trajectory through the end of the

Early trade in NY

Euro hits roughly 6-month high against dollar NEW YORK: The euro hit its highest level in roughly six months against the US dollar on Thursday as traders looked beyond the French elections to the potential for the European Central Bank to signal further reduction in bond-buying, while the greenback was steady against the yen. The euro jumped to $1.0953, its highest since Nov. 10, 2016 as investors looked to a more hawkish ECB in June after centrist Emmanuel Macron consolidated his position to win France’s presidential race in a Wednesday TV debate with anti-EU candidate Marine Le Pen, which removed an element on uncertainty for the euro. Capital markets professionals have begun looking beyond the ECB’s imminent 20 billion euro monthly reduction in bondbuying to a new environment without stimulus for several weeks, but the assumption that Macron would win sharpened traders’ focus on higher European yields and a stronger euro as the results of a less stimulative ECB. “Everybody’s still waiting for Draghi to mention a potential tapering timetable,” said Dean Popplewell, chief currency strategist at Oanda in Toronto. The dollar was little changed against the safe-haven yen after touching a nearly seven-week high of 113.04 yen earlier in the US trading session. Traders said expectations for two more interest rate increases from the Federal Reserve this year after the central bank’s Wednesday policy statement kept the dollar strong against the Japanese currency. Commodity-linked currencies such as the Australian and New Zealand dollars fell as oil prices tumbled. The Aussie hit a nearly four-month low of $0.7383, while the kiwi hit its lowest since June 2016 of $0.6840 as Brent crude oil prices hit their lowest since Nov. 2016. The dollar index, which measures the greenback against a basket of six major rivals, was last down 0.2 percent at 98.979.—Reuters year. Economists polled by their payrolls by 177,000 jobs Reuters expect US employers to last month, payrolls process have added 185,000 jobs in ADP reported on Wednesday. April, up from 98,000 in March. While that was the smallest gain The Fed statement “makes the since October, it roughly Friday non-farm payrolls report matched expectations of econoI think more important, because mists surveyed by Reuters, who if that is disappointing then the had forecast a gain of 175,000 Fed is going to backpedal,” said jobs. The US dollar index, Axel Merk, president and chief which measures the greenback investment officer of Palo Alto, against six major currencies but California-based Merk the majority of whose weighting Investments. is against the euro, was last up Private employers expanded 0.4 percent at 99.345.—Reuters

Euro jumps in Europe after French debate, Fed expectations top out LONDON: The euro surged towards 6-month highs around $1.0950 on Thursday as support for the dollar from Wednesday’s Federal Reserve statement faded and investors took heart from French centrist Emmanuel Macron’s performance in a TV presidential debate. The dollar had gained against a number of major currencies in early trade in Europe but buying faded as major European names judged the Fed’s meeting gave was no reason for further ramping up bets on rises in US rates this year. That rethink knocked around half a cent off the dollar’s value against the euro to leave it trading 0.4 percent lower on the day at $1.0928 by 1130 GMT. “There have been some technical factors in the moves this morning,” said Ulrich Leuchtmann, head of G10 FX strategy with Commerzbank in Frankfurt. “The initial drop yesterday was understandable but when the Europeans came in this morning there were some sec-

ond thoughts. The PMI data (today) and the French TV debate have also probably helped a little.” There was buying of French stocks and bonds in response to Macron’s solid showing in his debate with anti-EU nationalist Marine Le Pen on Wednesday, which headed off worries of a last minute surge for the farright candidate. The dollar continued to perform well, however, against the yen - reaching 113 yen for the first time in seven weeks - and the bloc of commodity-linked currencies headed by the Australian dollar. The weakness of the Aussie typically a pro-growth play - at a time when the mood on stock markets is upbeat, stems from sharp falls in the price of iron ore and other commodities that suggest a rise in concern about the Chinese economy. “Something is not right in the commodities space and it has not been right for two weeks,” said Richard Benson, co-head of portfolio investment at currency

fund Millennium Global. “The dollar is strong after the Fed but the euro cannot go down at the moment. With commodity prices falling, that means the strength plays out in the commodity FX space.” The broader dollar index traded less than 0.1 percent on the day after hitting a two-week high of 99.462. It was 0.2 percent stronger at $0.7406 per Aussie dollar and 0.1 percent higher against the New Zealand dollar. Traders pointed to comments by JP Morgan chief Jamie Dimon at a conference in Los Angeles. He was reported as reassuring investors that the bank would have a bad day but would still make money if China kicked out foreign investors. “Recent pressure on world commodity prices culminated in some precipitous moves overnight ... and from a technical perspective at least, the signs are ominous,” said Neil Mellor, senior currency strategist with Bank of New York Mellon in London.—Reuters

Dollar takes breather in Asia SINGAPORE: The dollar hit a six-week high against the yen on Thursday, after the US Federal Reserve downplayed weak first-quarter economic growth and was seen as leaving the door open to raising interest rates in June. The Fed kept interest rates unchanged on Wednesday while emphasising the strength of the labour market - a sign it was still on track for two more rate rises this year. The central bank said consumer spending continued to be solid, business investment had firmed, and inflation has been “running close” to its target. The dollar rose to 112.89 yen earlier on Thursday, its strongest level in more than six weeks. It later pared those gains and last traded at 112.76 yen, little changed from late US trade on Wednesday. The US currency benefited as the Fed kept the door “wide open” to a June rate hike, said Mitul Kotecha, head of Asia macro strategy for Barclays in Singapore.

“The risk was that they could have perhaps sounded a little bit more dovish on the back of the recent data and that certainly wasn’t the case,” he added. Private reports released on Wednesday supported the notion that the US economic expansion remains on track despite a weak first quarter. US companies hired workers at a slower but still-solid pace in April while the services sector grew more than expected, the reports showed. The euro edged up 0.1 percent to $1.0895, regaining a bit of ground after falling 0.4 percent on Wednesday. The euro has lost some steam after scaling a 5-1/2 month high of $1.0951 last week, when it rallied on relief over centrist Emmanuel Macron’s victory against antieuro nationalist Marine Le Pen in the first round of France’s presidential elections. The runoff vote is on May 7. An opinion poll showed that Macron was found more convincing than Le Pen in Wednesday’s televised debate,

reinforcing his status as favourite to win the second round of the election on Sunday. “I think markets have largely already priced in a Macron win,” said Kotecha at Barclays, adding that the latest poll result was unlikely to have much of an impact on the euro. Investors are awaiting Friday’s monthly US non-farm payrolls report, for further hints on the Fed’s likely rate hike trajectory through the end of the year. “There’s been some dollarbuying globally,” said Satoshi Okagawa senior global markets analyst at Sumitomo Mitsui Banking Corporation, referring to the market reaction after the Fed meeting. The Australian dollar touched its lowest level in nearly four months at $0.7407. It was last trading at $0.7423, little changed on the day. The Australian dollar is down about 0.9 percent so far this week, largely due to a shakeout in Aussie long positions.—Reuters

8

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

NATIONAL NEWS Missing aides of Zardari

PARTLY FACETIOUS

SHC orders formation of JIT

ANJUM IBRAHIM

The ‘Banana Man’? “You know the days when everyone knew his or her place…” “The world has moved on, and now the poor expect justice even in banana republics.” “If you are referring to Pakistan then let me inform you that we are not a banana republic.” “Isn’t Banana Man a citizen of this country, a man who gave up his UK passport…” “Are you referring to Rehman Malik?” ”Yes and you need to recall that Zulfikar Mirza referred to him as the Banana Man… relax, relax, I stand corrected, Mirza said of Rehman Malik that if he is eating an apple while on the phone and the person on the other end asks what he is eating then he would say banana and I say that qualifies him as The Banana Man…” “Have you heard Mirza recently?” “How recent are you talking about? OK, I give up, he has been silent but he is not the only one and need I add silent today doesn’t mean silent tomorrow. Look at Parveen Rashid…” “You will get another legal notice from these guys…you must sort out your key board, its Parvez not Parveen.” “Sorry, the mistake was inadvertent; anyway, he has challenged his being set aside on the grounds that the job of an Information Minister is not to stop stories…” “It is to feed false stories, I mean there is a reason these ministers are referred to as the Ministers for Disinformation?” “Anyway, going back to what you said about going quiet I was saddened to see that MTS has not responded to the two Pulitzer Prize winning German journalists when they asked for her written permission to Mossack Fonseca to release all papers pertaining to the two offshore companies of which she is a beneficial owner. I mean…” “Hey, get your keyboard sorted out – it’s not MTS but MNS.” “She should opt for initials MTS instead of MNS because MTS would mean Maryam Tweet Sharif or indeed Maryam Tweet Safdar, and that would create some ambiguity whether the S is for Sharif or Safdar.” “Ha, ha, there is nothing to inherit from the Captain and a lot to inherit from daddy.” “Hey back off, the good Captain Hook, his will is not always carried out but he can gain admittance to the inner chambers of the First Family and that is limited to one more than I can think of notably Dar.” “What about Brother Sharif Junior?” “What about him!”

HUB: Residents of Lasbela block road, close markets to protest against an alleged blasphemy incident, here on Thursday.—PPI

Mayor accuses KE of charging exorbitant electricity bills RECORDER REPORT

KARACHI: Karachi Mayor Waseem Akhtar on Thursday accused the K-Electric of sending inflated bills to its consumers. He also expressed concern over prolonged power loadshedding during sweltering summer. “Continuous load-shedding and inflated bills will provoke citizens to reaction and that may create law and order situation in the metropolis,” he alerted in a statement. He urged Sindh Chief Minister Syed Murad Ali Shah to take notice of it and direct K-Electric to ensure uninterrupted power supply to the city particularly in the ongoing season. He said that continuous load-shedding and heavy

billing is a crime and injustice to the inflation-hit consumers. He said that not only the residential consumers are being subjected to hours’ long power outages, the industrial users are also facing continuous loadshedding. He lamented that frequent power suspension is affecting the business activities in Karachi that is known to be the commercial hub of the country. He said that the complaints of cable faults and power breakdown are common against KE apart from scheduled loadshedding. “I had requested the KElectric to reduce duration of load-shedding at the beginning of summer. The request was aimed at providing relief to citizens,” he said, adding that the

Plastic industry

Customs values of different raw materials revised RECORDER REPORT

KARACHI: Directorate General Customs Valuation (DGCV) has revised the customs values of different raw materials of plastic industry. According to revised valuation, the DGCV has decided to determine the Customs values under section 25-A of Customs Act 1969 due to wide variation of declared and assessed values. In order to provide level playing field to all importers, the customs value of Phenolic Resin, Polyurethane Resin, Melamine Resin, Alkyd Resin and Epoxide Resin are selected for determination and uniform application across the board. For the purpose, all stakeholders have been invited for

meetings, which were held on March and April, respectively. The view point of all participants was heard in detail and considered to arrive at customs value of Phenolic Resin, Polyurethane Resin, Melamine Resin, Alkyd Resin and Epoxide Resin. The customs values for Phenolic Resin, Polyurethane Resin, Melamine Resin, Alkyd Resin and Epoxide Resin have been revised at the following customs values: The Phenolic Resin imported from China & Korea is now assessed at US $2.45 per kilogram, Polyurethane Resin (Liquid form) from China is at US $2.80 per kilogram, Polyurethane Resin (Granules, Pellets form) from China is at

Jinnah University for Women

Over 1000 students get degrees at Convocation RECORDER REPORT

KARACHI: As many as 1060 students were awarded degrees in their respective disciplines at the convocation of Jinnah University for Women, held at the varsity’s auditorium, here on Thursday. Some of them were awarded gold medals and merit certificates for securing top position and highest marks. Sindh Governor Muhammad Zubair who spoke as chief guest congratulated the graduating female students and advised them to serve the country with zeal and commitment. “Jinnah University for Women has appreciable record in imparting quality education. It has impressed me a lot,” he said, urging the graduating students to feel blessed and fortunate to have education of high standards at the university. He invited the gold medallists at the Governor House to honour them on their achievements. He also prayed for their success in practical life. In his welcome address, Chancellor, Jinnah University for Women, Wajihuddin Ahmed, felicitated the students who passed their exams and advised them to work with dedication, commitment while entering the challenging world.

power utility turned a deaf ear to his plea despite the fact that power cut has made life of citizens painful. Karachi mayor asked the provincial government to feel its responsibility and make it obligatory on the K-Electric to ensure reasonable power supply to the citizens. It is relevant to add that Pakistan People’s Party (PPP)led Sindh Government has also been protesting to press the federal government for due water and power share. Sindh chief minister accused PML-N government at the Centre of not giving Sindh its due share of gas and nor supplying electricity. Jamaat-e-Islami too has been holding protests and sit-ins against the power company.

KARACHI: Close aides of former president and co-chairman of Pakistan People’s Party (PPP) Asif Ali Zardari including Ghulam Qadri Mari are still unaccounted for as the police failed to recover them. Sindh High Court (SHC) ordered to form a Joint Investigation Team in connection with the missing aides of Zardari after a report was submitted to the court stating that Ghulam Qadir Mari could not be recovered despite efforts. Justice Irfan Saadat Khan ordered to submit by May 18 the report after the statements of all parties to the case are recorded. The Rangers submitted before the court, “None of our wings arrested Ghulam Qadir and others.” Justice Khan warned the court will issue strict order if the missing persons are not recovered. —NNI

APNS hails Pemra’s action KARACHI: The All Pakistan Newspapers Society has appreciated the action, though belated, taken by Pemra to cancel the license of channels owned by Axact. APNS in a statement, has stated that the entry and existence of ‘rogue elements’ in the ranks of media has not only tarnished the image of media but also diminished the sanctity of freedom of press and expression. The media for long has been demanding that the state institutions must take stern action against those who have vested interests and intend to use the cover of media and freedom of expression for achievement of their motives. This situation has lowered the esteem of journalism which was earned by protracted struggle of media for last 70 years. The APNS hopes that the action by PEMRA, if followed in letter and spirit, will help restore the authenticity, objectivity and sanctity of media. The APNS has pointed out that these elements have plans to launch their print ventures to further their intents. The APNS reiterates its resolve to protect the freedom of press as well as the sanctity of print media and would support the efforts to weed out all such elements which intend to erode the pride and prestige of the media. The APNS strongly urges upon the Federal Government not to issue any declaration to the persons who are directly or indirectly related to such elements.—PR

US $3.50 per kilogram, Polyurethane Resin (prePolymer for Shoe Sole) from China is at US $2 per kilogram, Polyurethane Resin from Korea, Malaysia and Singapore is at US $3.20 per kilogram, Polyurethane Resin from Europe is at US $3.93 per kilogram, Melamine Resin from China is at US $1.50 per kilogram, Melamine Resin from Taiwan is at US $1.80 per kilogram, Alkyd Resin from Europe is at US $26 per kilogram, Epoxide Resin from China & Taiwan is at US $3 per kilogram, Epoxide Resin RECORDER REPORT from Korea and U.A.E is at US KARACHI: Pakistan’s $3.25 per kilogram and seafood export grew to Epoxide Resin (Lapox C-17 and C-51) from India is at US $276.269 million in July-Mar, 2016-2017, up by 15.09 per$3.50 per kilogram. cent, according to official figures. Seafood export growth now stands at $36.231 million in July-Mar, 2016-2017 from $240.038 million in July-Mar, 2015-2016, Pakistan Bureau of Statistics shows. As per volume, the country’s seafood export mounted by 12.20 percent or 11,231 metric tons to 103,277 metric tons in July-Mar, 2016-2017 from or treated at hospitals in the 92,046 metric tons in Julycity. Mar, 2014-2015. The recommendations of the In Mar 2017, seafood export WHO delegation got the city surged by 31.11 percent or mayor to his feet, who imposed $8.654 million to $36.471 milemergency in hospitals. He has lion from $27.817 million in ordered the municipal services March 2016. to spray the areas to prevent the The country’s seafood virus from spreading. export volume went up to Moreover, he has also 15,280 metric tons in March ordered special wards be set up 2017 from 11,706 metric tons to treat the patients of these dis- in March 2016, up by 31 pereases. Karachi Mayor Waseem cent or 3574 metric tons. Akram has also cancelled holidays of all the doctors and paramedical staff as well.—INP

Seafood export rises 15.09pc

WHO team shocked over pathetic state of govt hospitals KARACHI: The dire state of public hospitals in Karachi has worried the delegation of World Health Organization that is in the city on a mission against Chikungunya. According to sources in the health department, the delegation members have said if the sanitation condition in the city remains the same, the diseases will turn into an epidemic. They analysed the situation after completing their survey of the hospitals in those areas of the city that are most affected by diseases such as

Chikungunya and Dengue. The delegation members visited various areas, including Ibrahim Hyderi and Malir, and tertiary care hospitals. Besides health, they said a laboratory should also be set up in Karachi so that people from across Sindh could get their samples tested within the province rather than having to send them to National Institute of Health in Islamabad. The situation is alarming, considering that 21,000 suspected patients of Chikungunya are being tested

KARACHI: Mohajir Qaumi Movement (Haqiqi) chairman Afaq Ahmed addresses a press conference, here on Thursday.—Recorder photo

‘American poetry Mushaira’ held

KARACHI: The US Cultural Attaché A J Jagelski underlined the importance of art and poetry as important outlets for people to express themselves peacefully while speaking at the ‘American Poetry Mushaira’ earlier here on Thursday. In honor of National Poetry Month, ‘The Dawn of Freedom’ poetry contest included the participation of approximately 60 young students from local schools and highlighted how poetry can unite different cultures. The event showcased the work of American poets as well as original poetry by the participating students. “Words can be especially powerful – particularly when they are used to further peace, tolerance, and justice,” the Cultural Attaché said.—PR

Sindh lags far behind in terms of development: Governor RECORDER REPORT

KARACHI: Governor Sindh Muhammad Zubair has observed that Islamic finance is fast growing globally as the future of Islamic banking remains bright not only in Muslim countries but also in non-Muslim countries. Addressing the participants at the inauguration of sixth Islamic Finance Expo and Conference organised by The Professionals Network (TPN) here on Thursday stressed for looking for more logical reasons to convince people towards Shariah complaint banking as more than 95 percent of people strongly believe that the conventional banking was against the Shariah rules. The current 14 percent share of Islamic banking in the overall banking industry is not sufficient that needs to be enhanced, he noted. He stressed that for the development of Islamic banking in Sindh all stakeholders will have to work together. “Sindh lags far behind in terms of development. You go out and see yourself the cosmopolitan city of Karachi which was once center of the whole region has almost ruined even citizens from other part of country were not willing to come to the city,” Governor Sindh added. Past glories of Karachi were also lost mainly due to the law and order situation of the city where target killings, extortions, strikes, gang wars, china cutting

were norms of the day but now that things are declining, Muhammad Zubair. Governor Sindh categorically declared that ‘the Rangers are not going anywhere’ because government wants to ensure that ‘bad old days’ do not return. Rangers will stay as long as they are required, he added. Talking about the condition of basic infrastructure of the city particularly state of the current transport system, he termed the transport situation ‘shameful for us’. He sought help of business community of the city to contribute for the capital intensive ‘Karachi Development Fund’ that is going to fund the infrastructure of the city. Prime Minister has constituted a committee comprising all stakeholders including business community which would advise PM on the development projects, he added. On this occasion Irfan Siddiqui, CEO of Meezan Bank, sought government’s attention towards development of Islamic banking at par with the conventional banking by introducing Shariah based financial instruments. Irfan Siddiqui also pinpointed problems of Islamic banking industry in Sindh province where according to him ‘lending by Islamic banks was most difficult task in Sindh’ due to safety and return reasons. Bankers are reluctant to extend loans in the province. “Punjab has made sig-

nificant progress in financial sector and sindh needs to follow Punjab’s footprints,” he added. “When we go to Lahore and return back to Karachi we feel that we live in two different worlds,” he observed. He informed that Islamic banking was fast growing as ADRs of Islamic banks have gone up by 57 percent of the total banking industry and total share of Islamic banks’ has increased to 13 percent. “More than 94 percent people are convinced that the Riba (interest) is Haram which gives more room to the Islamic financing. People prefer Islamic banks for house financing,” he said. Sani Mehmood, General Manager Pakistan Stock Exchange briefed about the KMI-30 Index. GM Abbasi, Director Islamic Banking, State Bank of Pakistan highlighted the role of central bank in the promotion and facilitation of Islamic banking in the country. Mehmood Tareen, CEO of TPN, Ateeq ur Rehman, Former Chairman, Banking and Insurance Sub-Committee KCCI and President of Karachi Chamber of Commerce and Industry KCCI, Shamim Ahmed Firpo also spoke on this occasion. Large number of practitioners, religious scholars, Shariah advisors and experts participated in the conference and shared their views in panel discussions held as part of the event.

Minister eyes 20pc rise in production of livestock, fisheries RECORDER REPORT

KARACHI: Sindh Minister for Livestock and Fisheries Muhammad Ali Malkani has said that poverty can be alleviated at grass root level through concrete and timely steps for the betterment of livestock farmers. He expressed these views talking to two members of Remount Veterinary Centre of Pak Army Farm Director Commandant Brigadier Muhammad Akhtar and Commandant Centre of Excellence Colonel Mehboob Ahmed. He said that the matters of production of animals, provision of quality semen and embryo and facilities to poor and low-paid livestock farmers, building up their living standard and other related issues came under discussion, at the meeting. He said that Pakistan has a

population of 200 million people but it has shortage of production of animals. “Production of animals through poultry industry is being carried out but we have to increase production in livestock and fisheries sector from ten to twenty percent through concrete efforts,” he said, emphatically. Malkani said that Sindh would work on all projects seriously so that production of animals be increased, availability of quality semen and embryo be ensured, production of milk and meat be increased, training and capacity-building of officials be utilised and enhanced. Director Commandant Brigadier Akhter and Colonel Mehboob briefed the minister about Pak Army’s livestock farms. They said they had quality animals including buffaloes,

cows, bulls, etc., with better production facilities. They assured him they would work with Sindh government for provision of better semen and embryo besides training and management program for further improvements in this sector. Earlier, they held meeting with the Secretary Livestock and Fisheries Ghulam Hussain Memon and discussed the matters of mutual interests and relating issues of livestock farmers. They exchanged information on the measures taken for the improvement and betterment of the livestock farmers. Director General Livestock Dr Akbar Soomro, Director Abdul Qadir Junejo, Jameel Shaikh and Project Director Sindh Agriculture Growth Project Dr. Nazeer Kalhoro were also present.

Importance of technical, vocational education highlighted RECORDER REPORT

H Y D E R A B A D : Highlighting the importance of technical and vocational education and training, the representatives of public and private sector on Thursday resolved that cooperation between them would pave way for better delivery of technical and vocational training among youth to ensure job opportunities. This was the crux of a dialogue organized by the Sindh Technical Education and Vocational Training Authority (STEVTA) on private sector engagement for TVET delivery at a local hotel which included presentations and panel discussion on measures to increase the cooperation between public and private sector. The dialogue was organized with the support of TVET

Reform Support Programme, which is funded by the European Union, the Federal Republic of Germany and Royal Norwegian Embassy. The representatives of chamber of commerce and industry and trade associations from Hyderabad, Dadu, Badin as well as principals and instructors of the training institutes participated in the session. Director of Industrial Coordination(IC) Sindh TEVTA Abdul Hafeez Abro while taking part in the discussion said that the authority is taking the industry onboard for effective and quality delivery of TVET training. He said, “We are ready to work in collaboration with private sector to not only suggest but lead the training delivery.” The vice president of Hyderabad chamber of com-

merce and industry Ziauddin Qureshi assured all out support for the implementation of technical and vocational training, adding that private sector is ready to play its due role. He stressed better liaison between Sindh TEVTA and chamber and offered to set up a desk for better coordination mechanism between the training authority and industries. President of Hyderabad Small Chamber and Industry Akram Ansari laid emphasis on human resource development which is only possible through inclusion of private sector from the very beginning. Regional Director STEVTA Shahana Jabeen, Director of SZABIST Waheeda Mahesar, Ghulam Mohammed, Shafiq Lakho and others also spoke at the occasion followed by the question and answer session.

Senate body meets in Turbat TURBAT: A meeting of nine-member Senate Special Committee on CPEC was held in Turbat on Thursday under its Chairman Taj Haider. The meeting was briefed about the short, medium, and

long term projects to be completed under CPEC. Speaking on the occasion, Senator Taj Haider said CPEC will usher in a new era of progress and prosperity not only in Pakistan but in the

entire region. He said the development projects in various sectors, including highways, electricity, and economy, being executed under CPEC will particularly benefit Balochistan Province.—INP

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

9

NATIONAL NEWS

Budget proposals

Telecom sector seeks tax harmonisation, duty reduction SOHAIL SARFRAZ & TAHIR AMIN

ISLAMABAD: The telecom sector has proposed to the Federal Board of Revenue (FBR) to abolish customs duty/sales tax on imported mobile phones, eliminate SIM issuance and IMEI taxes and end FED/GST on data services, besides harmonisation of taxes across all provinces and reduction in customer advance tax from 14 to 10 per cent in the upcoming budget (2017-18). According to the budget proposals of the telecom sector submitted to the FBR for 201718, telecom sector has proposed massive changes in the tax regime including reduction in sales tax/FED to 17%. This cut in sales tax/FED would result in additional 1.8 million connections by 2021, besides increasing GDP by $ 600 million and total economy by $ 480 million by 2021. The removal of sales tax on SIM card would generate additional connections of 1 million by 2021, increase GDP by $1.2 billion and estimated employment increase will be 2,000 by 2021. Telecom sector has also proposed rationalisation of federal excise duty (FED)/sales tax rate, bringing it at par with other sectors. About reduction in withholding tax rate on mobile services, the telecom sector has proposed that as mobile consumers are unable to reclaim the withholding tax paid on mobile services because most of the subscribers’ income falls below the

2nd ‘Made in Khyber Pakhtunkhwa’ Expo from 6th RECORDER REPORT

PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) will hold the second edition of ‘Made in Khyber Pakhtunkhwa’ twoday exhibition in Islamabad from May 6 to 7. Briefing the media persons at the chamber house on Thursday, SCCI President Haji Mohammad Afzal said that the main notion of holding exhibition is to showcase handicraft, diverse culture, and traditional foods along with number of projects in various potential sectors and other specialty of the Khyber Pakhtunkhwa. Besides, he said to build-up soft image of Khyber Pakhtunkhwa in rest of the world also prime objective of the two-day expo He said the exhibition will be held at Pak-China Friendship Centre in Islamabad, which will be formally inaugurated by President Mamnoon Hussain, while Khyber Pakhtunkhwa Chief Minister, Pervez Khattak was invited at the closing ceremony. But, he said the participation of KP CM as chief guest was yet not confirmed. SCCI president said the exhibition will feature on food items, handicrafts, industrial inputs and related items of KP will be showcased in two day exhibition in Islamabad which would attract not only the residents of twin cities, allied areas but also the foreign dignitaries and their families. Mr Afzal said in the twoday exhibition around 100 stalls of different products made in Pakhtunkhwa will be presented for the people. He further said that different stalls like Peshawari Chappal, sweets, Swati shawl, embroidery work, etc will be presented for the people, adding that the sole aim of the exhibition was to invite national and international investors to take interest in investment opportunities in Khyber Pakhtunkhwa. Flanked by SCCI senior vice president, Mohammad Iqbal, Vice president Abidullah Khan, former president Zulfiqar Ali Khan, and Mohammad Iftikhar Awan and others, Mr Afzal said that the expo will build a soft image of Khyber Pakhtunkhwa in the world. He further said that the SCCI was working for the promotion of art and culture of Khyber Pakhtunkhwa across the country; adding that earlier, due to militancy and terrorism the business community of the province had faced difficult times but now with the efforts of police and Pak army calm has returned and peace restored in the province.

taxable limit, so this tax effectively acts as an excise duty. As with the sales tax, the withholding tax rate for mobile services is markedly higher than the rate for other sectors. The tax rate is also higher for mobile telephony and internet services than for fixed-line equivalents. Reducing the withholding tax rate will produce very positive results for the sector. It proposed abolishment of FED/GST on data services and harmonisation of taxes across all provinces. Currently there are different GST rates for voice and data in different provinces. Presently, the import taxes on mobile phones constitute 37% of device value. Therefore, reduction in custom duties and sales tax on imported mobile phones has been proposed. Telecom taxation comparison revealed that GST on telecom in Sindh is 19% while it is 19.5% in other provinces, while the level of GST on other services and sectors is 13-16%. Similarly FED on telecom services is 18.5% while it is 16% for other services. Sales tax rate of 19% on telecom is one the highest in Pakistan, second only to Uzbekistan among Asian countries. In Myanmar it is as low as 5%. The sales tax rates on telecom sector in the neighbouring countries India and Iran are 14% and 8% respectively. Withholding tax on telecom at the rate of 14% is one of the highest among all sectors with most sectors paying WHT in the range of 1-5%. Together

GST/FED and WHT make up a staggering 69% of total payments by mobile operators excluding the corporate tax. On Global Paying Taxing Index, Pakistan ranks 156th, which is primarily due to inefficiency, inequity and complexity of tax structure prevalent in the country. Minor adjustments to taxation on telecom will not only benefit the economy and society, but will also offset reduced fiscal income by additional revenues generated from increased penetration. As an example, bringing GST/FED to 17% alone can create 1.8 million additional connections, increase GDP by $ 1.2 billion and total economy by $ 480 million and generate 4,200 jobs by 2021. Similarly removing SIM sales tax and eliminating annual licence fees has the potential to add 1.2 million connections, increase GDP by $ 800 million and generate 4,500 jobs. Pakistan government acknowledges that sharing the tax burden among sectors could add another 3–4% to the tax-to-GDP ratio in the short run and up to 6% in the medium term. In Pakistan, telecom is one of the highly unpredictable sectors in terms of tax regime. Every year the GoP introduces finance bill that comprises major changes in tax laws. These changes affect the business plan for further investment in telecom sector, both in infrastructure and spectrum. In the financial year 2013-14,

the government of Pakistan increased the rate of advance WHT on telecom services from 10% to 15%. This change resulted in decrease in average revenue per subscribers, affecting long-term business plans of the telecom companies. Later from 2014-15, this rate has been reduced to 14%. Another instance is when the government in May 2015 levied sales tax @ 19.5% on data. This new tax directly affected the growth and penetration of digital inclusion in Punjab. Soon after the introduction of this tax, telecom and other related industries held a meeting with Punjab tax authority and finance minister Punjab for abolishment of sales tax in Punjab. After a lot of debates and discussions, finally in November 2015 the government of Punjab abolished data tax in Punjab. Out of 6 months, Telenor collected sales tax from consumers for 3 months only and paid it to Punjab Tax Authority. Telecom consumers in Pakistan contribute significant tax revenue to the government. These contributions include the GST/FED on voice, data and banking services, advance tax, devices taxes, and SIM issuance tax. While the telecom consumers falling in tax net should be subjected to taxes, a balance is needed between short-term revenue schemes and long-term strategies to support overall economy and growth, the telecom sector added.

Illegal trade of organ transplantation touches $2bn mark: Swati AAMIR SAEED

ISLAMABAD: The illegal human organs transplantation business in Pakistan has reached around $2 billion, as a kidney is bought from a poor person for Rs50,000 and sold to an influential patient at Rs5 million each in connivance with doctors and paramedics. This was claimed by Pakistan Tehreek-e-Insaf Senator Azam Khan Swati at a meeting Senate Standing Committee on National Health Services, Regulations and Coordination held here with Senator Sajjad Hussain Turi in the chair at Parliament House on Thursday Upon hearing this, the committee directed Pakistan Medical and Dental Council (PMDC) to initiate action against the institutions awarding fake medical degrees and offering fake medical courses to students, seal such institutions forthwith, besides referring their cases to Federal Investigation Agency (FIA) for further legal action. Discussing illegal transplantation of human organs, Senator Azam Swati said the business is rampant across the country and this has reached up to $2bn.

He said that many fake medical practitioners coerce poor people into selling their kidneys just for Rs50,000 and then sell each kidney to influential patients for Rs5m. He said the government had committed to legislate on the issue, but it has yet to bring forth its human organs transplantation bill for the approval. The additional secretary of the ministry informed the committee members that a bill is being prepared for the purpose, but its implementation will be limited to the federal capital only as the subject has been devolved to provinces after the passage of 18th constitutional amendment. He suggested the committee members to establish a federal organisation that could check illegal transplantation of human organs across the country. The PMDC president informed the committee members that around 40 per cent people in the world donate their organs, but the ratio is almost zero in Pakistan, and this requires creating awareness among the masses about the issue. He also informed the commit-

tee that some doctors involved in illegal human organs transplantation in Islamabad have left the city and law-enforcement agencies have been trying to arrest them. Briefing the committee about action taken against `fake’ doctors, the PMDC chief said that the council has not received complaints about the `fake’ doctors since the up-gradation of the online system. About spurious drugs, the ministry’s additional secretary told the committee members that a bar coding system is being implemented in over 100 countries of the world to check spurious medicines and this would also be implemented in Pakistan in the next three years. The committee chairman said that private hospitals have been fleecing patients on the pretext of providing them better health facilities, besides the fees of their doctors was beyond the reach of a common man. The committee was also informed that Pakistan Institute of Modern Studies, Institute of Management and Health, and Modern Institute of Informatics and Medicines are not registered with the PMDC.

First Ministerial review of Pakistan-Italy SEP held in Rome ISLAMABAD: The First Ministerial review of the Pakistan-Italy Strategic Engagement Plan (SEP) was held in Rome on Thursday, says a press release issued here. The Pakistan side was led by Sartaj Aziz, Adviser to the Prime Minister on Foreign Affairs, and the Italian side was headed by Angelino Alfano, Minister of Foreign Affairs and International Cooperation. The two sides reviewed the entire spectrum of bilateral relations. They expressed satisfaction at the deepening ties between Pakistan and Italy, and the progress under various strands of the SEP. Terming the SEP a comprehensive document, which represents a longterm commitment to work together to further strengthen this partnership, the two sides agreed to intensify efforts to achieve the objectives set out under this framework. Acknowledging the growing frequency of high-level interaction between the two sides, they agreed to enhance leadershiplevel interaction to further boost the existing relationship. In the economic sphere, the two sides renewed their com-

mitment to further expand bilateral trade. It was also agreed to undertake measures to promote investment and joint ventures. Pakistan appreciated Italian support in the EU and the two sides agreed to continue collaboration on EU related matters. The two sides appreciated the outcome of the second session of the Joint Economic Commission (JEC) in Islamabad in December 2016, which identified key areas of economic and development cooperation, including infrastructure development, renewable energy, automotive sector, pharmaceuticals, agro-industry and mining. They agreed to expeditiously implement the decisions reached at the JEC. Taking note of the growing cooperation in the field of defence, the two sides agreed to further deepen cooperation in this area. Views were also exchanged on regional and international issues of importance, including Afghanistan, Pakistan- India relations, Mediterranean and Sahel regions, migration and the EU. Pakistan and Italy termed terrorism as a major threat, which

needs to be eradicated through greater international cooperation. They expressed satisfaction at ongoing collaboration between the two sides in this sphere. Both sides expressed satisfaction at their continued cooperation at the UN and other multilateral forums. As members of the Uniting for Consensus (Ufc), Pakistan and Italy work closely and have similar positions on the issue of Security Council Reform. They agreed that while refusing to accept self-serving agenda on reforms and expansion of the UN Security Council, they would remain flexible and constructive. On membership of the Nuclear Suppliers Group (NSG), both sides agreed on a criteria based and non-discriminatory approach. The two sides agreed to enhance the ongoing collaboration in the field of culture and encourage people-to-people contacts. The Italian side welcomed the positive contribution made by the 130,000 strong Pakistani diaspora in further strengthening the relationship between the two countries.—PR

NA standing body approves ‘The Holy Quran Act, 2017’ RECORDER REPORT

ISLAMABAD: The National Assembly Standing Committee on Religious Affairs and Interfaith Harmony has approved ‘The Holy Quran (Education and Propagation, Recitation by Sighting, Translation, Learning by Heart and Correct Pronunciation) Act, 2017’. The bill moved by MNA Sahibzada Tariq Ullah was titled as ‘The Education of Holy Quran According to Recitation by Sighting and with Translation, Learning by Heart and with Correct Pronunciation Bill, 2014’ which was reconsidered and approved by the committee after vetting by the Law Division. The committee took place under the chairmanship of MNA Hafiz Abdul Kareem. The Committee discussed the minority rights bill titled ‘The National Commission for Minority Rights Act, 2015’ which was moved by MNA Lal Chand Malhi. MNA Tariq Christopher Qaiser recommended increasing the members of the Commission to make it useful and effective, and to give representation to all the minority communities of Pakistan. He also suggested giving the right to the minorities to elect their representatives directly. The committee constituted its sub-committee under the convenorship of MNA Ali Muhammad Khan including Lal Chand Malhi, Tariq Christopher Qaiser and Sahibzada Muhammad Yaqub to discuss the Minority Rights Bill 2015 in its meetings and give suggestions to the main committee. The committee also discussed a private member’s Bill titled ‘The Child Marriage Restraint (Amendment) Bill, 2016’ moved by MNA Kishwer Zehra, in the meeting and was rejected unanimously. Then the committee was given a comprehensive briefing by the ministry on the Hajj arrangements. The committee recommended resolving the issues of pilgrims and the ministry on priority basis.

Importers buy US soybeans, Black Sea rapeseed HAMBURG: Importers have in recent weeks purchased about 65,000 tonnes of soybeans to be sourced from the United States and more than 100,000 tonnes of rapeseed with the Black Sea region seen as the likely source, European traders said on Thursday. The soybeans are for shipment in September and the rapeseed was purchased in several consignments between the end of April and this week, they said. Rapeseed shipment is in July/August and the oilseed is expected to be sourced from the Black Sea but with options to ship from Australia and Canada, the traders added. Pakistan has been a heavy buyer of soybeans from North and South America in recent months. Strong demand for unprocessed beans has been created by higher import duties on processed soymeal. Traders said they believed that Pakistani importers may have also purchased two further shipments of similar sizes of soybeans likely to be sourced in the United States, one for August/September shipment and one for October shipment. But one of these deals includes Brazil as a possible origin, so it may be sourced in South America. Importers could continue soybean purchases in the coming months. “Pakistan is buying an average of 100,000 to 120,000 tonnes of soybeans monthly, largely from Brazil and the United States,” one trader said. “It is possible that Pakistan’s imports of soybeans could reach 1.2 million tonnes during January to December 2017.” This would be a similar level to 2016 soybean imports, which in turn were up from only 579,000 tonnes in 2015. More purchases of rapeseed/canola are also expected, with talk of deals for Canadian new-crop canola. “The rapeseed bought in the past couple of weeks is expected to be sourced from the Black Sea region as rapeseed from countries such as Ukraine and Romania is currently up to $20 a tonne cheaper than Canadian canola and has good oil content levels,” one trader said. “However, Canadian canola has better meal yields.”—Reuters

SC resumes hearing of petition seeking disqualification of Imran, Tareen KHUDAYAR MOHLA

ISLAMABAD: The Supreme Court was urged on Thursday to declare Imran Khan disqualified from the membership of the Parliament on the grounds that he failed to disclose assets and offshore companies before Election Commission of Pakistan. A three-member bench of the Supreme Court led by Chief Justice Mian Saqib Nisar resumed hearing of a petition seeking the disqualification of Pakistan Tehreeke-Insaf (PTI) Chairman Imran Khan and Secretary General Jahangir Khan Tareen over alleged violations of the Income Tax Ordinance 1979 and Peoples Act 1974. Commencing his arguments on behalf of Hanif Abbasi in the matter, Advocate Muhammad Akram Sheikh raised a number of questions for court’s decision. He argued that Imran Khan has made false declaration under provisions of the Political Parties Order 2002 that no funds from any source prohibited under the law were received by the party. Sheikh argued that Imran Khan has failed to disclose assets and he concealed an offshore company while submitting his statements of assets and liabilities, therefore he is liable to be declared disqualified from being elected or remain member of the Parliament by the apex court under Article 62 and 63 of the Constitution. Abbasi’ counsel pleaded that Imran Khan is guilty of offences of ‘corrupt practice’ and ‘tax evasion’ by declaring that Banigala property is a gift from his former wife in his ‘statements of assets and liabilities’ whereas, admittedly she was only a benamidar of the said property. He requested the court to decide whether mis-declarations, misstatements and contradictory regarding Banigala property provide grounds for Imran Khan’s disqualification from the Parliament under Article 62(1)(f) of Constitution and whether Imran Khan misused the tax amnesty scheme and played a fraud on public exchequer. Sheikh alleged that Imran Khan, as chairman of the PTI, had appointed PTI USA Liability Limited Company (LLC) as its agent under Foreign Agent Registration Act (FARA) for collection of

foreign funds not only from individuals but also from corporate entities. He said that the LLC has seven directors and out of them two are Pakistanis whereas five are US nationals who had collected funds from US citizens and companies in violation of Article 6(3) of PPO therefore he is liable to be disqualified under Article 62(1)(f) and 63(1)(p) of Constitution for intentionally making a false declaration. Sheikh said that Imran Khan cannot claim to be ignorant of the activities of PTI USA LLC, adding that Sheikh argued that Niazi Services Limited (NSL) was incorporated and registered on May 10, 1983 under the law of Jersey Island. The counsel apprised the bench that Imran Khan has admitted that the NSL was incorporated to purchase a flat in London, saying on the other hand the NSL is not mentioned in Imran Khan’s asset and liabilities statement before the ECP. Sheikh alleged that Imran Khan gave contradictory statements regarding the ownership of the flat in London, adding that at one point he called himself the absolute owner of the flat but another point of time he called himself the beneficial owner of the flat. The counsel said that during the year 2000, Imran Khan as an individual availed tax amnesty scheme regarding the flat, adding how the PTI chairman could avail the amnesty scheme as an individual if the offshore companies owned the flat in UK. Sheikh further raised question as to why Imran Khan paid tax on a property, which was owned by the three offshore companies, saying as per claim of Imran Khan he bought the flat to save tax then why did he later ‘voluntarily’ declared the same flat and paid tax on it. He argued that about Banigala land, Imran Khan has made five divergent misdeclarations because Khan in his ‘Statements of Assets and Liabilities’ from 2014 to 2015 before the ECP stated that the land was gifted to him by his wife. However, his former wife Jemima Khan stated in a power of attorney of April 12, 2005 that Imran Khan purchased the property in her name and it was a ‘benami transaction. Responding to a member of the bench Justice Faisal

Arab’ query that as to why the petitioner approached the apex court for Imran Khan’s disqualification from the Parliament, Sheikh submitted that PTI was receiving funds from the prohibited sources. Justice Umar Atta Bandial observed that allegation of funding from the prohibited sources would have to be proved, to which the counsel submitted that he can produce written agreement of Imran Khan in this regard. Sheikh pleaded that through the PTI USA LLC, an amount of $ 90,000 was remitted to Pakistan on October 30, 2015 and submitted that those who funded were not Pakistanis. Responding to another query of the bench that no documents show that PTI has been funded by foreigners, the petitioner’s counsel submitted that due to limited sources, his clients has furnished the material as evidence which is available on the internet. Sheikh informed the court that matter relating to foreign funding to the PTI is adjudication before the ECP, to which the PTI counsel Anwar Mansoor apprised the bench that Islamabad High Court has issued directives to the Commission for a speaking order in the matter. Justice Umar Atta Bandial raised a question whether the current matter could be filed before an election tribunal, to which Sheikh submitted that the government can file a reference before the apex court. Chief Justice Mian Saqib Nisar asked the counsel for the PML-N leader that under which law it is mandatory to show the details of properties or foreign assets for non-residents. Sheikh said that Imran Khan was no more non-resident after filing tax return in Pakistan, to which Chief Justice Mian Saqib Nisar observed that the petitioner’s counsel has not cited any law to substantiate his argument. However, Sheikh submitted that he is not proficient in tax matters, saying after consulting a tax lawyer he can submit response of the query to the court. Justice Faisal Arab said while addressing the PML-N counsel that he would also have to submit the law under which it was mandatory to declare foreign assets while Imran Khan had filed declaration before the ECP. Later, hearing of the matter was adjourned till May 8.

Dar lauds launching of 50-year history book of Asian Development Bank YOKOHAMA: Finance Minister Senator Muhammad Ishaq Dar on Thursday said that remarkable work was done by documenting 50 years history of the Asian Development Bank and highlighting its stentorian role in the economic development and growth of Asia-Pacific region. Expressing his views as panelist at the launching ceremony of the ADB history book, “Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank,” Ishaq Dar along with ADB President Takehiko Nakao and other panelists said Pakistan had a great partnership experience with the bank. The ADB, he observed was the nearest place and any regional country could approach it in the hour of need. The bank played an important role in the Asian economies’ miracles, he added. The bank proved to be a good partner and it made the financing available to the member countries in support of their struggle for economic development, the minister noted. He was of the firm view that Asian Development Bank and Asian Infrastructure Investment Bank were not rivals rather complementary for each other, adding regional connectivity, cooperation and coordination was much-

needed for mutual benefits. Commenting on the problems facing regional economies, the minister said there could not be a single generic solution for all the countries, since their problems were of different nature thus needed to be addressed through diverse means. During the discussions, the minister stated that Japan extended enormous support and good leadership to the Asian Development Bank, which proved successful on the basis of its performance. Earlier, the book released at ADB’s 50th Annual Meeting of the Board of Governors, unveiled details about ADB’s activities from its origin in 1966, decade by decade to the present day. It also illustrates the genesis of ADB regarding different proposals from across Asia and the Pacific, preparatory meetings in Bangkok, Manila and other cities, and collaboration of people within and outside the region to discuss the charter, membership, and location of the headquarters. The book, authored by Peter McCawley, an academic from the Australian National University, a former Executive Director of ADB and former Dean of the ADB Institute was supported by the intensive work of a team of ADB staff, and benefitted from comments and inputs of numerous people,

including former ADB personnel. The book aims to review how ADB over 50 years has responded to Asia’s challenges given its unique regional perspective. It provides an objective and comprehensive account of ADB’s 50 years through three historical narratives Asia’s economic development, the evolution of the international development agenda, and the story of ADB itself. ADB President Takehiko Nakao said, “The unique character of this book is to discuss Asia’s economic history, from the perspective of development and based on the rich experience of ADB’s interaction with countries.” In his foreword, Takehiko Nakao wrote that ADB was a child of the genuine aspiration by people across the region, and that the establishment of ADB represented a spirit of regional cooperation. Looking back at ADB’s achievements in supporting its developing member countries, he summarized them into three broad functions: (i) combining finance (loans and grants) with knowledge in infrastructure and social sector projects; (ii) promoting good policies through dialogue, capacity building, and policybased lending; and (iii) catalyzing regional cooperation and friendship.—APP

10 BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017 WORLD STOCKS

British stocks lag Europe as miners, retailer Next sink • HSBC profits, capital ratio beats drive gains LONDON: British blue-chip stocks rose slightly on Thursday but lagged European peers, with miners falling and retailer Next slumping as a difficult consumer environment bit into its profits. The FTSE inched up 0.2 percent, while the main German and French indexes both rose more and hit fresh highs. The British index was supported by gains among financial stocks which were led higher by a 2.8 percent surge in HSBC after profits at the major bank beat expectations and its capital position improved. The bank’s common equity tier 1 ratio, a measure of financial strength, was 14.22 percent, up from 11.9 percent in the same period last year. “The stronger CET1 print

SE Asian stocks largely up SINGAPORE: Most Southeast Asian stock markets rose on Thursday, with the Philippines posting its highest close since September 2016, buoyed by mining stocks after the ouster of the country’s environment minister over her anti-mining advocacy. Philippine lawmakers ended a 10-month crusade by Environment Secretary Regina Lopez on Wednesday, forcing out the eco-warrior whose mining crackdown was backed by the president but led to demands of her removal by miners. Apex Mining Co Inc surged as much as 20.2 percent to its highest in over two months, before closing 6.4 percent higher. Philex Mining Corp closed up 0.4 percent after rising as much as 1.3 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.4 percent, taking cues from a subdued session on Wall Street after the Federal Reserve’s hawkish policy statement. The Fed downplayed weak first-quarter economic growth and emphasised the strength of the labour market, a sign it was still on track for two rate increases this year. Singapore shares fell, dragged down by financials. DBS Group Holdings Ltd fell 1.8 percent and OverseaChinese Banking Corp Ltd dropped 0.2 percent. Malaysian shares hit a near two-week closing low, hit by financials. A $1.7-billion property deal that was expected to ease the debt burden of Malaysian state fund 1Malaysia Development Berhad (1MDB) fell through on Wednesday, complicating Prime Minister Najib Razak’s efforts to move on from a financial scandal surrounding the fund. Thai shares posted their highest close since April 18, buoyed by financial and energy stocks, while Indonesia gained 0.4 percent.—Reuters

leaves the group in a stronger position to absorb any regulatory headwinds,” said KBW analyst Richard Smith. Royal Dutch Shell shares inched up 0.3 percent, paring earlier gains driven by a solid earnings update, as oil prices fell to their lowest since November. Concern over rising global crude supply and high inventories effectively wiped out most of the gains made since OPEC announced its first supply cut in eight years. Shell more than doubled first-quarter profits as higher crude prices gave a helping hand and refining margins improved. A difficult environment for UK consumers weighed on clothing and homeware retailer Next, the biggest faller on the

owner Whitbread’s results last week. Materials sector stocks were the biggest drag to the FTSE, with miners Antofagasta, Anglo American and Glencore all down more than 3 percent as copper fell to five-months lows on rising inventories and worries over demand. Precious metal miner Randgold Resources inched higher after reporting a 33 percent rise in first-quarter profit, though it said production fell due to labour strikes at two of its mines. Mid-cap bookmaker Ladbrokes Coral slipped 4.3 percent after full-year results revealed weaker UK trading. Retail net revenue, the majority of its business, fell 2 percent. Insurer RSA jumped to a 51/2-year high after it reported premiums rose 14 percent in the first quarter.—Reuters

Earnings, data, politics push buoyant European shares higher • Over 80pc of European firms beat revenues so far MILAN: European shares powered ahead on Thursday as earnings, economic data and politics aligned to boost the market to further highs. The pan-European STOXX 600 index rose 0.7 percent, holding at 20-month highs, while German blue chips soared to an all-time high and France’s CAC climbed to its highest in more than nine years. As the European earnings season nears the halfway mark, more than 80 percent of companies have beaten analyst expectations for revenues, showing that a recovery in demand is driving sales, according to Thomson Reuters I/B/E/S data. “The numbers (for Europe) are stronger than in the US, with the average earnings surprise standing at more than 10 percent, while sales surprises are a strong 2.4 percent,” analysts at Credit Suisse said in a note. Also supporting the region’s stocks were signs that centrist Emmanuel Macron is set for victory in France’s presidential election on Sunday, and a survey showing euro zone businesses started the second quarter by turning out their best perfor-

mance in six years. European banks rose 1.5 percent after lender HSBC jumped 2.9 percent, having posted a better-than-expected first-quarter profit and capital position. “Overall we view this as a positive set of results,” Gary Greenwood, analyst at Shore Capital Markets, said in a note, adding that the figures could potentially push up forecasts. Likewise a bullish statement from the US Federal Reserve after it kept interest rates on hold helped the sector, as banks benefit from a higher interest rate environment. Oil and gas stocks slipped 0.1 percent, reversing earlier gains as crude fell to its lowest since November. Concern over rising global supply and high inventories effectively wiped out most of the gains made since OPEC announced its first supply cut in eight years. But Statoil and Royal Dutch Shell managed to eke out small gains, both up around 0.3 percent, following robust earning updates from both. “We have seen a sharp recovery in profits and strong cash flow from Royal Dutch Shell

this quarter,” said Simon Gergel, UK equities CIO at Allianz Global Investors. “The company has generated sufficient cash to cover capital expenditure and the full cost of dividends ... This provides further reassurance about the benefits of the BG deal to the group’s cash flow and the sustainability of the company’s dividends.” Results also boosted shares in brewer AB InBev and Austrian engineer Andritz, Italy’s Leonardo and Ferrari, which were among top gainers in Europe. Swedish biometric firm Fingerprint Cards was the biggest STOXX faller, dropping 6.4 percent after a disappointing first quarter report. Fingerprint’s operating profit slumped 88 percent, well below expectations, weighed down by excess inventories. British retailer Next was also under pressure, down 5.1 percent after cutting the top end of its full-year profit guidance. European mining firms fell 2.3 percent as copper, aluminium and gold prices sagged, weighing on shares of aluminium producer Norsk Hydro, Centamin and Anglo American.—Reuters

China stocks at three-month lows

SHANGHAI: China stocks extended losses on Thursday to close at three-month lows, after a survey showing softer services sector activity raised concerns over growing economic risks. The blue-chip CSI300 index fell 0.3 percent, to 3,404.39 points, while the Shanghai Composite Index also closed down 0.3 percent at 3,127.37 points. Growth in China’s services sector cooled to its slowest in almost a year in April as fears of slower economic growth dentSYDNEY: Australian shares ed business confidence, even as fell on Thursday as softer cost pressures eased, a private metal prices and technical sell- survey showed on Thursday. ing drove miners and banks lower, pulling the index down for a third straight session. The Australian was weakened by a strengthening in the US dollar after the Federal MUMBAI: Indian shares Reserve kept US rates ended higher on Thursday as unchanged and characterised bank stocks climbed on a govweakness in the economy over ernment move to tackle surging the first quarter as temporary. bad loans, while ICICI Bank ralThe S&P/ASX 200 index lied 9 percent after it said addiclosed 15.942 points, or 0.3 tions to non-performing loans percent, lower at 5,876.4. would be lower this year. The ‘Big Four’ banks were The broader NSE index the biggest drag on the index losing between 0.6 percent and closed up 0.51 percent, ending at a record closing high of 1.7 percent. National Bank of Australia 9,359.90, while the benchmark reversed trend to end 0.5 per- BSE index ended 0.77 percent cent lower after having gained higher at 30,126.21. India’s cabinet has taken sigas much as 2.2 percent earlier in the session. NAB had post- nificant decisions on the country’s banking sector, Finance ed a 2.3 percent rise in halfyear cash profit, beating ana- Minister Arun Jaitley said on Wednesday, declining to give lysts’ estimates. Rio Tinto and Fortescue further details, saying it needed a Metals fell 1.8 percent and 4.8 percent. BHP Billiton, however, crept up 0.1 percent. New Zealand’s benchmark TAIPEI: Taiwan stocks traded S&P/NZX 50 index was down 0.4 percent, or 27.43 points flat on Thursday, pausing after an eight-session winning streak lower, at 7,378.41. The financial and healthcare as overseas markets slipped sectors fell as Westpac tracking a subdued Wall Street. As of 0452 GMT, the main Banking and Australia and New Zealand Banking TAIEX index was unchanged at declined 1.4 percent and 2 per- 9,958.39, after closing up 0.1 cent respectively, a third percent on Wednesday, its straight losing day.—Reuters eighth straight session of gains.

Australian, NZ shares dip

FTSE. Its shares sank 5.1 percent, scoring their worst day since its January profit warning, after it further trimmed its 2017 profit guidance, saying shoppers were cutting back on spending. “This shows just how tough the high street is,” said Andrew Jackson, manager of Miton UK Value Opportunities fund. “Disposable incomes are being squeezed, and even the mighty Next has no way of countering these headwinds.” The results had a ripple effect on peers Marks & Spencer and Sainsbury, which fell 2.5 and 1.6 percent respectively. Next adds to growing concerns over a consumer squeeze which also hit carpet retailer Carpetright and Costa coffee

The findings echoed a similar trend of slowing growth seen in China’s official factory and services surveys on Sunday. “A turning point in growth appeared to have emerged at the beginning of the second quarter. Investors should be cautious about downward risks in the economy,” Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said in a note. Further curbing sentiment, the securities regulator on Wednesday vowed to step up efforts to prevent and control financial risks ahead of a key

Party Congress later this year. Participants had already been rattled by tougher regulations recently to dampen market speculation, but Liu Qihao, an analyst with Shanghai Securities, said chances for a major downturn in the main indexes were low. Most sectors lost ground, led by material and energy stocks, dragged down by an across-the-board sell-off in the commodities market. Bank stocks continued to weigh on the market, with an index tracking the nation’s major lenders closing at a near nine-month low.—Reuters

Indian shares rise Presidential accord. The government would likely provide the Reserve Bank of India with more power and flexibility to deal with bad loans, the Times of India reported. (http://bit.ly/2q0WxXq) “If the government has come out with a meaningful step which will help banks speed up the process of resolution of stressed assets that will be a significant boost for the profitability of corporate banks,” said Shibani Kurian, senior vice president and head of equity research at Kotak Mutual Fund. The NSE Bank index rose as much as 1.42 percent to an alltime high.

Bank of Baroda, State Bank of India and Canara Bank gained more than 2.5 percent each. ICICI Bank was up 8.9 percent after the lender said it expected additions to stressed assets to be significantly lower this financial year, although it posted weaker-than-expected earnings. Steel makers rose after the cabinet on Wednesday approved a proposal to make the use of local steel mandatory for government’s infrastructure projects, aimed at boosting the sales of local companies. Jindal Steel & Power, JSW Steel and Steel Authority of India Ltd rose more than 2 percent each.—Reuters

Taiwan stocks flat The electronics subindex rose as much as 0.4 percent, while the financials subindex remained unchanged. Among actively traded shares, display manufacturer Innolux gained as much as 3.2 percent, but electronics maker Inventec slipped up to 0.6 percent. The next set of economic data could fuel bullishness to

push the index to the key 10,000 mark. Exports data for April are due on Monday and they are expected to rise for the seventh month, a Reuters poll showed. Inflation data due on Friday should remain mild, the poll showed. The Taiwan dollar softened T$0.027 to T$30.099 per US dollar.—Reuters

Treasury yields rise NEW YORK: Benchmark US Treasury yields rose after the Federal Reserve kept interest rates unchanged and downplayed weak first-quarter economic growth, keeping a rate increase in June on the table. In a bullish statement following the end of a two-day meeting, the central bank emphasized the strength of the labor market and said inflation has been “running close” to the Fed’s target. “The Fed doesn’t need the economy to excel from where it is now in order to raise rates further,” said Lou Brien, a market strategist at DRW Trading in Chicago. “They want to move the rate higher than where it is given the current conditions, and I don’t think they want to take that anticipation off the table just because we’ve had some slowing data.” Benchmark 10-year notes fell 4/32 in price to yield 2.31 percent, up from 2.30 percent on Tuesday. Futures traders are pricing in a 75 percent chance of a June rate increase, up from 71 percent before the statement, according to the CME Group’s FedWatch Tool. US 30-year bond yields fell and the yield curve flattened after the Treasury Department said it was studying the issuance of an ultra-long bond but did not commit to one. That came after Treasury Secretary Steven Mnuchin said on Monday that his department was looking into the issuance of bonds with maturities beyond 30 years. “I think a lot of people were expecting the Treasury to commit to an ultra-long issue,” said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. The Treasury Borrowing Advisory Committee (TBAC), a group of banks and investors that advises the Treasury on debt issuance, also expressed reservations about demand for longer-dated bonds. In a presentation released on Wednesday, the TBAC said it does “not see evidence of strong or sustainable demand for maturities beyond 30 years.” Thirty-year bonds gained 15/32 in price to yield 2.96 percent, down from 2.98 percent on Tuesday. The yield curve between 5year notes and 30-year bonds flattened to 111 basis points, from 117 basis points on Tuesday. The Treasury also kept the size of its 10-year and 30-year bond sales planned for next week unchanged, after some investors had expected these issues to be increased. The Treasury said it will sell $62 billion in coupon debt next week, including $24 billion in 3-year notes, $23 billion in 10year notes and $15 billion in 30-year bonds.—Reuters

NEW YORK: Chief Executive Officer of Delta Airlines Ed Bastian gavels close the trading day during the closing bell ceremony at the New York Stock Exchange (NYSE), here on Wednesday.—Reuters

Wall Street lower as Fed holds on rates; financials gain • Apple slips after surprise dip in iPhone sales • Delphi soars after spinoff announcement

NEW YORK: Wall Street kept losses on Wednesday after the US Federal Reserve held interest rates unchanged following its two-day policy meeting, and as investors digested another heavy round of earnings reports. The US central bank downplayed weak first-quarter economic growth and emphasized the strength of the labor market, in a sign it could tighten monetary policy as early as June. Investors are betting on a 65percent chance of a hike in June, according to Thomson Reuters data. The S&P financial sector, which is seen benefiting in a rising rate environment, was up 0.5 percent after the Fed’s bullish statement, leading all groups. Eight of the 11 major sectors were lower, however. The Fed is in its first tightening cycle in more than a decade after it spent years keeping rates near zero to help the economy following the 2007-2009 recession. “The Fed is communicating its mantra of gradual rate hikes,” said Ryan Sweet, senior economist at Moody’s Analytics in West Chester, Pennsylvania. “The next time they will likely raise rates would be June.” The Dow Jones Industrial Average rose 1.54 points, or 0.01 percent, to 20,951.43, the S&P 500 lost 5.14 points, or 0.21 percent, to 2,386.03 and the Nasdaq Composite dropped 30.57 points, or 0.5 percent, to 6,064.79. The benchmark S&P 500 has returned to near its all-time high during an earnings season that generally come in above expectations. First-quarter profits at S&P 500 companies are estimated to increase 14.2 percent, its strongest growth since 2011, according to Thomson Reuters I/B/E/S. HONG KONG: Hong Kong Apple shares fell 0.4 percent, stocks slipped slightly on weighing on indexes, but recovThursday, as a jump in index heavyweight HSBC Holdings largely counterbalanced any bearish sentiment stemming from the US Federal Reserve’s hawkish policy statement. COLOMBO: Sri Lankan The Hang Seng index fell shares ended firmer on 0.1 percent, to 24,683.88, Thursday, helped by foreign while the China Enterprises buying in blue chips, after the Index lost 0.8 percent, to International Monetary Fund 10,088.02 points. said it may consider the counThe Fed kept its benchmark try’s request for a second loan interest rate steady as expect- review. The Colombo stock index ed, but downplayed weak firstquarter economic growth and ended 0.59 percent stronger at emphasised the strength of the 6,602.44, near its one-year labour market, a sign it was closing high hit on Friday, still on track for two more boosted by foreign buying in interest rate increases this heavyweights such as John Keells , up 2.1 percent, and year.—Reuters

Hong Kong shares fall

Thursday’s early afternoon trade

Stocks drop with oil prices, health bill vote awaited NEW YORK: US stocks were lower in early afternoon trading on Thursday as a steep fall in crude oil prices weighed on energy shares and with healthcare stocks in focus ahead of a cliffhanger vote on repealing Obamacare. Lawmakers will vote later in the afternoon on a Republican healthcare bill to repeal and replace major portions of former President Barack Obama’s signature healthcare act. If the bill passes it will hand a major legislative victory to President Donald Trump, but will face steep hurdles in the Senate. The S&P healthcare index was up 0.5 percent, the secondbiggest increase among the 11 major S&P 500 sectors. The losers were led by the energy sector, which fell 2.24 percent to its lowest level since August as crude oil prices slumped more than 4 percent on fears of an oversupply. Exxon and Chevron were among the biggest drags on the three major indexes. Facebook also weighed on both the S&P 500 and Nasdaq as its shares fell 1 percent after the company’s outlook on advertising growth and expenses spooked investors. Apple was down 0.5 percent, and was the biggest drag on the Nasdaq. At 12:52 p.m. ET (1652 GMT) the Dow Jones Industrial Average was down 49.08 points, or 0.23 percent, at 20,908.82. The S&P 500 was down 2.16 points, or 0.09 percent, at 2,385.97 and the Nasdaq Composite was down 5.10 points, or 0.08 percent, at 6,067.45. The US stock market had opened higher after the Federal Reserve indicated it could raise interest rates in June and downplayed recent weak economic data. “I think the Fed’s diagnosis of what happened in the first quarter was basically correct,” said David Donabedian, chief investment officer of CIBC Atlantic Trust Private Wealth Management in Washington. “The economic data waxes and wanes and there’s clearly a seasonal adjustment in the first quarter from which we see a bounce back.”—Reuters ering from steeper losses after The stock was the biggest perthe company’s quarterly report, centage gainer in the S&P 500. in which it reported a surprise The New York Times Co rose fall in iPhone sales. 12.2 percent after the newspaper In other corporate news, publisher reported its biggest Sprint shares slid 13.5 percent quarterly revenue growth in six after the US wireless carrier did year. not give specifics on deals it Declining issues outnumbered would pursue, even as its quar- advancing ones on the NYSE by terly loss narrowed. a 1.83-to-1 ratio; on Nasdaq, a Delphi Automotive shares 2.22-to-1 ratio favoured declinjumped 9.3 percent after the ers. company said it plans to spin off The S&P 500 posted 30 new operations tied to internal com- 52-week highs and 7 new lows; bustion engines and focus on the Nasdaq Composite recorded technology for electrically pow- 78 new highs and 65 new lows. ered and self-driving vehicles. —Reuters

Sri Lankan shares gain Ceylon Tobacco Company, up 1.2 percent. “With the renewed foreign interest, we can see retail investors are slowly returning to the market. Fundamentally sound stocks moved the market today,” said Atchuthan Srirangan, a senior research analyst at First Capital Holdings PLC. “The positive IMF news also helped boost the market sentiment.” Analysts said the market

will continue to be bullish with mild profit-taking. Turnover stood at 1.08 billion rupees ($7.09 million), more than this year’s daily average of 901 million rupees. Foreign investors net bought shares worth 62.2 million rupees, extending their year-to-date investment in equities to 16.52 billion rupees. They bought a net 14 billion rupees worth of equities in the last 29 sessions.—Reuters

Dubai’s Arabtec shines, Egypt rises in slack markets • Saudi Arabia posts small loss for week DUBAI: Arabtec’s shares rose after the Dubai builder swung to its first quarterly net profit since September 2014, bucking the trend in most of the region’s markets which followed global bourses and oil prices lower on Thursday. “The return to profitability (at Arabtec) is a good indicator and we believe there will be no negative surprises in the near term,” said Allen Sandeep, head of equities research at Naeem Brokerage. Arabtec’s board approved a 1.5 billion dirham rights issue on Monday and Sandeep maintained a “hold” rating on its shares until after the capital hike is completed this month, when he will reassess his recommendation.

Drake & Scull, another Dubai builder hit hard by low oil prices and austerity measures, rose 1.1 percent. The Dubai index closed the day and the week almost flat. Saudi Arabia’s index fell 0.6 percent, erasing all of the gains made earlier in the week, with fallers outnumbering rising stocks by 135 to 22. National Shipping Co (Bahri) rose 0.8 percent after the crude oil transporter said lower commodity prices and higher bunker costs had hit its bottom line, but its fleet expansion had helped it to expand market share. Saudia Dairy and Foodstuff Co climbed 2.2 percent after it reported a rise in full-year net profit, which it attributed main-

ly to low soft commodity costs and “careful expense management”. The board recommended an annual cash dividend of 4 riyals per share. Saudi Airlines Catering fell 0.3 percent after its board recommended a cash dividend for the first quarter of 1.25 riyals, lower than the 1.75 riyals it distributed a year ago. The company’s net profit fell 6.9 percent to 121.4 million riyals, while total revenue decreased 5 percent. Qatar’s index fell 0.2 percent, its third consecutive session of declines, to a fivemonth low. Oil-related shares were some of the worst performers, with oil rig provider Gulf International Services dropping 2.2 percent. The Qatari index fell 1.8 percent for the week, the worst

performer in the region. Telecommunications operator Ooredoo, however, rebounded 1.1 percent after falling earlier this week on news that three other Gulf mobile operators were bidding for an Omani licence, which could hurt its Omani unit, Ooredoo Oman. Abu Dhabi’s index added 0.8 percent on the back of gains in large banks, with First Abu Dhabi Bank up 1.8 percent. In Egypt, the index climbed 0.8 percent in modest volume, with Arabian Cement rising 1.9 percent. Naeem analysts said they expected weak performances at most Egyptian cement producers given a slowdown in construction activity, but Arabian Cement could be an exception due to its export business.—Reuters

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

11

WORLD ECONOMY AND BUSINESS

US labour market tightening; productivity drops in Q1 • Trade deficit slips 0.1 percent in March WASHINGTON: New applications for US jobless benefits fell sharply last week and the number of Americans on unemployment rolls hit a 17-year low, pointing to a tightening labour market that could allow the Federal Reserve to raise interest rates next month. Diminishing job market slack has left companies scrambling for workers as they seek to shore up weak productivity, leading to a rise in labour costs. Other data on Thursday showed worker productivity falling in the first quarter. “The tightening labour market is raising costs but firms are failing to improve productivity to offset those increases,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.

“There simply is no reserve army of the unemployed or underemployed to call on and hours worked are already fairly high.” Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 238,000 for the week ended April 29, the Labour Department said. The decline unwound most of the prior two weeks’ increases, which economists had blamed on volatility arising from the different timings of the Easter holidays and spring breaks. The Fed on Wednesday kept its benchmark overnight interest rate unchanged and said it expected labour market conditions would “strengthen somewhat further.” Officials at the US central bank also viewed the pedestrian 0.7 percent

annualized economic growth pace in the first quarter as likely “transitory” and expected economic activity to expand at a “moderate” pace. Most economists expect a rate hike in June. Jobless claims have now been below 300,000, a threshold associated with a healthy labour market, for 113 straight weeks. That is the longest such stretch since 1970, when the labour market was smaller. The labour market is close to full employment, with the unemployment rate at a near 10-year low of 4.5 percent. The number of people still receiving benefits after an initial week of aid declined 23,000 to 1.96 million in the week ended April 22, the lowest level since April 2000. The dollar was trading lower against a basket of currencies and prices for US Treasuries fell. Stocks

on Wall Street also were lower. Last week’s claims report has no bearing on April’s employment report due on Friday as it falls outside the survey period. Claims were low in April compared to March. A separate report from global outplacement consultancy Challenger, Gray & Christmas on Thursday showed US-based employers announced 36,602 job cuts in April, down 15 percent from March. The layoffs were concentrated in the retail sector, which has been hit by store closures amid stiff competition from online retailers. According to a Reuters survey of economists, job growth likely rebounded 185,000 following March’s paltry 98,000 gain, which was the smallest in 10 months. In another report, the Labour Department said productivity

Eurozone businesses race into Q2 on six-year high LONDON: Eurozone businesses raced into the second quarter, increasing activity at the fastest rate in six years in April, according to a survey on Thursday which suggested the bloc’s economic recovery is broadly based and sustainable. Activity expanded slightly faster than initially thought, and survey compiler IHS Markit said the data was consistent with a GDP growth rate of 0.7 percent. Official data last Friday showed the bloc far outpaced the US economy in the first quarter of the year. IHS Markit’s final Composite Purchasing Managers’ Index (PMI), regarded as a good guide to growth, rose to a six-year high of 56.8 in April from March’s 56.4. An earlier flash

reading had suggested a slightly shallower rise in activity. “Details continue to paint a positive picture - solid demand, rising capacity pressure, higher hiring intentions - also supported by the convergence in terms of countries,” said Apolline Menut at Barclays. Earlier PMI surveys covering the bloc’s four biggest economies painted an encouraging picture. Europe’s largest economy is enjoying solid growth as although activity in Germany’s services sector fell slightly it remained strong in April. French services activity only eased off March’s near six-year high. In Italy, service sector growth was at its fastest rate for almost

> from page 20 children are forced to remain impoverished, illiterate and slaves to those who are in power—whether it be power of wealth or knowledge. Since money has attained a godly status, everyone aspires to make more and more whether through legal or illegal means. People are respected not because they have unique personality traits, are highly educated or who are serving humanity, but they are eulogized on account of the wealth that they possess. This is reflected in the way we conduct our diplomacy on the international level. Our relationships with the rich and powerful countries are more congenial compared to the poorer nations of the world. Thus, we may go out of our way to please an ordinary official hailing from a rich country but will care two hoots for an acclaimed academician from say Ethiopia or Eritrea. Similarly, our people get aweinspired by someone who boasts of material possessions but view a pauper contemptuously. With these kinds of negative values that have penetrated our social fabric, it is not surprising that a majority of the parents are prone to inculcating the importance of earning money rather than developing the concepts that were taught to them by their own parents. Now the worth of children is gauged from their ability to earn money and not on the basis of their inert qualities through which they may emerge as potential Nobel lau-

reates, renowned scientists, inventors, artistes, religious scholars or merely good members of the society. This is indeed a very sad state of affairs because of which we are fast headed towards selfdestruction. To make matters worse, another huge issue that is looming over us is perhaps more disturbing and that is the reluctance on the part of those who have to share their blessings with the deprived ones. Many are seen lavishly indulging themselves and their loved ones in all kinds of luxuries whether needed or not while their neighbours, subordinates and servants may be struggling to make their ends meet. Requests for loans or financial assistance are turned down on one pretext or the other which causes heartburn and frustration. Their plight might appear petty to these hoarders of wealth but could be of prime significance for the needy, yet they are hesitant in ameliorating their sufferings. A person who labours under very harsh conditions is perhaps putting in the most effort compared to his employer yet his compensation is extremely meager whereas the employer gets away with the major chunk of the profits. Under such circumstances it is not surprising that we are today witnessing such heinous criminal acts at the hands of those in our employment. When the concept of caring is replaced with selfishness, it automatically gives rise to disgruntlement which in turn manifests itself in the commit-

a decade, while Spain’s hit a 20month high. Adding to upbeat signs, euro zone retail sales increased for the third consecutive month in March and by more than market expectations, showing shoppers have so far not been deterred by rising prices, official estimates released on Thursday showed. Pointing to continued solid expansion this month, growth in new business in April slowed only slightly from the six-year high set in March. The euro zone composite sub-index dipped to 55.9 from 56.2. Matching an impressive performance reported by manufacturers earlier this week, firms in the service industry, which accounts for a far greater slice of the economy overall, also

said growth was at a six-year high. The services PMI rose to 56.4 from 56.0, hitting its highest since April 2011. The increase in activity came despite firms raising prices again, albeit at a weaker rate than in March, when they ramped them up at the fastest rate in nearly six years. Official data on Friday showed inflation rose more than expected in April, returning to the European Central Bank’s target, but the ECB kept its policy stance steady last week, even leaving the door open to more easing. But with growth and inflation stronger, pressure is mounting on the ECB to start dialling back its lavish stimulus.—Reuters

‘To have or to be’? tal of inhuman acts which are at times too gruesome for words. The great psychoanalyst Erich Fromm in his 1976 book (To Have or to Be?) differentiates between having and being. He writes that that modern society has become materialistic and prefers “having” to “being”. He mentions the great promise of unlimited happiness, freedom, material abundance, and domination of nature. These hopes reached their highs when the industrial age began. One could feel that there would be unlimited production and hence unlimited consumption. Human beings aspired to be gods of earth, but this was not really the case. The great promise failed due to the unachievable aims of life, i.e. maximum pleasure and fulfillment of every desire (radical hedonism), and the egotism, selfishness and greed of people. In the industrial age, the development of this economic system was no longer determined by the question of what is good for man, but rather of what is good for the growth of the system. So, the economic system of society served people in such a way in which only their personal interests were intended to impart. The people having unlimited needs and desires like the Roman emperors, the English and French noblemen were the people who got the most out it. Society nowadays has completely deviated from its actual path. The materialistic nature of people of “having” has been more developed than “being”.

Modern industrialization has made great promises, but all these promises are developed to fulfill their interests and increase their possessions. In every mode of life, people should ponder more on “being” nature and not towards the “having” nature. This is the truth which people deny and thus people of the modern world have completely lost their inner selves. The point of being is more important as everyone is mortal, and thus having of possessions will become useless after their death, because the possessions which are transferred to the life after death, will be what the person actually was inside. The only solution left is for the society to rediscover the significance of its fast eroding values and to revive them through simple tales (e.g. Aesop’s Fables) that can easily be narrated or animated to attract young children. Instead of the meaningless, at times violent, cartoon movies which the young generation enjoys so much, the educational institutions, parent-teacher associations in collaboration with the government agencies can reintroduce the forgotten tales of love, peace, selflessness, sacrifice, benevolence and humanity, the rewards of which are not received in terms of money but in the form of an everlasting reverence, adoration and respect for the benefactors. (The writers, lawyers and partners in Huzaima, Ikram & Ijaz, are Adjunct Faculty at Lahore University of Management Sciences)

Punish the real culprit(s)! > from page 20 and her father’s strong vote bank to boot (and that in the circumstances is a pun). Impulsiveness should not put these into jeopardy for the crap her tweet on “Panama Papers” was.

That Pervaiz Rashid’s ‘antiArmed Forces agenda’ dovetailed with the virulent propaganda by the Indians was no coincidence. Emanating from the PM’s House, can the country afford that the culprits escape accountability? Can

national security issues be discussed in such an environment? Does the person in sync with Modi’s slander against our Army have the moral courage to take responsibility for the fabrication of the story and the planting thereof, or will we con-

tinue searching for more human sacrifice for the blatant coverup? Maybe “Born Again” Tariq Fatemi will come clean and put this country out of its misery? (The writer is a defence and security analyst)

Benefits of contract manufacturing > from page 20 have resulted in the production of several spurious, sub standard and unlicensed drugs. The manufacturers of these fake drugs are playing havoc with the lives of the people who have nowhere to go and are left at the mercy of the deathmongers. The sale of counterfeit drugs costs the national exchequer a sum of Rs12 billion per annum and hurts the pharmaceutical sector at large. It is mandatory that the current legislation as per SRO 152 (I)/2014 of March 5, 2014 unnecessarily restricts contract manufacturing for export purposes revised efficiently and urgently. Pakistan should allow contract manufacturing

to help local manufacturing operations reach efficient scales and become competitive in the global market. A restriction on manufacturing not more than 30 products with a licence of two and a half years is an infringement on the free production of drugs for contract manufacturing. On the other hand, a cap on the increase of life-saving drugs by DRAP has discouraged the multinationals to invest in Pakistan. There is an exigency for reforms in the existing regulatory framework to unearth the potential of scale within the local pharmaceutical sector of Pakistan and gaining access to global markets for products formulated locally.

The economy of the country would increase manifolds if the government facilitated contract manufacturing. Foreign investment of millions of dollars would flow in, resulting in the creation of thousands of jobs for both skilled and semiskilled workers. Pakistan will then be seen as an ideal location for investment purposes by the multinational companies. The existing regulatory mechanism governing the contract manufacturing organizations does not take into account the innumerable opportunities available to local manufacturers and restrains the local industry from forming conglomerates with global

players. Active partnerships between local and international companies would improve the standards of production, encourage healthy competition, facilitate transfer of technology and enable local manufacturers to gain access to global markets. The government must revisit its policies regarding pharmaceutical manufacturing in Pakistan because this would bring a lot of relief to the suffering masses. It must revisit its contract manufacturing policy as this would lead to production of high quality drugs, bring prices down, revive the confidence of foreign investors and thwart the evil of counterfeit drugs.

decreased at a 0.6 percent annualized rate in the first quarter, the weakest in a year, after rising at a 1.8 percent pace in the fourth quarter. It increased at a 1.1 percent rate compared to the first quarter of 2016. Productivity has increased at an average annual rate of 0.6 percent over the last five years, well below its long-term rate of 2.1 percent from 1947 to 2016. Weak productivity suggests economic growth is likely to remain moderate. “The (Trump) administration is looking for 3 percent trend real GDP growth and, given the demographic effects of an aging population on the workforce, such an outcome would require productivity growth to be significantly above its long-run trend for a decade,” said John Ryding, chief economist at RDQ

World food prices fall for third straight month in April ROME: World food prices fell for the third month in a row in April as values declined for all agricultural commodities except meat, the United Nations food agency said on Thursday. The Food and Agriculture Organization’s (FAO) food price index has been falling for five years due to ample supply, a slowing global economy and a strong US dollar. Food on international markets was still 10 percent more expensive than in April last year, the FAO said, after rising cereals prices drove it to a twoyear high in February. The index measures monthly changes for a basket of products including cereals, oilseeds, dairy products and sugar. April’s reading of 168 points was down 1.8 percent from March. Pig meat prices were boosted by strong demand in the European Union and higher sales to China and South Korea, while seasonal demand pushed up the cost of ovine meat. Sugar led the decline in all other farmed commodity prices, slumping 9.1 percent as expectations for large export supplies from Brazil coincided with weak global demand for imports. The FAO marginally raised its forecast for global cereals output in the 2017-18 season, to 2.599 billion tonnes. Global wheat production is expected to hit 740 million tonnes, short of last year’s record harvest.—Reuters

Shell quarterly profits surge LONDON: Net profit at Royal Dutch Shell increased more than sevenfold in the first quarter as oil prices recovered from heavy declines, the energy giant said on Thursday. Profit after tax came in at $3.538 billion (3.240 billion euros) in the three months to March, compared with $484 million in the first quarter of 2016, the Anglo-Dutch group said in a statement. Royal Dutch Shell chief executive Ben van Beurden said the group had “benefited from improved operational performance and better market conditions”. Energy producers across the world are reaping the benefits of higher oil prices, which have strongly increased their revenues and profits. Crude futures have recovered thanks to the OPEC oil producers’ cartel adhering to an output cut agreed late last year. US energy giants ExxonMobil and Chevron, as well as French titan Total and British group BP have all posted bumper profits in the past week.—AFP

Societe Generale says Q1 hit by Libyan settlement PARIS: French bank Societe Generale said Thursday that net profits were hit in the first quarter by a provision covering the settlement of a longrunning legal dispute with Libya’s sovereign fund. Societe Generale said in a statement that its net profit fell by 19.2 percent to 747 million euros ($813 million) in the period from January to March, short of analysts’ expectations. The decline was largely attributable to a 350-million-euro provision to settle litigation with the Libyan Investment Authority, the bank explained. Societe Generale and the LIA said Thursday they had signed “a confidential settlement agreement that resolves all matters between both parties concerning five financial transactions entered into between 2007 and 2009.”—AFP

Economics in New York. With productivity soft, unit labour costs jumped at a 3.0 percent pace in the first quarter after rising at a 1.3 percent rate in the fourth quarter. They increased at a 2.8 percent rate compared to the first quarter of 2016. A fourth report from the Commerce Department showed the trade gap dipped 0.1 percent to $43.7 billion in March as both imports and exports fell, signalling slackening domestic and global demand. In another report, the department said new orders for US-made goods increased for a fourth straight month in March and orders for capital equipment were stronger than previously reported, suggesting a sustained recovery in the manufacturing sector.—Reuters

Iran in talks with UK over jetliner export funding PARIS: Iran is in talks with Britain’s export credit agency to facilitate the financing of aircraft sales to state airline IranAir as part of its pact with world powers to lift sanctions over its nuclear programme, a senior Iranian official said. IranAir’s plan to buy more than 180 jets from Airbus and Boeing is the most visible economic deal on the table after major powers last year lifted most sanctions on Iran in return for restrictions on its nuclear activities. But financing for the purchases has been hard to secure because most Western banks are holding back, concerned about the future of the 2015 agreement after US President Donald Trump called it a bad deal and ordered a review. So far, IranAir has taken delivery of just three Airbus jets, for which it paid cash, industry sources say. Deputy Roads and Urban Development Minister Asghar Fakhrieh-Kashan said the UK’s export credit arm, UK Export Finance (UKEF), had tentatively offered support for least some Airbus jets built in Britain, France, Germany and Spain. It could also offer some support to Airbus’s US rival, Boeing, he added. “We have received some offers from UKEF, that is under review by Iran,” FakhriehKashan told Reuters. Two aircraft industry sources who asked not to be named also confirmed talks were taking place. UKEF and both major planemakers declined to comment. Countries in parts of the world where banks won’t invest often turn to European and US governments for export credits or loan insurance when they want to buy big-ticket items like aircraft from those countries’ companies. About 6 percent of aircraft deliveries depend on such support, which removes some but not all of the risks banks face in lending to airlines with poor credit, helping to grease the wheels of trade. This fallback system has been frozen for more than a year, however, as European agencies demand more controls after Airbus acknowledged making faulty applications for UK aid, triggering a fraud probe, and UKEF’s equivalent in Washington, the Export-Import

Bank (EXIM), faced a battle over its future. US President Donald Trump hinted in his campaign he might get rid of the EXIM Bank, which some conservative members of Congress have argued perpetuates cronyism. He has since talked up the benefits of exports for US jobs and in April nominated a new bank president and a member of the board. Speeding up aircraft deliveries is seen as a priority for Tehran as President Hassan Rouhani’s government seeks to show results from the sanctions deal ahead of elections on May 19. Iran says the prospect of buying Western jets to renew its decaying fleet was built into the 2015 nuclear deal and that any barriers to completing the purchases would undermine the accord. On the UK side, Prime Minister Theresa May’s recent decision to hold a snap election in early June means any new funding deal is unlikely to be finalised before then. UK government agencies like UKEF avoid major new initiatives during campaigning and a deal involving a topic as sensitive as trade with Iran would need approval before it could go ahead. Airbus said last week on an investors’ call that it hoped to receive some support from European export financing agencies this year. But a source familiar with the process said it remained unclear how quickly UKEF would lift a temporary ban on Airbus funding as the UK and French fraud investigation continues. If UKEF provides support for Boeing deliveries, it would not be the first time, but it would be rare. The main proviso is that a certain proportion of parts in each jet need to be made in Britain - usually 20 percent. For Boeing exports, that would typically mean the jets would have to have RollsRoyce engines. The Boeing planes ordered by Iran all have engines made by US supplier General Electric or GE and its French partner Safran. UKEF has said in the past it recognises the need to be flexible on foreign content in view of global supply chains. People who have dealt with the agency before say it may be able to consider equipment bought by Boeing from British companies.—Reuters

Spain reports record monthly drop in joblessness MADRID: The number of people in Spain registering as jobless marked its sharpest monthly fall on record in April, the Labour Ministry said on Thursday, after the busy Easter holiday prompted a boost in restaurant and hotel hires. Registered joblessness fell by 3.9 percent in April from a month earlier, or by 129,281 people, leaving 3.57 million people out of work, official data showed. A separate quarterly survey from the National Statistics Institute (INE), which relies on polling rather than those officially registered as holding a job, showed Spain’s unemployment rate stood at 18.75 percent in the first quarter. Spain has the second highest unemployment rate in the European Union after Greece after a burst housing bubble ten

years ago left millions out of work. An economic turnaround, which began mid-2013, is being driven by domestic consumption as more people find employment, though the rate is not expected to drop below 12 percent until the end of the decade at the earliest. Most of those signing off the unemployment register were in the services sector, which dropped 96,672 people from a month earlier, while falls were also reported in agriculture, industry and construction. A survey released on Thursday, showed the Spanish service sector expanded at its fastest pace in almost two years in April with employment in the sector also rising at its fastest pace in nine months boosted by hotels and restaurants.—Reuters

EU declares Brexit battle over euro clearing BRUSSELS: The EU fired a fresh salvo at Britain on Thursday, proposing fresh rules that would require a huge slice of London’s banking business to leave the UK after Brexit. The new rules unveiled by European Commission vicepresident Valdis Dombrovskis would deny London the right to host banking “clearing houses” that deal in euros, the EU’s single currency. Clearing houses are a key part of the financial system’s plumbing, with trillions of euros being handled every year, mostly out of London. Dombrovskis said the EU will officially publish its new proposals in June, with Britain accepting Brussels oversight of euro-clearing in London the only other option on the table. “This is not a new issue, but of course in a context of Brexit we see the situation is changing,” Dombrovskis told reporters. “Because the bulk of eurodenominated derivatives are cleared in the UK ... we need to assess what implications it has for financial stability,” he said. The issue of whether euro clearing houses can remain in the British capital is set to be one of the most contentious issues when Britain negotiates its future trade relationship with the EU after its departure. Britain has jealously guarded dominance of the clearing house sector in Europe and won a EU court decision in 2015 against the European Central Bank in order to keep hosting the euro deals. London lobbyists argued against the rules, arguing that only Wall Street or Asia would benefit. “A forced re-location of euro-clearing would lead to disruption, uncertainty and fragmentation of the market,” said Miles Celic, Chief Executive of the TheCityUK. Forcing a move out of London, “would ultimately be detrimental” and “is in no one’s interest,” he added.—AFP

HSBC pre-tax profit slides but hails ‘good result’ HONG KONG: HSBC said on Thursday that pre-tax profit fell 19 percent in the first three months of the year but the bank’s chief described them as “a good set of results” after a turbulent 2016. The London-based giant has been on a recovery drive over the past two years aiming to slash costs with measures including laying off tens of thousands of staff and slimming down its business. It blamed the drop in reported profit to US$4.96 billion on a change in accounting the fair value of its debt, while the results from a year ago included proceeds from its Brazil business, which was sold in July 2016. It also posted a 19.5 percent fall in year-on-year net profit to $3.13 billion from $3.89 billion. However, adjusted pre-tax profit, which excludes one-time items, rose to $5.94 billion from $5.3 billion a year earlier. Analysts had forecast $5.3 billion in a survey by Bloomberg News. “This is a good set of results,” group chief executive Stuart Gulliver said in a statement to the Hong Kong stock exchange. He added that the adjusted pre-tax figure was boosted by a $1 billion share buy-back as well as progress on the costsaving programme. Hong Kong-listed shares in the firm were up 1.71 percent at HK$65.55 in afternoon trade. Analyst Jackson Wong said he thought the results were positive overall. “They cleaned up a lot of bad things in the last quarter of last year so this quarter, everything looks pretty decent, even the cost-cutting is on track,” said Wong of Huarong International Securities. The bank in 2015 announced a radical overhaul to cut 50,000 jobs and exit non-core and unprofitable businesses and focus more on Asia. But the firm’s profits were dealt a hammer blow last year, with executives attributing the decline to protectionist fears under Donald Trump and uncertainties caused by Britain’s decision to leave the European Union. Gulliver said Thursday that 2017 would see the completion of strategic measures announced in 2015, including the removal of lowreturn risky assets.—AFP

12 BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017 NATIONAL NEWS

Abid Sher blames KP govt for delay in power projects AMJAD ALI SHAH

PESHAWAR: Minister of State for Water and Power, Abid Sher Ali has blamed the Khyber Pakhtunkhwa government for not cooperating with the federal government to execute power generation projects, meant to end the energy crisis in the country. While addressing at a news conference at Wapda House here on Thursday, he said the PTI-led government was not serious about resolving loadshedding issue in Khyber Pakhtunkhwa. Flanked by Pesco chief and other high officials, he said the construction work on four power grid stations of 220KV in Manshera, DI Khan, and Chakdara, had initiated in Khyber Pakhtunkhwa. However, he said provincial government was yet not

SECP registers 884 companies in April ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) during the month of April registered a record number of 884 companies, witnessing an increase of 40 percent as compared to same month of preceding year. During the first 10 months of current fiscal year,6,763 new companies were registered. As compared to the corresponding period last year, it represents a growth of 34 percent. The massive increase in number of new companies is the direct result of various reforms measures introduced by the SECP, particularly the elimination of purchase of third party digital signatures and introduction of simple and hassle-free CNIC based user ID and PIN system for incorporation and post incorporation activities. It has also been noted that 77 percent of companies have been registered through eServices (online mode); 60 percent have been incorporated through consultants while entrepreneurs got 40 percent of companies incorporated with assistance of incorporation and facilitation wings of CROs. Around 85 percent companies were registered as private limited companies, while around 13 percent companies were registered as single member companies. Two percent of the companies were registered as public unlisted, non-profit associations, trade organizations and foreign companies. The service sector took the lead with 136 companies, followed by trading with 128. Construction came in third with 124 companies. The other sectors’ share is: IT 89, tourism 57, education 35, food and beverages 24, engineering 22, real estate development 20, transport and fuel and energy 19 each, pharmaceutical and corporate agricultural farming 15 each, power generation and auto allied 12 each, cable and electric goods and communication with 11 each. And135 companies belonged to other sectors. Moreover, 4 foreign companies were also registered by the CROs in Karachi and Lahore. Foreign investment has been reported in 57 new companies. These companies have foreign investors from, Australia, China, Germany, Italy, Japan, Jordan, South Korea, Kuwait, Netherlands, Norway, Qatar, Saudi Arabia, South Africa, the UK and the US. During the month, the highest numbers of companies, i.e. 310, were registered at the Company Registration Office (CRO), Islamabad, followed by 258 and 176 companies registered at CRO Lahore and Karachi respectively. The CROs in Peshawar, Multan, Faisalabad, Quetta, Sukkur and GilgitBaltistan registered 50, 41, 18, 12, 6 and 13 companies respectively.—PR

Gardener dies in honey bees attack RECORDER REPORT

ISLAMABAD: A gardener died and five others got injured in Allama Iqbal Open University (AIOU) following a swarm of honey bees attacked them after some unknown person disturbed their nest. According to detail, 40-yearold Gulzar Ahmed died of the attack of honey bees while five people including Ghulam Fareed, Amir Nawaz, Waqas Hussain, Tanveer Hussain and Afraz sustained injuries on the occasion. Soon after the bees attack, the injured were shifted to hospital for treatment.

acquired land for Nowshera grid station to execute the project. He said the federal government had committed to timely complete power projects in KP, but the provincial government was creating hurdle to end the electricity crisis in the province. Of the total 963 feeders, 224 were running over 80 percent line losses in Khyber Pakhtunkhwa, due to which company was compiled on forced loadshedding from 18 to 20 hours, the minister said. While, he added there was no forced electricity loadshedding on more than 415 feeders. Despite the fact, Abid Sher Ali said the capacity of Peshawar Electricity Supply Company (Pesco) had doubled with up-gradation of power distribution and transmission line system.

The minister said the federal government is fully committed of its promises to eliminate loadshedding of electricity up to 2018. He said that as the result of hectic efforts, the power production has been increased from 13500 to 17000 mega watts while in March 2018 another 8000 to 10000 mega watts of electricity will be added into the system which will be sufficient to meet the country’s needs. “The government is working on generation, transmission and distribution of electricity to achieve zero loadshedding and is spending billion of dollars for the upgradation of transmission system,” he added. He said that during previous governments, there was 14 to 16 hours loadshedding which had crippled the life of common man.

“The present government is committed to generate adequate electricity on affordable rates. All of the government’s policies, initiatives and developments are aimed at eliminating load shedding in order to facilitate a comfortable lifestyle for the people and uninterrupted progress of the industrial sector in the country,” he added. The minister clarified that the electricity supply should only be ensured those areas, wherein the line losses of Discos would be recorded at minimum level. He said that due to sincere and hectic efforts of the government, the generating capacity of electricity is continuously increasing and the duration of load shedding has also decreased gradually. He said the industry is already exempted from loadshedding.

NIO’s meagre budget irks NA body RECORDER REPORT

ISLAMABAD: The National Assembly Standing Committee on Science and Technology on Thursday was shocked to know that National Institute of Oceanography (NIO) gets only around Rs 5 million annually for research and development. “Most members own V8 cars that are more expensive than Rs 5 million the NIO gets for research and development,” observed the committee. The committee, which met with Tariq Bashir Cheema in the chair, was informed that NIO supported and provided technical assistance to various organisations such as Gwadar Development Authority, Pakistan Navy, Pakistan Air Force, Ministry of Foreign Affairs, Ministry of Ports and Shipping and several more. Director General NIO Dr Asif Inam informed the committee that Pakistan Navy depends entirely on NIO while making strategies. “NIO provides the Navy with critical information about where it can hide its submarines in the ocean from the enemy,” said Dr Asif Inam. Recently, the NIO was included in a Rs 650 million project to find solutions to stop sea intrusion along the

coastal belt, that is feared to inundate developed areas in the next 30 to 40 years. In 2015, the NIO assisted the government to claim 50, 000 square kilometres seabed, extending Pakistan’s offshore limits from 200 nautical miles to 350 nautical miles farther into the ocean. The committee expressed annoyance over the meagre budget while saying that NIO’s budget was insignificant given its import mandate, especially assistance to defence forces. The committee was further informed that out of Rs 130 million allocated to the Institute annually, more than Rs 120 million went into meeting regular expenditures such as salaries and bills. “Most members own V8 cars that are more expensive than the Rs 5 million the NIO gets for research and development,” said PTI MNA Ali Muhammad Khan. However, Minister for Science and Technology Rana Tanveer regretted that research and development is at the bottom of the list of the priorities of his government. “It took a lot of efforts to convince the government to push budget for science and technology from Rs 1.7 billion to Rs 1.9 billion. It would not

hurt the government if it allocates some Rs 3 billion at least to be put into research and development, which would make a huge difference and help economic growth in future,” said Rana Tanveer. He told the meeting that the total budget for research and development (R&D) in Pakistan is 0.29 per cent of the gross domestic product. Some of the most progressive countries in the world inject four to five per cent funding of their budgets into R&D, he said. According to Rana Tanveer, in all the 16 research departments under the Ministry of Science & Technology, R&D suffered due to lack of attention and funding. PTI MNA, Ali Muhammad Khan suggested that the defence forces which consume most of the budget should help NIO financially. The committee expressed displeasure over non-submission of report of the ministry regarding steps to stop the sale of substandard edible items. The parliamentary panel observed that the ministry keeping in view the sensitivity of the issue should include it in agenda items of the next meeting. Later, the committee decided to defer other agenda items till its next meeting.

Imran slams govt move to undermine Nepra’s working ISLAMABAD: Chairman Pakistan Threek-e-Insaf (PTI), Imran Khan on Thursday expressed serious concern over the government’s attempt to undermine the autonomous working of National Electric Power Regulatory Authority (NEPRA) by curtailing its powers. In a statement, the PTI Chief exposed the government’s designs to thwart all constitutional restraints, which allow institutions to function in an accountable manner and prevent a government from undermining democratic norms through accumulation of authoritarian powers within the Executive.

Khan asserted that, “The government was seeking limitless powers and completely arbitrary authority to do as it pleased, with no checks and balances – neither constitutional nor institutional.” Khan reminded that, “Earlier the government had sought to undermine NEPRA’s powers by trying to bring it under the control of the water and Power Ministry but the Court checkmated that move.” “Now it has used the Council of Common Interests (CCI) to undermine NEPRA’s powers,” he added. “As always, it is the poor power consumer who will suffer as now the government

can fleece the consumers as much as it wants,” he said. Khan regretted that, “The nation would once again be paying the price for the rulers’ corruption and for the incompetence and inefficiencies of the system of power generation and distribution.” Khan committed that, “PTI will not accept the systematic destruction of institutions by the Pakistan Muslim LeagueNawaz (PML-N) government and would evolve a strategy to ensure that the PMLN does not succeed in its plans to undermine all institutional checks and balances that are an integral part of any functioning democracy.”—NNI

FTO plays positive role in increasing national revenue: President ISLAMABAD: President Mamnoon Hussain on Thursday said that Federal Tax Ombudsman (FTO) plays a positive role in increasing national revenue by building taxpayers confidence and by addressing systemic issues. He expressed these views after FTO Abdur Rauf Chaudhry submitted Annual Report 2016 to him at Aiwan-eSadr, Islamabad. Expressing satisfaction over the report, the President appreciated various initiatives taken by FTO to improve the performance of the institution. The President commended the role and performance of FTO in addressing the tax payers’ grievances ever since its establishment in the year 2000. The President called for devising an effective strategy to resolve tax related issues of the people and emphasized to benefit from the experiences of other countries in this regard. The President stated that, “Relief in tax refund should be provided to small business enterprises to enable them to contribute in the country’s development.” The President stressed the need for strict implementation of tax laws to discourage the practices of tax evasion. He appreciated the Office of the Tax Ombudsman for timely resolution of problems of tax payers as the average disposal time was reduced to 49 days which was 63 days in 2015. The President also expressed satisfaction on restructuring of consultative committee of FTO and on complete operationalization of regional offices of FTO in Faisalabad, Multan, Sukkur and Abbotabad. The President hoped that FTO Secretariat will continue its efforts to serve the people by further improving its performance. Earlier the Federal Tax Ombudsman briefed the President that the number of complaints received by the FTO during 2016 was 1768, which shows an increase of 15 percent as compared to 2015 and the number of complaints decided in 2016 was 1807, which is 12 percent more than 2015. He further informed that 79 percent of the complaints were decided in favour of tax payers. Moreover, 84 percent decisions of FTO were accepted by tax payers and FBR without any review or representation.—NNI

Names of 6 additional LHC judges approved by SC KHUDAYAR MOHLA

ISLAMABAD: The Judicial Commission of Pakistan (JCP) on Thursday approved names of six additional judges of the Lahore High Court (LHC) for permanent appointment while turned down confirmation of a judge in the court. Sources said that the additional judges whose names have been confirmed for permanent appointment are Justice Shahid Mubeen, Justice Sardar Ahmad Naeem, Justice Raja Shahid Mehmood Abbasi, Justice Shehram Sarwar Ch, Justice Muhammad Sajid Mehmood Sethi and Justice Sardar Muhammad Sarfraz Dogar whereas Additional Judge Justice Erum Sajad Gull’s name was rejected. Chief Justice of Pakistan Mian Saqib Nisar presided over the meeting being chairman of the JCP which was held at the Supreme Court principal seat Islamabad.

ISLAMABAD: Ambassador of Japan Takashi Kurai, Additional Secretary Economic Affairs Division Mrs Amin Anjum Assad exchanging documents after signing ceremony held at the Ministry of Water and Power, here on Thursday. Japan’s State Minister for Foreign Affairs Nobuo Kishi and Federal Minister for Water and Power Khawaja Asif also present.—INP

Transmission line project

Pakistan, Japan sign $24m loan agreement ISLAMABAD: The governments of Japan and Pakistan on Thursday signed a loan agreement amounting to Japanese Yen 2.665 billion (equivalent to $ 24 million) for implementation of ‘Islamabad-Burhan Transmission Line Reinforcement Project (phaseI).’ Ambassador of Japan Takashi Kurai and Anjum Assad Amin, Additional Secretary Economic Affairs Division (EAD), signed the loan documents. Nobuo Kishi, State Minister of Foreign Affairs of Japan, and Khawaja Muhammad Asif, Minister for Water and Power, witnessed the signing ceremony. The Economic Coordination Committee (ECC) on April 28, 2017 approved the loan on the concessionary terms with an interest rate of Japanese Yen Libor plus 10bp, repayable to over a period of 30 years including a grace period of 10 years with general united procurement conditions for the project under Official Development Assistance (ODA) upon the request of Pakistan. The main objective of the project was to improve reliability of national grid and meet growing demand for electricity transmission through reinforce-

ment of transmission lines necessary for power supply to Islamabad Capital Territory and surrounding areas. The ECC has exempted loan from all levies and taxes in terms of sub-section 53 of the Income Tax Ordinance 2001 section 13 of Sales Tax Act and Section 19 of the Customs Act 1969. Minister for Water and Power Khawaja Asif, who witnessed the ceremony, stated that Pakistan values Japan’s assistance in the field of energy and Japan’s economic cooperation has played imperative role in development of socioeconomic sector with main focus on human uplift, poverty reduction and capacity building of Pakistani institutions. Energy sector has direct impact on economic growth and prosperity of Pakistan. He said total loan assistance from the government of Japan stands at $ 960 million and grant at $ 156 million. The scope of the project includes civil work and equipment for transmission lines of 220 KV between the Tarbela Hydropower Plant and the Burhan sub-station. The government of Japan has provided the loan on very concessional terms and conditions with interest rate of Japanese Yen LIBOR plus 10bps (equivalent

to 0.12%) and repayment during 30 years including 10 years grace period. Prior to the signing ceremony, Nobuo Kishi, met Khawaja Muhammad Asif. During the meeting, Asif emphasised that Pakistan looks forward to further economic cooperation with Japan for the benefit of the people of Pakistan in line with the government’s priorities and strategy. He explained that Pakistan is fast improving its energy basket and has introduced investor friendly policies to attract huge investment in the energy sector. The minister for water and power said that Pakistan’s effort towards benefiting from renewable resources of energy is highly appreciated at all forums. He said that the new energy mix introduced by the present government is quite rich and has the potential to bring down the prices of electricity in the country. He invited Japanese entrepreneurs to invest in the potential energy sector of Pakistan. The minister applauded the Japan-Pakistan cooperation in various fields. He specially mentioned the Japanese assistance in power sector.—MUSHTAQ GHUMMAN

Huge investment opportunities exist for Japanese investors: PM ISLAMABAD: Prime Minister Nawaz Sharif on Thursday said that Pakistan now offers great investment opportunities in various sectors that can be utilized by Japanese investors. He was talking to Nobuo Kishi, State Minister for Foreign Affairs of Japan who called on him in Islamabad. The Prime Minister warmly welcomed the State Minister and his delegation to Pakistan and stated that Pakistan is keen

to carry forward the shared vision for promoting peace, prosperity and development of our people. The Prime Minister recalled very warm and cordial exchange with Prime Minister Abe in New York in September 2016 and reaffirmed the common commitment to further strengthen bilateral relations. The Prime Minister emphasized that, “Japan has been an important development partner of Pakistan and a number of

important development projects in Pakistan have been completed with Japan’s assistance and support.” The Prime Minister expressed the hope to further enhance trade, investment and development relationship with Japan. Nobuo Kishi thanked the Prime Minister for the warm welcome accorded to him and his delegation and expressed the hope to further strengthen Japan–Pakistan bilateral relations.—NNI

ISLAMABAD: AJK president Masood Khan speaking at a roundtable conference held here on Thursday on the atrocities of Indian security forces against Kashmiris in the IHK.—Recorder photo

Spot-fixing: NA body seeks impartial inquiry RECORDER REPORT

ISLAMABAD: The National Assembly Standing Committee on Inter-Provincial Coordination has expressed serious concern over the incidents of spot-fixing and directed Pakistan Cricket Board (PCB) to conduct an impartial inquiry and punish the players and other people, including the PCB administration, involved in this crime. The committee met with MNA Abdul Qahar Khan Wadan in the chair at Parliament House on Thursday. The committee discussed the issues relating to Pakistan Cricket Board and Pakistan Hockey Federation. The committee was also told that there is no law about the criminal offence of spot-fixing in the country and there is a dire need to make legislation in this regard. The committee discussed

the spot-fixing matters and directed that an impartial inquiry should be conducted and persons, including the PCB administration, behind the players for this heinous crime should be traced and punished. The committee members raised several questions during the session, most of which pertained to the spot-fixing scandal. MNA Shafqat Hayat asked why the PCB manager was not probed when the scandal came to light and why no action was taken against the administration of the hotel where the players allegedly met bookies. “Why is the team ranked at number 8 despite good coaches? Why are those convicted of spot-fixing being given chances to play again and again, and who is giving them these chances?” he questioned. The MNA further com-

plained that fast bowlers and top and middle order batsmen have not performing well, and that the entire team relies on spinners to win. While responding to the questions of the members, PCB Chairman Shaharyar Khan told the committee that anti-corruption tribunal has awarded punishment to Muhammad Irfan while the inquiry is being conducted against four other players including Sharjeel Khan, Khalid Latif, Shahzaib Hassan and Nasir Jamshed. He said, “We could not contact with Nasir Jamshed as he is living in London.” He said, “We briefed the players about bookies and asked them to inform the PCB immediately if any bookie approaches them.” He said that bookies have changed the approaching method with the passage of time and in the cur-

rent matter bookies approach the relatives of the players to contact him. The PCB chairman said Nasir Jamshed was responsible for inciting some players to go for spot-fixing during the PSL. He said that Jamshed has been charged by the National Crime Agency in the UK for his role in the spot-fixing scandal. The PCB chairman said that there is no law relating to criminal offence for taking action against the bookies in the country. He suggested the Parliament to make legislation in this regard. He said it is not necessary that a good player can become a good coach. Coaching or teaching is a separate profession and there are many examples at the international level when a top player failed in coaching of the team.

During the briefing, PCB Chief Operating Officer Subhan Ahmed told the committee that Pakistan has not played cricket with India for the last 11 years and this caused a loss of $ 100 million. He said, “We have initiated a legal process and sent a notice of dispute to Indian cricket authorities for failing to honour the memorandum of understanding (MoU) signed between the two cricket boards”. He added, “We have sent a notice of dispute to Board of Control for Cricket in India (BCCI) under the terms of reference of dispute resolution committee of the International Cricket Council. Terming the Pakistan Super League (PSL) 2017 final in Lahore a success, he said that the final, held on March 5 at the Gaddafi Stadium, attracted a larger number of audience.

“TV ratings for Pakistan-India matches usually go up to 10, but the PSL final saw ratings of 21,” he told the committee. He said that the PCB had recently approached three countries for cricket matches in Lahore and hopefully they will come this year. The committee showed its satisfaction over the construction of five-star hotels on PCB land in Karachi along with a cricket stadium at one place to accommodate the players and the delegations from different countries, strengthen the safety and security of the players and save the wasting of time in picking the players from different hotels. The members of the committee expressed their sorrow for not reviving other games including hockey, football, volleyball, etc, and urged the ministry to take measures to boost up these games in coun-

try. Secretary General Pakistan Hockey Federation (PHF), Shahbaz Ahmad (Senior) told the committee that hokey is a national game but it has been ignored. He said that PHF has neither its own building nor any gym and hostel for the players. The committee recommended the government to set up the office of Pakistan Hockey Federation in Islamabad. After the committee meeting, talking to media persons, PCB Chairman Shaharyar Khan paid rich tributes to retiring Captain Misbah-ulHaq and called him a better captain than Imran Khan. Shahryar was quick to point out that he was not making a political comparison between the two. “Misbah is not a bigger political personality than Imran,” the PCB chief was quoted as saying.

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

13

NATIONAL NEWS

Pak-Iran banking channel to boost trade up to $5bn: FPCCI M RAFIQUE GORAYA

LAHORE: The State Bank of Pakistan will soon select some Pakistani banks to facilitate bilateral trade with Iran to the level of US$ 5 billion in a year, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zubair Tufail, told Business Recorder after his meeting with the Iranian Ambassador Mahdi Honar Doust on Thursday It may be recalled that Pakistan and Iran signed Banking and Payment Arrangement (BPA) last month towards opening of banking channels between the two countries to provide a trade settlement mechanism for promoting bilateral trade. This mechanism will be used

International Firefighters Day observed RECORDER REPORT

LAHORE: Like other parts of the globe, the International Firefighters Day-2017 was marked here on Thursday to pay tribute to the firefighters who rendered their lives while serving their communities and also to raise awareness among people to ensure safety of their communities and environment. The Punjab Emergency Service (Rescue 1122) commemorated the day all over Punjab. All the District Emergency Officers (DEOs) conducted seminars, awareness activities including awareness seminars, workshop, walk and firefighting demonstrations in remembrance of services rendered by the firefighters and martyred firefighters. Lectures for under-training cadets in Emergency Services Academy were also arranged in which experts highlighted modern trends in firefighting, role and responsibilities of firefighters in case of any untoward incident. The rescue cadets in the academy also organized mock exercises related to firefighting, rescuing victims from collapsed structure, rescuing victims from height in case of fire incident and safe practices for fire prevention. In a high-level meeting chaired by Punjab Chief Minister Muhammad Shehbaz Sharif in Lahore, approval was accorded for implementation of fire safety measures in new buildings. Shahbaz announced a special package for the families of martyred and formation of a Cabinet Committee to review recommendations for fire fighters.

for the payment of trade conducted via letter of credit (L/Cs) and in accordance with international laws and regulations. In the next step, both the central banks will invite banks in their respective jurisdiction to act as authorized banks for undertaking trade transactions under the newly signed BPA. Expressing satisfaction over his talks with the Iranian Ambassador as a follow up of the Iranian Foreign Minister’s recent meeting with Prime Minister Muhammad Nawaz Sharif, the President FPCCI said we are pinning high hopes to the second round of FTA talks with Iran scheduled in July. He said despite many commonalities the volume of bilateral trade is unsatisfacto-

ry but resumption of the banking channels will boost trade to five billion dollars per annum as desired by Prime Minister Nawaz Sharif while meeting Iranian foreign minister. Zubair Tufail said that business can bring people of both countries together and that Iran can become a major exporter of petroleum products to Pakistan. Pakistan can import quality pharmaceuticals and steel from Iran and export rice, meat, mutton, fruits and vegetables while chances of barter trade can also be explored. Zubair Tufail said that a delegation of FPCCI will visit Tehran soon to explore business opportunities and that both the governments should

take steps to make business easy. He also called for improved air links as many Pakistani businessmen go to Iran through Dubai. Iranian ambassador Mahdi Honar Doust assured the FPCCI that he would take up this matter with the Iranian airline that runs only one flight weekly to Pakistan. He noted that trade between Iran and Afghanistan was three times greater than Pak-Iran trade while now it is double that of Pak-Iran bilateral trade. He said that we want to improve trade relations and a monthly meeting will be held between representatives of FPCCI and the Embassy officials to find ways and means to improve the trade and overcome hurdles.

OPC, LCCI to help facilitate expats RECORDER REPORT

LAHORE: Overseas Pakistanis Commission (OPC)’s Commissioner Punjab Afzaal Bhatti on Thursday said the OPC intends to establish working relations with the Lahore Chamber of Commerce and Industry (LCCI) to facilitate expatriate Pakistanis regarding their investment plans. While speaking at a meeting with the LCCI office bearers here on Thursday, he said that collaboration between the two institutions would help yield positive results. Overseas Pakistanis are real asset of the country and are playing a pivotal role in economic uplift of the country therefore Commission is working day and night to resolve their issues, he said. The

Commission’s Director General Javed Iqbal Bukhari was also present on the occasion. Bhatti said that overseas Pakistanis have been facing immense problems, for instance family or property disputes, law and order concerns, settling down issues, employment hindrances. OPC is brainchild of the Punjab chief minister and is playing an efficient role to facilitate the overseas Pakistanis through redressing their complaints. He said that expatriate Pakistanis can register their complaints from any part of the world through state-of-the-art web complaint portal while a 24/7 help line has also been established for those overseas Pakistanis who have no access to the internet. Commission

has so far received about 7000 complaints during the last two years, out of which 50 percent have been resolved, he added. The LCCI President Abdul Basit said the labour class overseas Pakistanis are facing more challenges than the professionals therefore Commission should evolve special policies for labor class. The agent mafia causes huge financial losses to the innocent expatriates, he said. Commission should convince the overseas Pakistanis to invest in Pakistan that could help country get rid of the undue borrowings. Earlier Director General OPC Javed Iqbal Bukhari gave a detailed presentation and threw light on the services and achievements of the department.

Govt urged to regulate real estate sector RECORDER REPORT

MULTAN: The business community of Southern Punjab urged the government to regulate the real estate sector to bring a property investment into formal economy, which has an estimated size of around Rs 7 trillion. President of Multan Chamber of Commerce & Industry (MCCI), Khawaja Jalaluddin Roomi said that there was a dire need of regulating this sector which was flourishing rapidly. He said that the government should abolish the condition of giving NOCs for announcing

any real estate project, as there should be proper approval only. Roomi said that on the proposal of SECP, the government has agreed to regulate the real estate market of the country in the Companies Bill 2017. He further said that it is necessary to bring property sector into formal economy. A company engaged in real estate shall not announce any real estate project, unless it has obtained the approval of the SECP and all necessary approvals, permissions, NOCs etc of the authorities concerned, he added. He informed that investment

in real estate of Dubai has enhanced after they regulate the estate sector. The government has brought the property sector in the ambit of the Companies Bill 2017 that the National Assembly passed recently. The bill would bind companies and cooperatives to get clearance from the SECP before inviting or accepting finances from the general public. It would also bind companies and cooperatives to get clearance from the SECP before inviting or accepting finances from the general public.

UBL, Punjab govt sign agreement LAHORE: UBL recently joined hands with The Government of Punjab for the provision of subsidized loans to small farmers under Government of Punjab’s ‘Empowerment of Kissan Through Digital & Financial Inclusion’ Facility. A signing ceremony was held on April 20, 2017 at the Minister’s Block, Government of Punjab Secretariat, Lahore. The participants at the signing ceremony included Ayesha Ghous Pasha, Finance Minister, Government of Punjab, Mr. Muhammad Mahmood, Secretary Agriculture, Agri. Department, Govt. of Punjab, Kamran Bakshi, Additional Director SBP Agri-Credit & Microfinance Department, Zia Ijaz, Group Executive, Retail Bank UBL and Chaudhry Qaiser Iqbal, Head Rural Bank (UBL). The primary focus of this ‘eKissan Farm Credit Facility’ is on the empowerment of ‘small Kissans’ through provision of financial and digital services. This helps support the cause of financial inclusion of rural masses. In line with UBL’s progressive and innovative brand attributes, this initiative makes UBL the first commercial bank in the private sector to enter into this agreement. With its wide network comprising of over 45,000 touch points including more than 1,375 branches, this agreement allows UBL to facilitate the farming community.—PR

LAHORE: Punjab Finance Minister Ayesha Ghous Pasha (sitting second right), Secretary Agriculture Muhammad Mahmood, (sitting right), Kamran Bakshi, Additional Director SBP Agri-Credit & Microfinance Department (sitting left) and Zia Ijaz, Group Executive Retail Bank (UBL) (sitting second left), at the agreement signing ceremony with the Punjab government to facilitate small farmers under the ‘e-Kissan Farm Credit Facility’.

MCB Bank launches flagship branch featuring digital lounge LAHORE: MCB Bank, "Pakistan's Best Bank" (Euromoney & Finance Asia Awards, 2016), launched its flagship branch featuring its first State-of-the-Art Digital Lounge at Packages Mall in Lahore. The new branch is testament to MCB Bank's innovative customer services that pushes the boundaries of conventional banking and will operate 7 days a week with extended timings. The launch ceremony was conducted by Mian Mohammad Mansha, Chairman MCB Bank, and veteran businessman Syed Babar Ali, Imran Maqbool, President & CEO MCB Bank, Syed Hyder Ali, CE & MD Packages Ltd. and other senior executives from MCB Bank and Packages Mall were also present at the ceremony. The newly launched MCB Packages Mall Branch offers full scale banking services in addition to advanced digital facilities such as a Video Contact Center, Interactive Digital Interfaces, Customer Information and Facilitation Services along with Automated Teller Machines (ATMs), Cash Deposit Machines (CDMs) and an Internet/Mobile Banking Kiosk. Customers can learn about the Bank's innovative products through informative touch screens located at multiple contact points throughout the Branch. The digital lounge will further serve as an experimentation centre for future innovations. Speaking at the event, Imran Maqbool, President & CEO MCB Bank said, "We are proud to formally launch our new-age flagship branch featuring our first ever Digital Lounge at Packages Mall, Lahore. Our Digital Banking services aim to provide our customers with convenience and accessibility by offering innovative solutions across our touch points. As a pioneer of Digital Banking, we look forward to introducing more innovations that will further revolutionize the consumer banking experience for our esteemed customers."—PR

‘Shadow cabinet’

ICA filed against rejection of plea RECORDER REPORT

LAHORE: The Lawyers’ Foundation for Justice through an intra-court appeal challenged the single bench order of dismissing its petition seeking direction to establish a ‘shadow cabinet’. The petitioner through AK Dogar said that in a parliamentary system of government the majority party forms a cabinet. He pointed out that in British parliamentary system a shadow cabinet is formed and this format is followed by a number of countries having parliamentary system including Canada and Japan. He submitted that the system of shadow cabinet made the roles of opposition effective and they were not cut out from the day-to-day governmental functions. He said the system of shadow cabinet was the first step towards accountability and to curb corruption. Opposition leader in national assembly Syed Khurshid Shah had also opposed the idea of shadow cabinet. An additional advocate general argued that the government had been performing phenomenally and there was no need of any such cabinet.

LAHORE: PPP Punjab president Qamar Zaman Kaira addresses a protest meeting held against load-shedding at Nasir Bagh, here on Thursday. Leader of the Opposition in NA Khurshid Shah, Aitzaz Ahsan, Mian Manzoor Wattoo and Suhail Malik are sitting on the stage.—Recorder photo

PPP vows to hold protests and public meetings across Punjab HAMID WALEED

LAHORE: Pakistan Peoples Party (PPP) has announced to organize protests and public meetings against the government throughout Punjab after holding a protest against load shedding in the provincial headquarter on Thursday. Leader of the Opposition in National Assembly Khurshid Shah joined the protest and warned the Prime Minister of serious consequences of the public uprising against him in the wake of Panama Leaks and Dawn Leaks amidst rising power outages in the country. He addressed the party rally at the Nasir Bagh in the presence of PPP Punjab leadership; he said the rulers pushed the country back into darkness by opting for faulty energy policies. He held Prime Minister Nawaz Sharif responsible for power outages in the country. The PML-N leadership snatched away economical education and food from the people in addition to wealth through corruption, he said and

added that the PML-N was leading the country for the past four years but the people are still enduring long hours of power outages. He asserted that it was due to PPP’s rally that Lahore was not subjected to power outages today. Earlier Shah outside Allama Yousaf Awan’s residence said that Interior Minister Chaudhry Nisar has taken revenge of tweet in Dawn leaks case. Addressing the rally, the PPP Punjab president Qamar Zaman Kaira castigated the government for its tall claims of taking Pakistan Steel Mills and PIA out of crisis, saying that the country has plunged into darkness with a rise in demand. He said the power tariff is yet on higher side despite a drop in oil prices worldwide. He said the nation was asking the government about their performance over the last four years. He said two senior judges have announced verdict against the prime minister and

the people of Pakistan are questioning about the performance of government over the last four years. He said both the Panama leaks and Dawn leaks would take the prime minister to the task. He said neither the government of Zia-ul-Haq nor Musharraf could survive before the protest movement of PPP and added that the government of Nawaz Sharif should get ready to meet similar fate ahead. He said the patients are crying for health facilities in hospitals while the rulers are least bothered about the poor state of affairs, particularly in health and such other facilities. Convoys from different districts of Punjab including Lahore had joined the protest. The party workers were carrying hand fans during the rally. The organizers also placed a box at Nasir Bagh, seeking proposals from the workers on changing name of the Chief Minister Punjab Shahbaz Sharif.

US-funded English access micro-scholarship programme launched KHALID ABBAS SAIF

FAISALABAD: US Consul General Lahore Yuriy Fedkiw has inaugurated US StateDepartment funded English Access Micro-scholarship Program, Faisalabad Chapter meant for polishing English skills that will help flourish in their respective field. This program is launched in partnership with University of Agriculture Faisalabad Community College, in which the students of UAF Community College and rural areas aged between 13 to 20 across the city, are enrolled to learn English free of cost. UAF Vice Chancellor Prof Dr Iqrar Ahmad Khan, Commissioner Faisalabad Momin Agha, Principal Community College Ijhaz Bhatti, Consulate Public Affair Officer Farah Khan and other notables also spoke on the occasion. Welcoming 100 new students to Micro-scholarship Program in Faisalabad, Consul General Yuriy Fedkiw said that over 13,000 students have graduated from Access Programs across Pakistan since 2004. He said, “The access program will make you better students by helping you develop your English, leadership, and critical-

thinking skills. In two years program, you will have the opportunity to participate in many language enhancing activities ranging from project to public speaking workshops”. He challenges the students to dream big and think about how they would use their skills to make Pakistan and their communities more prosperous. Access students increase their ability to participate successfully in the socio-economic development of country and gain the ability to compete for and participate in future US exchange and study programs. He said that English would open up new opportunities for Pakistani students to study abroad and to play a vital role in society and development of country. He said that the women role was vital in the socio-economic development of the society. He stressed upon the need to provide opportunity for women for higher education and economic activities of the country. The US Department of State currently funds the Access Programs in 80 countries around the world. The English Access Micro-scholarship Program (Access) provides foundation of English languages skills to students between aged of 13-20

through free after school classes and intensive learning activities. A selected number of Access students have had the opportunity to participate in short exchange program in the United States. The US Embassy currently supports more than 2,500 access students in Pakistan. University of Agriculture Faisalabad Dr Iqrar Ahmad Khan said that UAF admits students on district quota system by design to provide the quality education to the under privileged segment of society with a special focus on rural population. He said that the program would make students more efficient and confident than ever and help to secure a better future. This program will narrow down gap between students’ abilities of rural and urban areas, he said. Commissioner Momin Ali Agha said that good English speaking listening and speaking skills would open new doors of opportunities, minds and hearts of students. Facing rising challenges and to interconnecting with other communities, English has become a necessary part of life. He said the government was making all out efforts to promote the education that will herald new era of prosperity.

ANF seizes narcotics worth Rs10.5bn in 19 operations RECORDER REPORT

LAHORE: ANF Pakistan seized huge cache of narcotics weighing 6.05 tons worth Rs 10.5 billion internationally and arrested 23 persons in 19 operations across the country. The seized drugs included 5.16 ton Hashish, 893Kg Heroin, 1.5 Kg Methamphetamine and 1.5 Kg Opium. According to Joint Director ANF, ANF Lahore on pursuance of information intercepted a Suzuki Bolan van near Shell Petrol Pump, Wazirabad Road, Sialkot and found 16.8kg Hashish concealed in improvised cavities of the car. Four persons including Ikram Ullah, Arif Ullah residents of Peshawar and Waheed-urRehman and Malik Waqas resident of Abbotabad arrested.

In another operation, ANF Lahore recovered 1.05Kg Hashish by arresting a drug carrier namely Noor-ul-Ibrar resident of Mardan. He was arrested near China Chowk, Wazirabad Road, Sialkot. In another operation, ANF Lahore intercepted a motorcyclist near Shoukat Khanum Hospital Chowk, Lahore, and recovered 130 grams Hashish from his possession. ANF Lahore in fourth operation recovered 150 grams Hashish from accused Qasim Ali resident of Gujrat who was arrested at bus stop, Punjab University New Campus, Lahore. ANF Lahore recovered 230 grams Hashish by apprehending a local drug seller identified as Muhammad Nadeem resi-

dent of Kasur. He was arrested near Government College University, Lahore. ANF Quetta in two separate operations carried out at Qilla Abdullah and Pishin, seized 4963Kg Hashish and 886Kg Heroin receptively. According to details, ANF raided a desolate site located at Killi Pankai, Tehsil Gulistan, District Qilla Abdullah and seized 4963Kg Hashish which was concealed in a seasonal stream. As per preliminary reports, drug was stocked for handing over to another narcotics gang for shifting to some unidentified destination. ANF Rawalpindi recovered 2Kg Hashish from possession of a drug supplier namely Deen Muhammad, resident of Peshawar. In another operation,

ANF Rawalpindi arrested an accused identified as Noor Ullah, resident of Peshawar near Koh-e-Noor Mills Bus Stop, GT Road, Rawalpindi, recovering 1.2Kg Opium and 1.5Kg Hashish from his personal possession. In another operation, ANF Rawalpindi arrested Adil resident of Khyber Agency along with 1.2Kg Hashish which was found in his personal possession. He was arrested at Bus Stop Chungi No. 26, GT Road, Islamabad. In another operation, a raid carried out by ANF Rawalpindi near Bojazz Cash & Carry, Khana Pull, Islamabad resulted in arrest of a drug carrier identified as Haroon-ur-Rasheed resident of Khyber Agency along with 2.4Kg Hashish. In addition,

ANF Rawalpindi arrested two lady drug traffickers, recovering 2.4Kg Hashish from their possession. They were arrested near Total Petrol Pump, Service Road, Ghouri Town, Islamabad. ANF Peshawar arrested Gul, resident of Peshawar while he was riding on a motorcycle near Nowshera Kalan, Nowshera, and recovered 900 grams Heroin from his possession. In another operation, ANF Peshawar during routine profiling at Peshawar Airport arrested a passenger named Ilyas Hussain resident of Mardan and recovered 990 grams Heroin concealed in his bag. The accused intended to board for Sharjah by Shaheen Ariline Flight No. NL-792.

In addition, ANF Peshawar recovered 400 grams Hashish from Niamat Gul resident of Nowshera who was arrested while travelling in a passenger van near Motorway Toll Plaza, Peshawar. ANF Karachi Seaport Team intercepted a container at Pakistan International Container Terminal, Karachi and seized 5.5Kg Heroin concealed in 23 wooden baskets. The container was destined for Vietnam. ANF also detained two persons including Aftab Gul resident of Lahore and Mirza Ijaz resident of Sargodha for investigation. In another operation, ANF Karachi on receipt of information raided near Pak Wattan Tijori Hotel, Goth Kallar, National Highway, Sukkur and

apprehended two drug traffickers including Abdul Qadeer and Noor Ahmed residents of Lakki Marwat, recovering 8.2Kg Hashish concealed in their luggage. Yet in another operation, ANF Karachi Team at Jinnah International Airport in collaboration with ASF arrested a passenger Ali Sher resident of Lahore which resulted in recovery of 1.5Kg Methamphetamine concealed in his trolley bag. Moreover, ANF Karachi while acting on a tip-off captured a car near Qalandri Chowk, Nusrat Bhutto Colony, Karachi and recovered 158.4Kg Hashish. An accused on board identified as Muheeb Ullah resident of Karachi was also apprehended on the spot.

14 BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

PAKISTAN STOCK EXCHANGE Mkt. Cap.

VOLUME 287,866,210 against last trading day’s 260,205,980

Engro Polymer Inv. Cap. Bank Aisha Steel TRG Pak. Summit Bank

9,777,166,961,156 39,189,500 20,052,000 14,827,500 14,013,000 10,723,000

ACTIVE ISSUE

RISES

DROPS

Rafhan Maize Sapphire Tex. Service Ind. Sanofi-Aventis. Atlas Batt.

187.23 51.00 41.73 35.00 26.43

Colgate Palm. Nestle Pakistan Bata (Pak) Indus Dyeing Jub Life Ins.

100.00 45.00 39.00 35.75 18.00

KSE-100 12 Months High: 50887.61; Low: 35317.56

KSE–100 INDEX 49283.65 up 678.51 over last trading day’s 48605.14

Total: 394 : 249; : 132; :

13

BR INDICES AT A GLANCE BRINDEX30 Day Close: . . . . . . . . . . . . . . . . . . . 27,022.02 High: . . . . . . . . . . . . . . . . . . . . . . . . 27,083.90 Low: . . . . . . . . . . . . . . . . . . . . . . . . . 26,485.39 Net Change: . . . . . . . . . . . . . . . . . . . 536.63 Volume: (000):. . . . . . . . . . . . . . . . . . 163,377 Value (000): . . . . . . . . . . . . . . . . . . 5,945,916 Mkt. Cap. . . . . . . . . . . . . . . 632,735,360,169

EPS P/E Term Ratio LDCP* Open

Last Total Rates 52 Weeks T/O Close High Low High Low (‘000)

———————— Close-end-mutual Funds ———————— Dominion Stock (D) — 1st Dawood Mut. — Golden Arrow 7.02-16 Investic Mutual (D) — PICIC Growth 2.19-16 PICIC Inv.Fund 2.73-16 Prudential Stock (D) — Tri-Star Mutual —

— — 17-9m — 17-9m 17-9m — 16-6m

— — 1.91 — 4.49 3.89 — 0.97

0.34 7.00 14.94 0.17 33.90 15.46 2.33 11.04

0.34 7.00 14.94 0.17 33.74 15.74 2.33 10.60

0.34 7.00 14.95 0.17 34.19 15.37 2.33 10.88

— — 15.00 — 34.45 15.74 — 11.00

— — 14.90 — 33.74 15.25 — 10.55

— — 16.18 — 38.38 17.99 — 23.75

— 0.000 — 0.000 8.10 209.000 — 0.000 22.00 496.500 10.53 7.000 — 0.000 2.32 119.500

— — 29.49 — — 12.50 — — 11.45 9.50 9.12 10.40 3.99 3.86 9.25 5.00 5.00 6.50 — — — 3.85 3.65 12.02 6.85 6.50 9.25 4.15 4.11 5.94 10.85 10.50 12.15 3.90 3.90 5.75 — — — — — 237.63 3.40 3.31 5.83 — — 13.43 — — 11.20 — — 49.28 11.23 — 17.25 34.40 33.25 46.68 2.22 2.22 4.24 3.70 3.70 8.00 23.00 22.50 28.85 3.29 2.96 7.98 — — 15.15 3.03 2.88 4.80 6.10 5.90 11.60 4.25 4.08 8.00 3.02 2.90 6.96

21.20 0.000 8.50 0.000 7.00 0.000 5.35 16.000 1.41 3.500 3.56 25.000 — 0.000 3.30 24.000 3.80 1.500 2.11 4.000 9.50 95.500 2.41 1.500 — 0.000 76.51 0.000 2.04 13.000 4.40 0.000 8.40 0.000 40.57 0.000 4.00 0.000 17.50 53.500 2.00 1.500 2.50 1.000 21.20 36.500 1.35 119.000 2.00 0.000 1.20 214.000 3.50 15.000 3.55 20.000 1.01 12.500

———————— Modarabas ———————— Allied Rental Mod 4.26-16 Awwal Modaraba 1.97-16 B. F. Mod. 6.50-16 B.R.R. Mod. 2.84-16 Cres.Stand 4.27-16 AL-Noor Mod. 10.00-15 Constellation — Elite Cap.Mod 14.95-15 Equity Mod. 1.90-16 1st. Fid.Leas — Habib Mod. 9.22-16 I. B. L. Mod. 9.00-16 Investec Mod.1st (D) — Imrooz Mod. 5.21-16 1st. Nat. Bank Mod. — Punjab Mod. 6.68-16 Ist Paramount 8.11-16 F.Treet Manuf.Mod 1.27-16 Tri-Star 1st. — U.D.L. Mod. 3.00-16 KASB Modaraba 3.60-16 Modaraba Al-Mali 5.41-16 Orix Moda. 15.11-16 Pak Modaraba 29.70-15 Popular Islamic Mod. — Prud Mod. 1st. 6.06-16 Sindh Modaraba 5.75-16 Trust Mod 7.06-16 Unicap Mod. —

17-9m 17-9m 17-9m 17-9m 17-9m 17-9m — 17-9m 17-9m 17-9m 17-9m 17-9m — 17-9m 17-9m 17-9m 17-9m 17-9m 16-6m 17-9m 16-6m 17-9m 17-9m 16-6m 17-9m 16-6m 17-9m 17-9m —

8.97 23.45 23.45 7.77 11.50 11.50 6.94 10.00 10.00 4.75 9.26 9.12 11.58 3.52 3.99 7.65 5.00 5.00 — 1.19 1.19 -7.46 3.69 3.84 6.32 6.80 6.50 -14.68 4.10 4.15 6.41 10.90 10.61 5.30 4.05 3.90 — 0.20 0.20 24.91 230.50 230.50 -1.76 3.41 3.40 7.49 7.49 7.49 9.91 9.25 9.25 49.95 49.28 49.28 20.05 11.35 11.35 138.71 33.50 34.00 27.75 2.27 2.22 12.07 3.77 3.70 7.78 22.60 22.80 11.65 3.06 3.00 29.18 8.95 8.95 21.21 2.95 2.95 13.43 6.90 5.90 8.61 4.19 4.08 — 2.92 2.90

23.45 11.50 10.00 9.50 3.86 5.00 1.19 3.68 6.83 4.11 10.85 3.90 0.20 230.50 3.31 7.49 9.25 49.28 11.23 33.29 2.22 3.70 22.50 3.03 8.95 2.97 6.09 4.25 2.94

———————— Leasing Companies ———————— Capital Assets — English Leasing (D) — Grays Leasing — Orix Leas. 9.59-16 Pak Gulf Leas. 4.52-16 Pak.Comm.Leas. (D) — Security Leas. — Security Leas. (Pref) 9.1% — SME leasing Ltd. — Saudi Pak Leas. —

16-6m 4.46 — — 17-9m -105.94 17-9m 5.31 17-9m 7.14 — — 17-9m -3.08 — — 17-3m -3.90 15-Yr -0.59

11.00 0.65 5.65 45.45 11.05 0.10 4.82 7.00 5.50 2.54

10.00 0.65 5.65 45.85 11.05 0.10 5.15 7.00 4.52 2.54

10.00 10.00 10.00 15.79 0.65 — — — 5.65 — — 12.89 46.90 47.00 45.85 59.99 11.05 — — 15.25 0.10 — — — 5.21 5.34 5.15 12.50 7.00 — — — 4.52 4.52 4.52 6.91 2.54 — — 4.30

9.32 0.500 — 0.000 3.29 0.000 43.50 223.000 7.50 0.000 — 0.000 1.32 2.500 — 0.000 0.80 0.500 0.81 0.000

———————— Investment Banks/investment Co ———————— 786 Investment (D) — Arif Habib Ltd 7.44-16 Apna Microfin.Bank — AL-Mal Sec. (D) — BIPL securities — CYAN Ltd 7.28-16 Dawood Equities — Escorts Bank — First Capital Equities — First Credit & Inv. — Ist.Cap.Sec.Cor — 1st Dawood — First National Equity — Invest. Cap. Bank — Invest & Finance Sec17.61-15 IGI Inv.Bank Ltd — Investec Sec. (D) — J.O.V.& Co. (D) — Jahangir Sid. Co. — JS Global — JS Inv. 3.48-16 MCB-ARIF Habib 11.79-16 NEXT Capital — Pervez Ahmed Sec. — P.D.G.House (D) — Prud. Bank (D) — Security Bank — Trust Invest. Bank — Trust Brokerage —

17-9m 1.73 2.15 2.15 17-9m 4.38 91.89 92.99 17-3m -2.33 7.00 7.00 17-9m 0.17 0.62 0.62 17-3m 10.82 10.39 10.39 17-3m 4.63 69.00 68.46 17-9m 2.91 7.10 7.25 16-6m -10.36 16.61 17.61 17-9m 107.14 9.01 9.95 17-9m 37.50 7.10 7.00 17-9m -0.49 4.04 4.15 17-9m 52.82 4.92 5.09 16-6m 5.19 11.50 11.50 17-9m — 4.98 5.20 17-9m 69.00 113.30 116.50 16-3m — 3.56 3.70 — — 0.42 0.42 17-9m 0.45 1.90 1.90 17-3m 25.86 24.29 24.45 17-3m 7.89 61.25 61.25 17-3m -179.38 14.60 14.15 17-9m 9.75 28.00 27.57 17-9m 10.31 21.62 21.06 17-9m 15.75 2.33 2.36 — — 0.30 0.30 — — 4.00 4.00 17-3m 2.46 7.14 6.75 17-9m 317.25 4.42 4.11 17-9m -54.03 17.29 17.29

2.15 94.11 7.00 0.62 10.39 68.64 6.82 17.61 10.00 7.00 4.09 4.93 11.00 3.98 115.00 3.61 0.42 1.90 24.83 61.25 14.35 27.57 22.00 2.31 0.30 4.00 6.50 4.23 17.29

— — 94.25 92.35 — — — — — — 68.90 68.46 7.25 6.81 17.61 17.61 10.00 9.95 7.00 7.00 4.15 4.05 5.15 4.84 11.60 10.70 5.42 3.98 116.80 115.00 3.74 3.56 — — — — 25.10 24.45 — — 14.35 14.15 27.57 27.57 22.70 21.03 2.41 2.30 — — — — 6.75 6.50 4.49 4.01 — —

2.15 118.40 15.00 — 17.00 91.70 9.40 21.99 29.00 13.55 9.00 8.63 17.55 5.42 146.00 3.84 — — 29.00 87.00 17.50 36.05 32.24 3.68 — — 7.30 7.50 19.03

2.15 0.000 43.43 117.000 6.11 0.000 — 0.000 4.95 0.000 62.50 7.500 2.05 7.500 1.56 24.500 8.00 1.000 5.05 0.500 2.26 591.000 0.51 916.000 2.05 128.500 0.9020052.000 31.00 2.000 1.19 464.500 — 0.000 — 0.000 19.35 719.500 43.55 0.000 13.50 47.500 24.48 0.500 5.65 12.000 1.54 1155.500 — 0.000 — 0.000 1.41 13.000 0.76 452.000 2.08 0.000

———————— Commercial Banks ———————— Allied Bank 7.72-16 Askari Bank 7.45-16 Askari Bank-MAY — Bank Alfalah 2.50-15 Bank Alfalah-MAY — Bank AL Habib 6.55-16 Bank Islami — Bank of Khyber 8.94-15 B.O.Punjab — B.O.Punjab-MAY — Faysal Bank 4.32-15 Faysal Bank-MAY — Habib Bank Ltd 4.92-15 Habib Metro Bank 9.23-16 JS Bank Ltd — MCB Bank 7.25-16 Meezan Bank Ltd. 3.70-16 National Bank 11.56-16 National Bank-MAY — NIB Bank — Samba Bank — Stand.Chart 8.18-16 SILKBANK — Summit Bank — Summit Bank(Con)A — Summit Bank(Con)B — Soneri Bank 7.69-16 United Bank Ltd. 5.19-16

17-3m 17-3m — 17-3m — 17-3m 16-9m 16-9m 17-3m — 17-3m — 16-9m 17-3m 17-3m 17-3m 17-3m 17-3m — 17-3m 17-3m 17-3m 17-3m 17-3m — — 17-3m 17-3m

7.46 93.95 93.00 5.14 19.73 19.95 — 19.88 19.90 5.71 39.44 39.98 — 39.73 40.33 6.45 53.05 53.05 17.24 13.60 13.27 7.13 14.01 14.00 3.31 12.92 13.10 — 12.64 12.86 3.71 22.07 23.10 — 22.45 23.00 13.05 278.59 280.00 6.61 32.10 32.49 30.34 9.50 9.69 9.99 215.07 216.01 13.41 80.98 80.98 8.19 63.87 64.24 — 64.32 64.53 18.75 1.52 1.52 11.68 7.01 7.01 8.86 25.00 24.52 19.63 1.58 1.61 34.19 5.03 5.10 — 10.00 10.00 — 10.00 10.00 7.52 16.30 16.30 10.57 246.35 245.05

93.97 20.13 20.26 40.00 40.27 53.41 13.56 13.98 13.25 12.92 23.17 23.57 284.78 32.50 9.71 220.62 80.98 64.87 65.13 1.50 7.01 24.45 1.57 5.47 10.00 10.00 16.25 250.71

94.00 93.00 20.50 19.75 20.60 19.90 40.85 39.75 40.94 40.11 54.50 53.00 13.80 13.25 14.00 13.90 13.63 13.05 13.18 12.81 23.17 22.11 23.57 22.45 287.00 279.00 32.70 32.00 10.15 9.69 222.00 216.00 82.00 80.98 65.00 63.81 65.38 64.05 1.54 1.49 — — 24.52 24.45 1.62 1.55 5.61 5.05 — — — — 16.30 16.21 252.00 244.01

122.89 82.00 155.400 28.03 17.50 1348.000 — — 211.500 47.20 24.0710677.500 — — 120.000 61.48 39.25 730.500 14.00 10.30 362.500 18.50 10.50 4.000 20.90 7.82 7848.000 — — 2743.500 29.90 12.95 2234.000 — — 271.000 293.50 170.01 2044.500 39.88 26.80 451.500 12.70 5.51 1692.500 258.50 204.00 730.200 83.77 40.00 3.500 83.64 51.85 995.000 — — 85.000 2.45 1.45 1358.000 9.00 6.30 0.000 29.93 18.45 3.000 2.05 1.50 3735.500 5.61 2.5010723.000 — — 0.000 10.00 10.00 0.000 19.20 13.00 123.000 257.00 161.52 1381.400

———————— Insurance ———————— Askari Gen. Adamjee Ins. Asia Ins. Atlas Ins Beem Pakistan (D) Business Ins. (D) Century Ins. Crescent Star E.F.U.Gen. EFU Life Assur.

3.39-16 5.37-16 — 9.00-16 — — 6.55-16 — 6.21-16 6.10-16

17-3m 5.95 30.00 28.65 16-Yr 7.46 72.22 72.85 17-3m 7.38 18.60 18.60 17-3m 7.92 70.80 71.15 — — 2.30 2.30 — — 3.60 3.60 17-3m 5.62 26.40 26.11 17-3m 2.64 8.76 8.97 17-3m 13.42 157.47 160.99 17-3m 10.88 255.20 250.00

29.50 74.43 18.60 72.20 2.30 3.60 26.73 8.67 161.00 246.00

29.50 28.65 75.00 72.85 — — 72.20 71.00 — — — — 26.73 26.05 8.97 8.60 161.00 160.99 250.00 246.00

40.95 20.25 1.500 80.10 46.70 173.000 21.10 18.92 0.000 88.69 59.10 6.500 — — 0.000 — — 0.000 32.73 21.77 3.500 13.70 8.40 120.500 176.99 116.56 0.500 273.43 160.00 4.300

Companies

Div. Yield

East West 0.74-16 East West Life — Habib Ins. 10.48-16 Hallmark Ins. (D) 8.06-16 IGI Insurance 1.62-15 IGI Life Ins. 1.55-16 Jubilee Gen. Ins. 3.50-16 Jub Life Ins. 2.06-16 Pak Rein. 5.90-16 Pak Guar. (D) — PICIC Insurance — Premier Ins. 5.89-15 Pak Gen. Ins. 6.11-15 Progressive Ins. (D) — Reliance Ins. 4.84-15 Shaheen Ins. — Standard Ins. (D) — Silver Star (D) — TPL Direct Ins. — United Ins. 6.25-16 Universal Ins. —

EPS P/E Term Ratio LDCP* Open

17-3m 34.13 16-Yr -175.00 17-3m 16.70 16-Yr 3.15 16-9m 25.32 17-3m 15.33 17-3m 11.36 17-3m 30.28 17-3m 9.01 — — 16-9m -8.57 17-3m 20.23 16-Yr 14.96 — — 16-9m 6.80 17-3m 16.02 — — — — 17-3m 13.88 16-Yr 10.19 16-Yr 9.01

169.29 169.29 14.80 14.00 16.39 16.50 6.20 6.20 367.50 370.00 92.38 96.00 101.95 99.99 723.00 695.00 49.03 49.50 4.75 4.75 4.72 4.76 16.99 16.99 12.01 12.35 1.13 1.13 10.30 10.40 7.00 7.00 44.00 44.00 6.34 6.34 23.32 23.32 16.48 16.48 14.99 14.00

Last Total Rates 52 Weeks T/O Close High Low High Low (‘000)

169.29 14.00 16.70 6.20 370.00 96.87 100.00 705.00 50.82 4.75 4.80 16.99 12.27 1.13 10.33 7.05 44.00 6.34 23.32 16.00 14.95

— — 14.00 14.00 16.70 16.50 — — 375.00 369.99 96.87 96.00 100.00 99.99 705.00 695.00 51.25 49.00 — — 4.88 4.62 16.99 16.99 12.75 11.92 — — 10.45 10.11 7.24 7.00 — — — — — — 16.48 15.75 14.95 14.00

135.00 133.21 0.000 23.99 13.17 2.000 21.58 15.56 36.000 — — 0.000 421.00 184.52 111.900 96.87 50.00 2.000 128.00 92.20 11.000 737.00 485.00 0.400 61.85 27.50 285.000 — — 0.000 8.45 4.26 16.500 27.89 15.36 2.000 29.32 6.50 322.000 — — 0.000 15.00 8.50 46.000 10.25 4.42 2.000 — — 0.000 — — 0.000 28.35 14.75 0.000 26.61 14.34 77.000 22.75 7.52 3.000

———————— Textile Spinning ———————— Ali Asghar (D) — Adil Textile (D) — AL-Qadir Tex. — Amtex — Annoor Tex. (D) — Apollo Tex. (D) — Al-Qaim Tex. (D) — Asim Textile — Allawasaya — Ayesha Textile — Azmat Tex. (D) — AL-Azhar Tex. (D) — Babri Cotton — Bilal Fibres — Brothers Tex. (D) — Crescent Cotton — Crescent Fib. 3.58-16 Colony Textile — Chakwal Spinng 5.88-15 Data Textile (D) — Dewan Farooq. Spin. — Din Tex. 1.05-16 Dewan Kh. — D. Mushtaq — D. M. Tex. — D.S.Ind.Ltd. — Dar-es-Salaam — Dewan Tex. — Elahi Cot. — Ellcot Sp. 3.38-16 Fatima Enter. (D) — Fazal Cloth 1.32-16 Gadoon Tex. — Glamour Tex. — Globe Tex. (D) — Globe (O.E) (D) — Gulshan Sp. (D) — Gulistan Sp. (D) — Gulistan Tex. (D) — Hajra Tex. (D) — Hira Tex. — H.Mohd.Ismail — Idrees Tex. 2.83-15 Ideal Sp. — Indus Dyeing 0.74-16 Island Tex. — Ishtaiq Tex (D) — J.A.Textile — Janana D Mal 1.18-16 J. K. Spinning 1.82-16 Karim Cotton (D) — Khurshid Spinng (D) — Kohat Textile 4.35-15 Kohinoor Sp. — Khalid Siraj — Land Mark Sp. — Mehr Dastgir (D) — Maqbool Tex. — Mukhtar (D) — Nagina Cotton 1.93-16 Nadeem Tex. — Nazir Cot. — N. P. Spinning — Olympia Sp. — Premium Tex. 5.72-16 Ravi Textile — Rel.Cotton 3.81-16 Ruby Tex. — Saif Tex — Salfi Textile — Salman Noman — Service Tex. — Shadman Cotton — Shadab Tex. 6.29-16 Sajjad Tex. — Sally Tex. — Sana Ind. 6.58-16 Sargoda Spining — Saritow Sp. — Sunshine Cotton (D) — Sunrays Tex. 2.50-16 Shahzad Textile 3.89-15 Tata Textile 2.38-15 Taha Spinning —

16-3m -5.75 — — 17-9m 29.51 16-6m -1.53 — — 16-6m -56.77 — — 17-9m 5.00 17-9m -7.14 16-6m -14.75 — — — — 17-9m 9.95 17-9m -6.86 16-9m -1.73 16-6m -9.23 17-9m 298.93 16-6m 247.50 16-6m -0.63 — — 17-9m -1.44 17-9m 469.74 17-9m -0.68 17-9m -0.29 16-6m -11.06 17-9m -6.77 17-9m -0.88 17-9m -0.59 17-9m -55.12 17-9m 14.86 16-6m -0.45 17-9m 9.32 17-9m 7.45 17-9m -19.80 16-6m -72.50 16-3m -1.19 15-9m -0.16 15-9m -0.24 15-9m -0.72 — — 17-9m 12.40 17-9m 11.26 17-9m 3.71 17-9m -0.58 17-9m 12.08 17-9m -8.06 16-3m -0.14 17-9m -5.16 17-9m 11.29 17-9m 21.48 17-9m — 16-6m -0.78 17-9m 646.88 17-9m -1.29 17-9m -1.89 16-6m -2.60 — — 17-9m -12.07 15-Yr -4.95 17-9m 13.87 16-6m 49.92 17-9m -19.81 16-6m -1.82 17-9m 3.23 17-9m 5.87 17-9m -3.47 17-9m 7.71 16-6m -4.21 17-9m 11.62 17-9m -25.65 16-6m -0.09 17-9m 2.89 17-9m -1.46 17-9m 7.12 17-9m -1.64 17-9m -19.94 17-9m -9.95 17-9m -8.62 16-6m 10.98 — — 17-9m 11.87 17-9m 16.62 17-9m -14.65 17-9m -102.16

2.07 8.90 85.00 2.79 11.38 29.52 1.31 8.49 360.00 434.65 9.95 0.26 71.13 15.92 4.20 53.90 27.90 5.01 4.22 0.50 3.85 119.00 7.50 7.80 49.77 4.39 8.00 10.00 36.75 103.40 14.30 180.51 233.00 57.83 8.70 10.50 1.08 1.40 15.00 0.72 11.28 8.61 17.73 8.00 715.07 967.50 9.49 6.39 109.50 26.51 11.10 1.00 17.25 5.23 4.51 7.99 1.50 29.29 1.09 54.50 36.94 5.97 30.00 8.70 179.88 4.51 131.11 11.11 19.91 118.00 4.95 15.24 9.00 69.34 5.98 15.87 53.00 18.38 8.60 0.33 200.00 25.70 42.00 79.00

2.07 8.90 85.00 2.80 11.38 29.52 1.31 8.06 360.00 434.65 9.95 0.26 71.13 15.11 4.20 53.90 27.90 5.00 4.31 0.50 3.77 119.00 7.50 7.01 49.77 4.41 8.00 10.00 36.75 103.40 14.30 180.51 234.00 60.45 8.70 10.50 1.08 1.40 15.00 0.72 11.57 8.52 18.00 8.00 679.32 967.50 9.49 5.75 105.05 27.50 11.10 1.00 17.25 5.25 4.51 7.12 1.50 29.29 1.09 51.78 36.94 6.00 30.00 9.00 188.87 4.75 131.11 11.13 20.00 118.00 4.71 15.89 9.00 69.00 5.26 15.49 53.50 18.38 9.00 0.33 200.00 25.70 44.00 79.00

2.07 8.90 85.00 2.76 11.38 29.52 1.31 7.80 360.00 434.65 9.95 0.26 71.13 15.36 4.20 53.90 27.90 4.95 4.25 0.50 3.80 119.00 7.50 7.25 49.77 4.42 8.00 10.00 36.75 103.40 14.30 189.53 235.95 60.45 8.70 10.50 1.08 1.40 15.00 0.72 11.74 8.11 17.65 8.00 679.32 967.50 9.49 5.85 105.50 27.50 11.10 1.00 17.25 5.14 4.51 7.55 1.50 29.29 1.09 51.78 36.94 5.81 30.00 9.00 174.69 4.99 131.11 11.11 20.91 118.00 4.71 16.24 9.00 69.50 5.50 14.89 53.19 18.38 9.00 0.33 200.00 25.70 42.00 79.00

— — — — — — — — 89.25 2.86 2.70 4.13 — — — — — — — — — 8.64 7.55 10.50 — — 360.00 — — 434.65 — — — — — — — — 124.00 15.81 14.93 19.54 — — 8.03 — — 58.70 — — 42.00 5.15 4.95 7.40 4.31 4.19 9.23 — — — 3.93 3.77 8.26 — — 119.00 — — 10.26 7.25 7.01 11.20 — — 60.79 4.55 4.34 7.59 — — 12.32 — — 15.00 — — 73.50 — — 142.00 — — — 189.53 180.51 202.87 237.00 231.25 327.10 60.45 60.45 69.00 — — — — — — — — — — — — — — — — — — 12.09 11.30 16.20 8.60 8.02 16.50 18.20 17.60 18.20 — — 13.96 679.32 679.32 890.00 — —1418.08 — — — 5.85 5.75 9.95 110.00 105.05 186.50 27.50 27.50 33.00 — — — — — — — — 22.75 5.39 5.10 9.09 — — 10.65 7.99 7.12 16.10 — — — — — 33.33 — — — 52.50 51.78 69.10 — — — 6.01 5.70 18.50 — — 37.68 9.10 9.00 15.88 188.87 172.25 188.87 4.99 4.70 7.95 — — 157.38 11.13 11.13 24.39 20.91 20.00 27.19 — — 127.00 4.71 4.71 7.09 16.24 15.89 17.20 — — 15.70 69.50 69.00 82.99 5.50 5.26 10.25 15.97 14.88 15.97 53.50 53.00 101.75 — — 38.00 9.00 9.00 11.55 — — — — — 369.03 — — 25.70 44.00 42.00 44.00 — — 95.85

— — 46.20 1.50 — — — 4.72 351.50 183.75 — — 47.00 2.55 3.62 35.51 27.90 2.54 3.62 — 2.40 76.15 4.01 3.84 32.72 2.39 4.80 4.61 34.72 70.00 — 120.00 120.00 47.51 — — — — — — 8.80 3.00 11.00 6.65 461.00 798.00 — 3.60 71.32 21.00 — — 9.10 4.80 2.55 4.85 — 15.05 — 40.00 — 3.00 19.01 4.00 78.00 2.50 80.65 3.03 15.80 112.60 3.43 8.00 7.70 46.59 5.00 9.00 52.50 10.75 4.55 — 191.00 18.10 26.00 5.90

0.000 0.000 0.000 841.500 0.000 0.000 0.000 55.000 0.000 0.000 0.000 0.000 0.000 9.000 0.000 0.000 0.000 117.000 103.500 0.000 321.500 0.000 0.000 1.000 0.000 118.000 0.000 0.000 0.000 0.000 0.000 1.400 7.200 0.500 0.000 0.000 0.000 0.000 0.000 0.000 1237.500 138.000 15.500 0.000 0.050 0.000 0.000 1.500 1.100 0.500 0.000 0.000 0.000 700.000 0.000 2.000 0.000 0.000 0.000 1.000 0.000 213.000 0.000 6.500 10.500 14.000 0.000 0.500 1504.500 0.000 1.500 19.000 0.000 1.000 1.500 4.500 13.000 0.000 10.000 0.000 0.000 0.000 14.000 0.000

12.45 8.61 — — 446.15 118.48 — — — — — — — — 39.90 30.50 — — — — 19.50 8.60 11.80 6.76 204.73 83.60

0.000 0.000 4.900 0.000 0.000 0.000 0.000 0.000 0.000 0.000 8.000 30.000 0.000

———————— Textile Weaving ———————— Ashfaq Textile Ayaz Textile (D) Feroze 1888 Hakkim Tex. (D) I.C.C. Tex. (D) Mohib Exports (D) Punjab Cotton (D) Prosperity Saleem Denim (D) Sadoon Textile (D) Service Fab. Samin Textile Shahtaj Textile

— — 2.90-16 — — — — 5.18-16 — — 2.16-16 — 3.16-16

17-9m — 17-9m — 16-6m — 17-9m 17-9m 15-Yr — 17-9m 17-9m 17-9m

83.33 10.00 10.00 — 0.20 0.20 21.07 134.69 135.00 — 0.50 0.50 -0.74 1.90 1.90 — 0.15 0.15 -11.03 5.00 5.00 22.04 33.80 33.80 -3.96 0.95 0.95 — 0.85 0.85 -53.37 9.20 8.95 -1.09 7.43 7.75 10.91 142.50 142.50

Net Change: . . . . . . . . . . . . . . . . . . . . 29.74 CEMENT Day Close:. . . . . . . . . . . . . . . . . . . . . 8,865.25 Net Change: . . . . . . . . . . . . . . . . . . . . 126.2 COMM BANKS Day Close:. . . . . . . . . . . . . . . . . . . . . 9,678.33 Net Change: . . . . . . . . . . . . . . . . . . . 140.31 POWER GEN. & DIST. Day Close:. . . . . . . . . . . . . . . . . . . . . 7,722.77

Net Change: . . . . . . . . . . . . . . . . . . . 51.97

As on: 04-05-2017 Div. Yield

TECH. & COMM. Day Close:. . . . . . . . . . . . . . . . . . . . . 1,561.77

Net Change: . . . . . . . . . . . . . . . . . . . . 16.09 OIL & GAS Day Close:. . . . . . . . . . . . . . . . . . . . . 5,008.07

For further information please visit www.khistocks.com

Companies

SECTORAL INDICES

10.00 — — 0.20 — — 141.31 141.42 135.00 0.50 — — 1.90 — — 0.15 — — 5.00 — — 33.80 — — 0.95 — — 0.85 — — 9.25 9.25 8.95 7.67 7.80 7.51 142.50 — —

Companies

Yousuf Zephyr Tex

Div. Yield

— —

EPS P/E Term Ratio LDCP* Open

16-6m -2.52 17-9m 12.79

6.25 14.50

6.50 14.50

Last Total Rates 52 Weeks T/O Close High Low High Low (‘000)

6.20 14.50

6.75 —

6.10 8.40 — 15.50

2.16 2308.000 7.25 0.000

———————— Textile Composite ———————— Artistic Denim 2.52-16 Ahmed Hassan — Azgard Nine — Azgard Nine (Non-Voti) — Azgard 9 (P) (8.95%) — Aruj Indus. — Bhanero Tex. 1.19-16 Blessed Tex. 2.10-16 Chenab Ltd — Chenab Ltd (Pref) — (Colony) Sarhad (D) — Colony Thal (D) — Cres. Tex. 2.50-16 Dawood Lawrencepur2.38-16 Faisal Sp. 2.18-16 Fateh Sports (D) — Fateh Tex. (D) — Gul Ahmed 7.00-16 Gul Ahmed Tex (R) — Ghazi Fabrics — Hala Enterpries — Hafiz Ltd. 0.86-16 Hamid Textile (D) — Hussain Ind. (D) — Int. Knitwear 6.06-16 Ishaq Tex. — Jubilee Sp. — Kaiser Art & Kr (D) — Khyber Tex. — Kohinoor Mills — Kohinoor Ind. — Kohi.Tex. 3.98-16 Mehmood Tex 4.65-15 Mohd. Farooq — Masood Tex 3.55-16 Masood Tex.(Pref) — Mian Textile — Mubarak Tex. — Nishat (Ch) 4.25-16 Nishat (Ch)-MAY — Nina Ind. (D) — Nishat Mills 3.16-16 Nishat Mills-MAY — Parmount Sp. (D) — Quetta Tex. — Redco Tex. — Reliance Weaving 1.22-16 Sapphire Tex. 0.78-16 Schon Textile (D) — Safa Textile — Sapphire Fib. 1.01-16 SFL Ltd 0.68-16 Shams Tex. — Suraj Cotton 2.55-16 Taj Textile (D) — Towellers Ltd — Usman Textile (D) — Zahid Jee Tex. — Zahur Cotton (D) —

17-9m 22.98 17-9m 89.02 17-9m -24.90 — — — — 17-9m 6.01 17-9m 7.51 17-9m 5.64 17-9m 55.13 15-Yr -0.66 17-9m -0.13 15-Yr -2.07 17-9m 752.55 17-3m 27.06 17-9m 4.93 17-9m -149.64 — — 16-6m 76.50 — — 17-9m -0.66 16-6m -16.30 17-9m 45.03 17-9m -2.91 17-9m 11.81 17-9m -16.72 16-Yr -1.06 17-9m 6.33 — — — — 16-3m 8.28 16-6m 8.64 17-9m 10.24 16-6m 3.54 16-6m -67.50 17-9m 10.56 — — 17-9m 5.02 17-9m — 17-9m 7.57 — — 16-Yr -0.18 17-9m 13.50 — — 15-9m -0.22 17-9m -0.30 16-6m -2.88 17-9m 12.50 17-9m 9.61 — — 16-6m -1.28 17-9m 20.89 17-9m 58.64 16-3m -5.00 17-9m 9.40 16-6m -1.37 17-9m 6.75 — — 16-6m 10.01 16-3m 0.21

Bannu Woollen 7.47-16 Moonlite (PAK) (D) —

17-9m —

81.93 26.00 13.40 7.00 9.80 26.46 840.89 250.00 5.88 2.70 0.50 5.05 47.79 208.00 228.98 57.86 74.00 42.03 16.67 7.28 8.99 173.50 0.97 7.40 16.90 11.20 7.52 0.55 69.20 48.00 6.48 112.50 215.00 4.10 128.00 8.84 4.10 6.72 57.31 57.49 1.01 150.88 151.32 2.02 21.00 6.34 39.50 1746.00 0.65 15.06 1381.00 147.00 34.50 150.00 0.41 50.00 0.51 14.41 0.06

79.35 79.35 79.35 79.35 99.98 26.00 27.30 27.30 26.00 28.45 13.35 13.61 13.94 13.35 15.10 7.00 7.00 — — — 9.80 9.80 — — — 26.46 26.46 — — 32.24 840.89 840.89 — — 924.00 250.00 238.01 250.00 238.01 259.99 5.97 5.88 5.97 5.86 8.46 2.65 2.75 2.85 2.65 4.10 0.50 0.50 — — — 5.05 5.05 — — — 49.00 50.17 50.17 49.00 50.17 200.00 209.99 209.99 200.00 264.00 228.98 228.98 — — 259.30 57.86 57.86 — — — 74.00 74.00 — — — 41.75 42.84 43.60 41.75 61.20 16.69 17.67 17.67 16.69 19.40 7.28 7.31 7.31 7.28 11.94 8.80 8.80 8.80 8.80 14.66 173.50 173.50 — — 175.30 0.97 0.97 — — — 7.40 7.40 — — — 16.50 16.50 16.50 16.50 25.20 11.20 11.20 — — 12.99 7.60 7.01 7.60 7.00 10.14 0.55 0.55 — — — 69.20 69.20 — — 69.20 50.00 49.00 50.00 49.00 57.00 6.35 6.39 6.65 6.35 10.34 110.11 113.05 114.65 107.15 130.99 215.00 215.00 — — 256.70 4.05 4.05 4.05 4.05 6.45 122.00 124.00 127.00 122.00 188.75 8.84 8.84 — — — 4.11 4.08 4.17 4.08 6.87 6.27 7.50 7.72 6.27 15.19 57.50 58.81 59.00 57.23 73.88 57.79 59.06 59.19 57.60 — 1.01 1.01 — — — 150.80 158.08 158.42 150.20 189.89 151.85 158.77 158.88 151.85 — 2.02 2.02 — — — 21.00 21.00 — — 35.60 6.39 6.27 6.39 6.25 15.18 40.99 41.00 41.00 40.99 48.57 1833.28 1797.00 1833.281796.991833.28 0.65 0.65 — — — 15.69 15.80 16.00 14.15 21.89 1381.00 1380.00 1381.001380.001386.00 147.00 147.00 — — 157.67 33.00 32.78 33.00 32.78 34.50 150.50 156.90 156.99 150.00 160.00 0.41 0.41 — — — 50.00 52.50 52.50 50.00 80.00 0.51 0.51 — — — 14.50 14.62 15.00 14.50 18.20 0.06 0.06 — — —

61.50 21.95 3.86 — — 16.65 671.00 140.00 3.25 1.11 — — 18.15 132.99 141.00 — — 34.60 13.62 4.50 7.22 51.00 — — 14.49 8.50 3.70 — 36.75 19.91 3.55 71.99 166.95 2.36 114.71 — 2.23 3.01 33.00 — — 104.50 — — 20.90 3.01 24.00 600.00 — 4.85 526.00 100.00 22.15 109.37 — 31.50 — 11.30 —

0.500 1.000 6371.500 0.000 0.000 0.000 0.000 0.300 36.500 164.000 0.000 0.000 844.500 1.000 0.000 0.000 0.000 682.000 229.000 2.500 1.000 0.000 0.000 0.000 1.000 0.000 29.500 0.000 0.000 31.000 41.500 89.500 0.000 5.000 1.400 0.000 18.000 14.000 1387.000 638.500 0.000 2611.500 911.000 0.000 0.000 18.500 1.500 0.140 0.000 41.500 6.020 0.000 4.000 11.600 0.000 21.500 0.000 33.000 0.000

51.50 —

14.500 0.000

———————— Woolen ———————— 6.25 —

66.17 22.00

65.30 22.00

66.90 66.90 65.30 78.75 22.00 — — —

———————— Synthetic and Rayon ———————— AL-Abid Silk Dewan Salman Gatron Ind. IbrahimFibres National Fiber (D) Noor Silk (D) National Silk Pak Synthetic Rupali S. G. Fiber (D) Tri-Star Poly

— — 3.40-15 — — — — 3.04-16 — — —

17-9m 17-9m 17-9m 17-9m — 15-Yr 17-9m 17-9m 17-9m 17-9m 16-6m

-0.37 8.70 8.70 -3.46 4.75 4.87 -31.23 102.86 102.86 1.99 71.25 71.75 — 10.00 10.00 50.65 39.00 39.00 26.14 38.95 37.02 18.98 32.90 32.90 -3.64 18.98 18.98 219.77 126.00 126.00 3.36 16.58 16.58

8.70 — — 19.39 4.80 4.97 4.75 9.77 102.86 — — 117.92 73.00 73.00 71.00 85.86 10.00 — — — 39.00 — — — 37.30 37.30 37.02 150.17 32.90 — — 41.50 18.98 — — 23.15 126.00 — — — 17.05 17.30 16.50 18.83

7.01 0.000 1.99 1441.500 84.00 0.000 48.00 2.500 — 0.000 — 0.000 29.50 1.000 21.25 0.000 8.50 0.000 — 0.000 1.26 176.500

———————— Jute ———————— Associated Services Cresent Jute Suhail Jute (D)

— — —

16-3m 412.50 17-9m -2.69 17-9m -1.47

99.00 5.00 11.35

99.00 5.25 11.35

99.00 4.95 11.35

— 5.25 —

— 110.86 4.75 7.50 — —

56.05 2.32 —

0.000 31.500 0.000

200.00 21.30 4.31 44.01 8.51 25.50 67.20 4.56 98.80 34.00 19.53 19.50 4.86 3.82 363.00 15.15 20.82 106.00 145.05 2.00 26.60 116.12 2.03 35.00 12.50 80.00 40.00 2.50 — — — 14.25 185.10 165.56

0.000 79.000 0.000 0.000 3.000 0.000 33.000 431.000 2.900 6.000 130.500 74.000 182.500 58.500 0.250 4.000 0.000 47.600 0.300 387.500 700.000 0.000 0.000 0.000 21.500 10.500 7.000 167.000 0.000 0.000 0.000 1033.000 0.100 0.500

———————— Sugar and Allied Industries ———————— AL- Abbas Sug. Adam Sugar A. Shah Ghazi (D) AL-Noor Sugar Ansari Sug. Baba Farid Chashma Sugar Dewan Sugar Faran Sugar Habib Sugar Habib ADM Hussein Sug. Haseeb Waqas Imperial Sugar J. D. W. Sug. Jauharabad Sug. Khairpur Sug. Mirpurkhas Sugar Mehran Sugar Mirza Sug. Noon Sugar Premier Sugar Pangrio (D) Sanghar Sugar Sind Abadgars Shahtaj Sugar Shahmurad Sakrand Sugar Saleem (O) (D) Saleem (PP) (D) Saleem (P)6% (D) Shakarganj Thal Ind. Tandlianwala

8.19-16 6.54-16 — 5.14-16 — — 6.00-16 — — 5.67-16 4.32-16 — — — 4.04-16 1.18-16 — 3.51-15 3.26-16 — 1.18-16 1.54-15 — 1.70-16 — 2.56-16 4.98-16 — — — — — 1.16-16 —

16-3m 16-3m 15-9m 16-3m 16-3m 16-3m 16-3m 16-3m 16-9m 16-3m 17-9m 16-3m 16-3m 16-3m 16-3m 16-3m 16-3m 16-3m 16-3m 15-3m 16-3m 16-3m — 16-3m 16-3m 16-3m 16-3m 16-3m — — — 16-3m 16-3m 16-3m

6.73 -7.87 -1.17 5.03 2.63 5.50 -30.24 -0.71 7.18 35.66 16.38 3.46 -1.13 -4.12 9.71 14.17 -3.59 12.53 6.15 -0.78 4.43 -18.16 — 2.22 -1.43 11.26 -13.55 -1.53 — — — 31.32 5.78 18.82

232.00 51.00 6.31 77.86 18.60 64.50 73.83 8.82 125.45 48.99 22.05 51.97 11.93 30.64 490.01 84.52 30.00 186.20 190.00 8.02 84.99 130.00 5.42 35.21 16.99 198.00 46.00 27.57 7.00 4.40 55.90 113.69 430.00 165.56

232.00 51.50 6.31 77.86 19.60 64.50 73.01 8.99 125.99 47.50 22.60 54.56 11.80 32.10 495.00 84.75 30.00 180.00 199.44 8.15 84.99 130.00 5.42 35.21 16.50 197.00 46.00 28.94 7.00 4.40 55.90 115.48 430.00 169.00

Attock Cement Bestway Cherat Cement

3.67-16 3.67-16 1.63-16

17-9m 13.05 336.00 337.00 17-9m 11.54 274.98 272.00 17-9m 16.82 198.21 199.00

232.00 53.55 6.31 77.86 19.60 64.50 75.00 9.05 125.00 48.50 23.15 54.56 11.60 32.17 495.00 85.00 30.00 176.89 199.44 7.78 84.41 130.00 5.42 35.21 16.99 195.00 48.23 28.94 7.00 4.40 55.90 116.51 430.00 170.00

— — 53.55 51.50 — — — — 19.60 19.60 — — 76.27 73.01 9.60 8.99 125.99 122.00 48.50 47.50 23.15 22.30 54.56 54.56 12.45 11.50 32.17 32.00 495.00 495.00 85.00 84.00 — — 181.00 176.89 199.44 199.44 8.45 7.77 88.00 83.00 — — — — — — 17.00 16.00 197.00 190.00 48.30 46.00 28.94 28.30 — — — — — — 118.30 115.40 430.00 430.00 170.00 169.00

338.88 58.90 12.09 101.00 22.05 38.37 144.30 10.87 187.99 65.00 27.79 54.56 24.29 38.68 630.00 88.31 34.40 262.01 241.50 10.30 109.49 183.49 10.30 44.15 28.19 219.00 75.99 28.94 — — — 118.30 605.00 352.80

———————— Cement ———————— 340.22 344.00 336.90 383.14 219.00 11.300 272.56 274.49 272.00 319.00 166.74 18.300 198.90 200.99 197.05 214.00 108.21 232.000

Companies

Div. Yield

EPS P/E Term Ratio LDCP* Open

-26.00 9.06 12.11 — -7.50 22.54 — 6.82 39.74 10.72 6.39 — 9.38 21.00 11.63 — 15.38 10.51 14.49 — 867.00 6.54 —

3.12 23.58 232.42 232.91 18.00 42.28 42.65 109.05 16.23 59.56 31.50 20.00 250.71 884.06 117.79 118.39 21.33 149.85 16.57 16.63 11.27 47.72 0.44

3.12 23.80 232.16 233.45 18.05 42.30 42.58 112.00 16.45 59.60 31.11 20.00 251.11 890.00 117.80 118.29 21.33 150.00 16.87 16.80 11.30 47.75 0.44

Last Total Rates 52 Weeks T/O Close High Low High Low (‘000)

Dadabhoy Cement (D) — Dewan Cem. — D.G.Cement 2.52-16 D.G.Cement-MAY — Dandot Cement — Fauji Cem. 6.40-16 Fauji Cem.-MAY — Fecto Cement 6.35-16 Flying Cement Ltd — Gharibwal 4.11-16 Javedan Corp. — Javedan Corp.(Pref) — Kohat Cement 2.38-16 Lucky Cement 1.11-16 Maple Leaf 3.36-16 Maple Leaf-MAY — Pakcem Ltd 1.17-15 Pioneer Cement 4.22-16 Power Cement — Power Cement-MAY — Safe Mix — Thatta Cement 3.12-16 Zeal Pak (D) —

16-6m 17-9m 17-9m — 16-6m 17-9m — 17-9m 16-6m 17-9m 17-9m — 17-9m 17-9m 17-9m — 16-9m 17-9m 17-9m — 17-9m 17-9m —

3.12 24.04 237.81 238.13 17.39 42.98 43.18 110.18 16.69 60.76 31.70 20.00 252.63 902.28 119.11 120.01 21.33 147.97 17.00 17.03 11.56 48.07 0.44

— — 24.40 23.22 239.80 232.15 239.50 232.50 18.05 17.35 43.20 42.16 43.45 42.15 112.00 110.00 16.84 16.21 61.10 59.60 31.85 31.00 — — 253.99 249.79 909.00 888.00 121.00 117.10 121.69 118.00 — — 150.10 147.75 17.35 16.53 17.36 16.55 11.75 11.27 49.00 47.60 — —

— 41.13 250.40 — 20.10 49.20 — 139.50 22.14 70.00 40.00 27.56 311.00 910.00 139.89 — 24.51 161.01 23.44 — 14.54 51.60 —

— 12.95 169.80 — 8.40 32.25 — 106.25 7.48 39.90 27.00 20.00 227.01 576.50 86.15 — 17.25 97.51 9.31 — 8.10 27.65 —

0.000 2843.000 1057.400 460.500 6.500 4573.000 720.500 55.000 54.500 154.000 24.500 0.000 31.400 613.200 1103.000 167.500 0.000 1098.400 3868.000 3436.000 195.000 495.500 0.000

Khyber Tob Pak Tobacco Philip Morris

1.22-16 1.67-16 —

16-6m 6.22 820.00 820.00 820.00 820.00 820.001249.00 320.00 17-3m 63.24 1500.00 1500.00 1500.00 — —1594.99 950.00 17-3m -138.32 2700.00 2700.00 2700.00 — —2840.00 1300.01

18.160 0.000 0.000

Attock Ref. Attock Ref.-MAY BYCO Petr. Nat. Refinery Pak Ref.

1.19-16 — — 1.28-15 0.46-16

17-9m 7.94 415.31 416.50 — — 417.86 418.90 17-9m 14.33 21.15 21.20 17-9m 7.00 774.44 780.00 17-9m 14.77 67.01 67.80

———————— Tobacco ————————

———————— Refinery ———————— 420.89 423.28 21.59 779.29 67.53

426.00 413.00 427.50 417.50 21.89 21.20 788.00 775.00 68.98 67.00

516.50 249.00 637.700 — — 927.000 27.30 19.21 1576.000 827.00 340.28 330.450 82.20 39.02 844.000

———————— Power Generation and Distribution ———————— Arshad Energy — Altern Energy 5.76-16 Engro Powergen 8.34-16 Genertech Pak (D) — Hub Power Co. 8.61-16 Hub Power Co.-MAY — Jap. Power — Kot Addu Power 11.77-16 Kot Addu Power-MAY — K-Electric Ltd — K-Electric Ltd-MAY — Kohinoor Energy 12.37-16 Kohinoor Power — Lalpir Power 9.71-16 Nishat (Ch) Power 16.71-16 Nishat Power 12.70-16 Pakgen Power 9.68-16 Sitara Energy 6.59-16 Southern Elect. (D) — S.G.Power Ltd. (D) — Saif Power 11.59-16 Tri-Star Power —

17-9m 17-9m 17-3m 16-6m 17-9m — 17-9m 17-9m — 16-9m — 17-9m 16-6m 17-3m 16-3m 16-3m 17-3m 17-9m 17-9m 17-9m 17-3m 16-6m

15.15 12.12 12.12 108.27 40.50 40.00 4.35 35.29 35.15 -1.31 0.89 0.89 14.51 127.85 128.50 — 128.75 128.95 -2.92 5.80 5.80 7.47 76.46 76.21 — 77.00 77.00 7.26 8.00 8.00 — 8.05 8.12 9.17 41.20 41.94 11.44 7.70 7.56 6.13 20.80 20.25 5.42 41.86 42.25 5.71 47.50 47.50 5.44 20.72 20.55 -5.19 30.37 30.37 -0.19 2.21 2.21 -5.28 1.55 1.55 4.63 31.00 31.00 9.57 7.41 7.31

12.12 40.42 35.98 0.89 127.69 128.26 5.72 76.48 76.95 8.03 8.04 42.44 7.78 20.60 43.38 47.25 20.67 30.37 2.21 1.55 31.50 7.31

— — 40.70 39.00 36.30 35.15 — — 128.91 127.10 130.00 128.25 5.84 5.67 76.60 76.20 76.95 — 8.11 7.92 8.15 8.02 42.50 41.94 7.95 7.56 21.17 20.20 43.70 42.11 47.55 47.00 21.35 20.51 — — — — — — 31.50 31.00 7.56 7.21

24.74 6.53 0.000 48.10 32.30 19.500 38.25 28.55 211.500 — — 0.000 145.99 103.02 591.500 — — 19.500 8.80 3.81 585.000 93.00 72.27 206.500 — — 0.000 10.92 7.09 6105.000 — — 1445.500 47.00 38.05 37.000 13.00 3.61 20.500 25.15 19.91 240.500 58.49 41.80 1277.000 70.00 47.00 651.000 27.69 19.40 151.500 59.50 27.21 0.000 — — 0.000 — — 0.000 36.68 27.55 66.000 15.00 5.02 50.500

———————— Oil and Gas Marketing Companies ———————— Attock Petroleum Burshane LPG Hascol Petrole. HI-Tech Lubricants P. S. O. P. S. O.-MAY Shell Pak. Sui Northern Sui South Gas

6.03-16 3.45-16 1.95-16 2.41-16 2.90-16 — 5.38-16 — —

17-9m 17-9m 17-3m 17-9m 17-9m — 17-3m 17-9m 16-9m

9.47 23.16 28.74 17.19 6.19 — 12.10 12.15 -2.97

645.72 57.56 355.19 108.16 425.38 427.73 628.56 149.52 41.83

650.00 58.90 355.00 108.70 426.00 427.50 626.20 149.75 42.09

663.36 58.05 358.68 110.03 430.34 432.54 631.54 156.04 42.94

668.00 649.00 58.98 57.60 362.70 355.00 111.65 108.00 434.00 424.00 436.00 425.51 634.90 626.20 156.74 149.60 43.18 42.09

764.95 87.88 385.00 129.35 493.50 — 674.00 164.88 49.34

409.00 50.15 143.38 57.15 363.01 — 266.00 33.66 26.30

151.500 16.500 522.700 358.500 733.100 389.500 22.700 8515.000 4483.500

———————— Oil and Gas Exploration Companies ———————— Mari Petroleum 0.33-16 Oil & Gas Dev. 3.37-16 Oil & Gas Dev.-MAY — Pak Oilfields 7.79-16 Pak Petroleum 3.57-16 Pak Petroleum (Pref) —

17-9m 17-9m — 17-9m 17-9m —

20.07 10.46 — 10.67 12.51 —

1530.85 153.93 154.42 450.32 159.31 0.00

1501.00 1530.98 1580.001501.001626.00 835.55 83.020 153.50 154.46 156.60 153.10 172.00 132.95 1923.600 154.00 155.28 156.80 154.00 — — 94.500 448.20 449.14 452.50 448.00 570.00 330.00 173.600 160.59 161.25 162.60 159.50 194.87 143.50 306.400 — — — — — — 0.000

———————— Engineering ———————— Ados Pakistan 10.69-15 Aisha Steel — Aisha Steel (CPS) — Aisha Steel(ConPS) — Amreli Steels 1.78-16 Bolan Casting 0.56-16 Cres.Steel 2.11-16 Dadex Eternit — Drekkar Kingsway 23.09-15 Drekkar Kingsway (R) — Dost Steel (D) — Huffaz Pipe — Int. Ind. 1.67-16 Int. Steel 1.03-16 Int. Steel-MAY — K.S.B. Pumps 2.21-16 Metro Steel (D) — Mughal Iron 4.28-16 Mughal Steel (R) — Pak Engg. — Quality Steel (D) —

17-9m 17-9m — — — 17-9m 17-9m 17-9m 17-9m — 17-9m 16-6m 17-9m 17-9m — 17-3m 15-Yr 17-9m — 17-9m —

47.41 8.66 — — — 15.27 15.14 34.55 -12.03 — -22.09 546.83 21.12 19.59 — 18.18 -3.84 9.10 — 23.08 —

44.56 23.95 46.02 23.00 110.80 174.19 225.16 64.50 8.50 0.00 13.05 34.05 257.36 115.41 115.96 390.00 18.65 68.91 56.83 299.00 11.00

46.78 24.01 46.02 22.20 113.99 170.50 230.01 64.50 8.87 — 13.10 32.85 261.10 116.31 116.86 380.00 18.65 68.91 57.00 284.05 11.00

46.78 23.67 46.02 22.08 112.51 177.36 236.41 64.50 8.66 — 12.96 32.81 270.01 121.18 121.75 384.00 18.65 70.14 57.15 284.05 11.00

46.78 46.78 24.39 23.46 — — 22.20 21.85 114.21 111.10 181.00 170.50 236.41 230.01 — — 8.87 8.55 — — 13.25 12.85 34.00 32.70 270.22 261.00 121.18 115.70 121.75 116.05 384.00 380.00 — — 71.20 68.80 58.85 56.60 289.98 284.05 — —

81.99 30.73 5.500 29.63 7.5014827.500 46.02 13.50 0.000 31.47 6.01 3.500 119.90 44.30 278.000 193.00 39.00 93.500 259.90 110.00 492.200 87.81 34.50 0.000 14.99 7.45 12.500 — — 0.000 20.24 8.36 4262.500 37.32 16.00 31.500 320.99 75.56 504.900 167.80 33.00 1534.000 — — 1369.000 476.96 230.00 0.200 — — 0.000 150.43 61.57 1187.500 67.51 52.93 373.000 514.95 175.00 3.400 — — 0.000

———————— Automobile Assembler ———————— AL-Ghazi Atlas Honda Dewan Motors Ghani Auto Ind. Ghandhara Ind Ghandhara Nissan H.Atlas Car Hinopak Motor Indus Motor Millat Tractors Pak Suzuki Sazgar Engg.

9.61-16 3.03-17 — — 1.20-16 2.27-16 0.76-16 5.51-16 5.02-16 3.50-16 0.64-16 1.96-16

17-3m 10.26 17-Yr 16.81 17-9m -314.59 17-9m -16.49 17-9m 21.21 17-9m 20.45 16-9m 24.49 16-9m 18.57 17-9m 11.47 17-9m 15.59 17-3m 13.46 17-9m 14.08

646.67 590.27 43.95 14.77 829.34 257.61 908.59 1605.00 1998.00 1427.14 848.40 128.11

647.00 650.59 659.90 631.00 718.89 418.00 72.950 595.00 610.02 612.00 594.00 648.00 362.00 41.000 45.14 46.14 46.14 44.65 48.00 13.51 4735.000 14.86 15.17 15.40 14.86 18.88 6.87 1601.000 832.00 832.98 844.00 830.011188.21 324.32 31.950 260.00 264.79 267.00 260.00 406.00 148.70 126.400 901.00 918.06 926.00 898.63 931.00 275.00 118.050 1625.00 1628.53 1649.991624.501914.15 870.00 0.700 1998.13 1993.51 2009.991983.002110.00 884.75 49.440 1440.00 1427.04 1449.001425.001504.00 520.00 41.650 848.40 855.24 864.00 848.40 882.00 363.01 37.750 129.00 127.27 133.00 126.11 133.00 30.35 154.000

———————— Automobile Parts and Accessories ———————— Agriautos Ind. 2.36-16 Atlas Batt. 1.65-16 Bela Automotive (D) — Bal. Wheel 3.70-16 Dewan Automotive Eng. (D)— Exide (PAK) 1.19-16 General Tyre 2.04-15 Loads Ltd. 2.02-16 Thal LTD 1.70-16 Transmission Eng. (D) —

17-9m 17-9m — 17-9m — 16-9m 17-9m 17-9m 17-9m —

15.10 11.43 — 13.70 — 9.54 18.38 31.78 10.42 —

375.89 913.57 1.30 134.00 3.26 840.00 327.29 48.92 580.11 1.46

381.99 932.00 1.30 136.00 3.26 850.00 328.50 49.50 580.20 1.46

370.29 940.00 1.30 135.00 3.26 840.00 343.65 49.57 588.58 1.46

382.00 370.00 397.00 940.00 932.001005.00 — — — 140.70 135.00 157.61 — — — 850.00 836.011148.90 343.65 326.50 346.00 50.20 49.11 67.75 590.00 573.00 615.00 — — —

170.00 48.800 562.11 5.300 — 0.000 77.00 6.200 — 0.000 717.16 1.040 165.15 372.700 34.70 481.500 255.10 72.000 — 0.000

> Continued on page 15

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

PAKISTAN STOCK EXCHANGE Companies

Div. Yield

Last Total Rates 52 Weeks T/O Close High Low High Low (‘000)

EPS P/E Term Ratio LDCP* Open

> From page 14

———————— Cable and Electrical Goods ———————— Climax Eng. EMCO Ind. John&Philips Pak Elektron Pak Elektron-MAY Pakistan Cables Pak Elektron (Pref) Siemens Engg. Singer Pak TPL Trakker TPL Trakker-MAY

— — — 2.69-16 — 1.43-16 — 14.20-16 — 1.89-16 —

16-6m 17-9m 17-9m 17-3m — 17-3m — 16-3m 17-3m 17-9m —

-9.89 23.00 -3.07 20.64 — 7.14 — 60.70 21.79 39.78 —

35.60 31.00 30.50 106.73 106.92 299.00 10.00 843.52 67.29 13.02 13.11

35.60 32.39 31.50 106.99 107.00 299.00 10.00 845.01 67.00 13.30 13.30

37.38 30.67 31.13 111.48 111.60 313.95 10.00 845.00 68.85 13.26 13.35

37.38 — 33.91 33.91 0.000 32.39 30.51 45.70 15.00 16.500 31.90 30.75 54.18 18.51 5.000 112.06 106.99 116.40 60.12 5519.500 112.26 107.00 — — 6867.000 313.95 299.00 380.00 145.21 26.100 — — — — 0.000 847.10 840.001569.90 826.00 0.280 70.00 67.00 78.35 29.50 193.500 13.40 13.02 19.75 11.81 2723.000 13.49 13.21 — — 2176.000

———————— Transport ———————— Pak. Int. Airlines Corp. Ltd — 15-Yr -1.17 7.22 7.29 P.I.A.C. (B) — — — 3.80 3.80 Pak Int.Bulk Ter — 17-9m 1117.13 29.36 30.00 Pak Int Cont. 6.79-16 17-3m 14.00 396.20 400.00 P.N.S.C. 1.22-16 17-9m 13.28 163.01 165.11

7.45 7.60 7.25 13.55 6.80 1410.500 3.80 — — — — 0.000 29.79 30.20 29.70 39.70 26.25 8464.500 405.00 405.00 400.00 578.99 307.25 1.900 163.76 165.11 163.30 213.00 86.05 45.700

———————— Technology and Communication ———————— Avanceon Ltd Hum Network. Media Times Netsol Tech. Pak Datacom Ltd P.T.C.L.A P.T.C.L.A-MAY P.T.C.L.B Systems Limited Telecard TRG Pak. TRG Pak.-MAY Worldcall Telec

2.44-16 4.03-15 — 0.75-16 7.03-16 6.41-16 — — 2.21-16 — — — —

17-3m 17-9m 17-9m 16-6m 17-9m 17-3m — — 16-Yr 17-9m 17-9m — 15-Yr

Arif Habib Corp. 5.82-16 Dawood Her. 11.95-16 Engro Fertilizers 12.08-16 Engro Fertilizers-MAY — Engro Corp. 6.64-16 Engro Corp.-MAY — Fatima Fert. 9.70-16 Fatima Fert.-MAY — Fauji Fert. Bin 1.01-16 Fauji Fert. Bin-MAY — Fauji Fert. 8.27-16 Fauji Fert.-MAY —

17-9m 17-3m 17-3m — 17-3m — 17-3m — 17-3m — 17-3m —

15.53 11.93 -7.04 11.18 20.44 9.28 — — 18.13 -10.34 692.50 — -0.19

40.85 13.08 3.79 68.05 58.00 15.30 15.43 0.00 84.95 4.00 53.02 53.42 2.44

41.79 13.02 3.83 67.80 59.00 15.49 15.42 — 86.77 4.10 53.10 53.31 2.41

41.01 13.04 3.66 67.06 60.49 15.59 15.56 — 84.10 4.00 55.40 55.74 2.44

41.80 13.30 3.84 68.00 60.90 15.61 15.66 — 86.77 4.10 55.67 56.05 2.54

41.00 13.00 3.61 65.80 59.00 15.40 15.42 — 83.50 3.98 53.00 53.31 2.40

61.00 15.18 6.39 90.00 110.09 19.69 — — 108.90 5.80 63.89 — 3.36

28.00 42.000 10.00 179.500 1.61 944.000 49.00 182.000 55.82 9.500 14.30 376.500 — 40.000 — 0.000 55.00 100.500 2.90 554.000 30.8114013.000 —19198.000 1.49 2559.000

———————— Fertilizer ———————— 4.87 42.60 42.99 34.86 130.41 130.95 11.68 57.02 57.39 — 57.39 57.70 8.93 350.49 351.50 — 352.28 353.34 7.75 33.73 33.61 — 33.61 34.10 -88.63 49.10 49.35 — 49.45 49.94 13.89 94.11 94.30 — 94.55 95.25

42.92 129.68 57.95 58.32 361.29 362.88 33.49 33.73 49.63 49.94 95.56 95.96

43.05 42.27 132.00 129.10 58.40 57.25 58.60 57.57 364.49 350.20 365.79 352.00 34.20 33.41 34.10 33.65 49.98 49.25 50.09 49.55 95.76 94.30 96.00 95.00

49.70 35.74 83.000 165.99 120.00 555.800 74.39 56.90 8557.500 — — 690.500 389.99 276.00 1002.700 — — 437.500 42.20 29.86 155.000 — — 3.500 59.60 45.51 1219.000 — — 87.000 122.89 92.39 1102.500 — — 71.500

———————— Pharmaceuticals ———————— Abbott Lab.

4.32-16

17-3m 32.12 916.14 920.00

925.00 925.00 920.001145.00 635.00

16.950

Companies

Div. Yield

Ferozsons Lab. GlaxoSmithKline Glaxo Consumer Highnoon IBL HealthCare. Otsuka Pak Sanofi-Aventis. Searle Pak. Wyeth Pakistan

4.07-16 1.82-15 — 1.41-16 0.72-16 — 1.29-16 0.84-16 1.51-16

Last Total Rates 52 Weeks T/O Close High Low High Low (‘000)

EPS P/E Term Ratio LDCP* Open

17-9m 16-9m 17-3m 17-3m 17-9m 17-9m 17-3m 17-9m 17-3m

26.19 29.33 43.14 21.40 34.08 22.56 18.02 34.11 70.24

533.13 214.63 253.10 603.17 138.51 230.00 2290.00 586.89 2312.67

531.00 539.88 547.90 531.001119.00 214.95 219.78 222.00 214.95 274.47 265.75 265.75 265.75 265.75 265.75 627.00 601.76 627.00 600.00 750.00 139.50 139.04 140.40 139.00 182.94 224.00 226.50 227.99 224.00 254.64 2300.00 2325.00 2325.002300.003000.00 589.99 592.65 608.00 589.02 761.00 2250.00 2320.75 2374.992202.005380.00

515.00 17.850 192.00 360.200 61.98 36.000 501.00 4.850 127.00 9.500 73.50 0.700 490.00 0.240 455.00 445.200 1825.00 0.780

———————— Chemicals ———————— Agritech — Agritech Non-voting — AKZO Nobel 2.51-16 Archroma Pakistan 8.00-16 Bawany Air — Berger Paints 1.91-16 Biafo Ind. 6.72-16 Buxly Paints — Colgate Palm. 1.36-16 Data Agro — Descon — Descon Non-Voting — Dynea Pak 2.95-16 Engro Polymer — Ghani Gases 5.06-15 I. C. I. 1.40-16 Ittehad 4.48-16 Ittehad Chemicals (R) — LINDE (Pak) 1.88-16 Lotte Chemical — Leiner Gelatine — Nimir Industries 3.93-16 Nimir Resins — Pak Gum — Pak. P.V.C. — Sardar Chemical 3.33-16 Shaffi Chemical (D) — Sitara Chemical 2.23-16 Sitara Peroxide — Wah-Noble 2.39-16

17-3m — 17-3m 17-6m 16-3m 17-9m 17-9m 17-9m 17-9m 17-9m 17-9m — 17-9m 17-3m 17-9m 17-9m 17-9m — 17-3m 17-3m 17-9m 17-9m 17-9m 17-3m 17-9m 16-6m 17-9m 17-9m 17-9m 17-9m

-1.12 — 17.83 15.20 -4.69 20.69 22.42 20.83 31.88 25.31 9.57 — 7.63 5.98 30.01 32.09 12.38 — 30.51 13.00 46.55 12.00 28.21 -17.98 -7.40 46.88 5.44 10.48 -13.85 10.29

11.02 2.00 255.42 750.00 12.24 233.29 295.44 122.00 2300.00 18.90 21.39 15.00 81.09 28.92 31.71 1104.54 32.39 7.84 267.58 10.77 36.00 50.45 9.89 141.81 11.75 15.00 8.24 520.75 29.56 159.58

10.64 11.09 11.19 10.64 14.90 7.75 171.000 2.00 2.00 — — — — 0.000 260.00 258.86 263.95 258.00 303.50 160.00 77.300 750.00 750.14 760.00 749.00 904.99 452.50 57.000 12.00 12.00 12.05 12.00 17.00 5.41 8.000 235.03 235.00 235.03 234.90 300.10 87.00 1.000 294.50 290.00 295.00 289.15 401.00 220.00 10.700 120.00 120.00 120.00 120.00 159.50 35.82 1.000 2200.00 2200.00 2200.002200.002300.00 1425.01 0.200 18.90 18.90 — — 42.97 10.50 0.000 21.60 21.82 21.94 21.60 26.00 5.72 408.000 15.00 15.00 — — 15.00 11.00 0.000 83.99 84.68 85.14 82.25 90.02 44.00 58.500 29.50 30.36 30.36 29.50 30.36 8.2039189.500 31.57 31.61 32.15 31.50 45.25 18.75 158.000 1100.00 1110.00 1120.001100.001279.18 412.50 23.550 32.90 33.50 33.80 32.80 53.30 24.90 250.500 7.70 8.50 8.84 7.70 12.50 7.70 71.000 265.08 266.09 270.00 265.03 402.70 102.52 44.900 10.85 10.92 11.05 10.65 12.59 5.82 3839.500 36.00 36.00 — — 54.13 21.00 0.000 49.52 50.90 50.95 49.52 53.02 29.00 29.000 9.75 9.78 9.98 9.71 13.82 7.55 332.500 148.90 148.90 148.90 148.90 235.00 103.11 1.600 12.10 10.75 12.55 10.75 16.47 4.25 605.000 15.00 15.00 — — 19.00 6.00 0.000 8.15 8.20 8.20 8.15 16.67 3.46 1.000 516.35 515.00 540.00 515.00 630.00 355.00 2.350 30.40 31.03 31.03 29.60 36.15 16.25 1687.000 153.02 167.55 167.55 153.02 180.18 62.50 33.400

———————— Paper and Board ———————— Abson Ind. (D) — B.P Board — Century Paper — Cherat Packaging 3.35-16 Dadabhoy Sack (D) — Merit Packaging — Packages Ltd 3.02-16 Pak PaperProd 2.56-16 Roshan Packages —

— 17-9m 17-9m 17-9m 16-6m 17-9m 17-3m 17-9m 17-9m

— 2.50 2.50 307.50 10.25 10.25 19.39 68.88 69.75 12.00 290.14 301.00 -2.24 7.00 7.00 189.00 22.60 22.40 12.29 824.59 826.50 10.69 111.71 107.03 16.06 67.87 68.50

2.50 10.25 71.34 298.50 7.00 22.68 828.13 117.29 67.24

— — 10.25 10.00 72.19 69.51 302.00 298.50 — — 23.35 22.40 838.89 824.50 117.29 107.03 68.95 67.00

— — 0.000 17.91 4.00 2.000 81.98 47.06 625.500 427.00 284.31 1.200 — — 0.000 34.08 16.10 178.500 965.98 581.00 39.200 123.45 58.25 70.500 86.70 63.51 182.500

Rates of Debt Securities S.No.

Code

TFCs and Sukuks

Traded / Non-Traded

Prices

25 BOP/TFC/231216

THE BANK OF PUNJAB -TFC (23-12-16) ****

Non-Traded

101.1500

100.6936

RATED A+

Valuation of Rated Investment Grade Debt Securities GOVERNMENT GUARANTEED / AAA

26 JSBL/TFC/141216

JS BANK LTD. - TFC (14-12-2016)

Traded

27 PEL/SUK/310308

PAK ELEKTRON LTD. - SUKUK (31-03-08)

Non-Traded

99.8751

28 PEL/SUK/250816

PAK ELEKTRON LTD. - SUKUK (25-08-16)

Non-Traded

100.9342

1

HBL/TFC/190216

HABIB BANK LTD-TFC (19-02-16)

Traded

100.0000

2

SCB/TFC/290612

SCB (PAK) LTD-TFC (29-06-12)

Traded

100.2172

29 SNBL/TFC/080715

SONERI BANK LTD - TFC (08-07-15)

Traded

102.9000

30 TPL/SUK/130416

TPL TRAKKER LTD.-SUKUK (13-04-16)

Traded

105.3750

3

WAPDA/SUK/130707

WAPDA-SUKUK (13-07-07) - Amortization

Non-Traded

99.5217

4

WAPDA/SUK/141013

WAPDA-SUKUK (14-10-13) ****

Non-Traded

104.4085

5

WAPDA/TFC/270913

WAPDA-TFC (27-09-13) ****

Non-Traded

100.8500

RATED AA+ 6

ECL/SUK/110714-(3-Years)

ENGRO CORPORATION LTD. - SUKUK (11-07-14) (3-YEARS) - Amortization Non-Traded

101.8955

7

ECL/SUK/110714-(5-Years)

ENGRO CORPORATION LTD. - SUKUK (11-07-14) (5-YEARS)

Traded

118.0000

8

JSCL/TFC/080414

JAHANGIR SIDDIQUI & COMPANY LTD-TFC (08-04-2014) ****

Non-Traded

100.5134

9

JSCL/TFC/240616

JAHANGIR SIDDIQUI & COMPANY LTD-TFC (24-06-2016)

Non-Traded

102.7642

10 KSEC/TFC/030812-(5years)

K-ELECTRIC LTD (FORMERLY KESC)-TFC (13-08-12) - (5 Years)

Non-Traded

102.1772

11 KEL/SUK/170615

K-ELECTRIC LTD - SUKUK (17-06-15)

Non-Traded

104.8500

RATED A 31 ABPL/SUK/260914

AL BARAKA BANK (PAKISTAN) LTD SUK (26-09-14) **** Non-Traded

32 GGL/SUK/020217

GHANI GASES LTD. SUKUK (02-02-2017)

33 NRP/TFC/300616

NRSP Microfinance Bank Ltd. TFC (30-06-2016)

34 SMMTB/TFC/271011

SUMMIT BANK LTD - TFC (27-10-11) ****

Non-Traded

100.3084

Non-Traded

100.4727

RATED BBB+ NIL

BANK AL-HABIB LTD-TFC (17-03-16)

Traded

101.5000

13 KEL/SUK/190314-(5years)

K-ELECTRIC SUKUK (19-03-14) (5-YEARS)

Non-Traded

103.7671

RATED AA-

RATED BBB—

101.5000

15 AKBL/TFC/300914

ASKARI BANK LTD-TFC (30-09-14)

Non-Traded

101.9000

16 BAFL/TFC/021209-FX

BANK ALFALAH LTD-TFC (02-12-09) - Fixed

Non-Traded

102.8621

17 BAFL/TFC/021209-FT

BANK ALFALAH LTD-TFC (02-12-09) - Floating

Non-Traded

100.6531

18 BAFL/TFC/200213

BANK ALFALAH LTD-TFC (20-02-13) ****

Non-Traded

102.5349

19 ENGRO/SUK/090714

ENGRO FERTILIZER LTD-SUKUK (09-07-14)

Non-Traded

103.7565

20 FFCL/SUK/281116

FATIMA FERTILIZER COMPANY LTD. - SUKUK (28-11-16) Non-Traded

104.2500

21 FABL/TFC/271210

FAYSAL BANK LTD (27-12-2010)

100.6772

—

—

—

Valuation of Rated Non-Investment Grade Debt Securities NIL Valuation of Rated Non- Rated Investment Grade Debt Securities —

—

—

—

—

Valuation of Non Rated Debt Securities NIL

22 HPL/SUK/070116

HASCOL PETROLEUM LTD. SUKUK (07-01-16)

Traded

103.9500

23 MBL/SUK/220916

MEEZAN BANK LIMITED-SUKUK (22-09-16) ****

Non-Traded

104.7000

May 4, 2017 (Prices will change on daily basis) April 24, 2017 to May 5, 2017. Source: — MUFAP

24 NIB/TFC/190614

NIB BANK LTD - TFC (19-06-14)

Traded

101.3538

> Continued on page 16

Non-Traded

5.20-16

Applicability for Traded Securities (Bold Highlighted): Applicability for Non-Traded Securities:

EPS P/E Term Ratio LDCP* Open

17-9m

9.47 143.00 142.00

Last Total Rates 52 Weeks T/O Close High Low High Low (‘000)

144.25 146.00 142.00 161.00

87.10

12.000

15.10 — — — — 10.25 — — — — 349.00 349.00 345.00 391.70 247.01 49.00 49.00 49.00 57.00 37.99 10.00 — — — —

0.000 0.000 1.000 1.000 0.000

———————— Vanaspati and Allied Industries ———————— Extraction (D) Morafco Ind. (D) Punjab Oil S. S. Oil Suraj Ghee (D)

— — 3.72-16 2.04-16 —

Bata (Pak) Fateh Indus. (D) Leather Up. Pak Leather (D) Service Ind.

3.05-16 — — — 2.82-16

— — 15.10 15.10 16-9m -1.95 10.25 10.25 16-6m 8.87 350.00 345.00 17-9m 12.72 49.30 49.00 — — 10.00 10.00

———————— Leather and Tanneries ———————— 17-3m 34.79 4139.00 4139.00 4100.00 4139.004100.005020.87 3300.00 17-9m-2207.38 176.59 176.59 176.59 — — — — 17-9m 7.82 19.00 19.00 19.39 19.39 19.00 22.63 8.00 17-9m -1.85 2.89 2.89 2.89 — — — — 17-3m 15.20 1378.27 1380.00 1420.00 1420.001380.001679.00 752.00

0.000 0.000 4.500 0.000 6.760

———————— Food and Personal Care Products ———————— Al-Shaheer Corp. — Clover Pakistan 113.17-16 Engro Foods 6.50-16 Engro Foods-MAY — Fauji Foods — Fauji Foods (NV) — Goodluck Ind. 0.35-16 Gillette Pak 1.52-15 Ismail Ind. 1.67-16 Mithchells 0.83-15 Murree Brewery 2.57-16 National Foods 1.72-16 Nestle Pakistan 4.64-16 Nirala Msr Foods (D) — Quice Food — Quice Food-MAY — Rafhan Maize 6.44-16 Shield Corp. 0.83-16 Shezan Int. 2.08-16 Treet Corp.(PTCs) — Treet Corp. 1.47-16 Treet Corp.-MAY — Unilever Pak. 5.77-16 ZIL Ltd 0.33-16

17-9m -168.71 17-9m — 17-3m 89.40 — — 17-3m -7.41 — — 17-9m 48.89 17-9m 263.30 17-9m 21.67 16-3m 72.14 17-9m 20.29 17-9m 37.04 17-3m 25.31 — — 17-9m -13.45 — — 17-3m 15.28 17-9m 45.75 17-9m 24.02 — — 17-9m 54.27 — — 17-3m 21.33 17-3m 759.80

44.70 51.40 150.42 151.39 99.63 80.66 500.00 330.00 390.00 303.00 775.00 313.00 9200.00 12.76 8.49 8.53 7112.75 603.25 425.00 25.00 67.38 67.89 6400.00 154.21

44.99 44.99 45.49 44.81 67.65 43.55 82.000 52.49 51.69 52.49 51.30 85.15 41.32 17.500 150.60 153.76 155.80 150.60 211.00 134.00 941.000 151.51 154.83 156.40 151.51 — — 340.000 98.10 100.12 101.75 98.05 124.89 71.51 62.000 82.90 80.44 82.90 80.00 123.56 54.00 44.000 500.00 500.00 — — 500.00 490.25 0.000 330.00 330.00 — — 444.65 256.00 0.000 390.00 390.00 — — 465.00 248.00 0.000 303.00 303.00 — — 417.50 275.00 0.000 778.00 777.00 778.00 766.001364.00 77.43 1.500 320.00 320.00 320.00 320.00 425.00 260.01 0.200 9200.00 9155.00 9300.009100.009765.00 6900.00 0.160 12.76 12.76 — — — — 0.000 8.53 8.61 8.65 8.53 11.47 7.75 866.500 8.64 8.70 8.80 8.62 — — 590.500 7299.98 7299.98 7299.987299.989000.00 6800.00 0.020 603.25 603.25 — — 678.90 498.64 0.000 420.00 432.00 432.00 420.00 540.75 382.00 0.300 25.00 25.00 — — 31.50 20.53 0.000 68.35 68.02 68.90 67.80 81.48 45.52 358.000 68.50 68.21 68.85 68.10 — — 148.500 6400.00 6400.00 — —6400.00 5000.01 0.000 157.90 151.96 159.00 151.51 198.98 76.01 86.000

———————— Glass and Ceramics ———————— Bal. Glass — Frontier Cera. — Ghani Global Glass — Ghani Glass 10.18-16 G.Value 4.24-15 Karam Cer. — Regal Ceramics (D) —

17-9m -8.01 16-6m 144.50 17-9m -20.52 17-9m 9.30 17-9m 40.21 17-9m -4.85 — —

21.42 8.35 23.84 88.91 23.00 26.98 3.80

21.30 8.50 23.86 93.35 23.25 26.98 3.80

21.69 8.67 23.53 93.34 23.59 26.98 3.80

22.30 8.67 24.45 93.35 23.59 — —

21.30 8.50 23.50 92.00 22.85 — —

23.25 12.88 30.48 163.11 29.33 32.47 —

4.30 1774.500 6.15 1.000 13.51 236.000 89.00 350.900 19.31 1.500 20.00 0.000 — 0.000

Companies

Shabbir Tiles Tariq Glass

Div. Yield

— 2.10-16

Last Total Rates 52 Weeks T/O Close High Low High Low (‘000)

EPS P/E Term Ratio LDCP* Open

17-9m -24.12 17.14 16.91 17-9m 11.73 127.30 127.00

16.72 17.34 16.55 18.68 128.72 130.25 127.00 130.25

7.34 1564.000 69.36 244.100

———————— Miscellaneous ———————— AKD Capital Ltd 0.67-16 AL-Khair Gadoon — Arpak Int. 6.74-16 Dadabhoy Const. (D) — Diamond (D) — ECOPACK — Gammon Pak — GOC (PAK) 2.92-16 Hashimi Can (D) — Hayderi Const. — MACPAC Films 4.49-16 Mandviwala (D) — Pace (Pakistan) — Pak Hotels Devp 9.65-16 Pak.Services 0.80-16 Shifa Int. 1.85-16 Synthetic Prod.Enter.2.04-16 Siddiqsons Tin 2.35-16 TPL Properties — Tri-Pack Films 2.12-15 United Brand 0.50-15 United Dist. —

16-6m 120.97 17-9m 9.63 17-9m -3.65 16-6m -0.50 17-9m -1.76 17-9m -24.73 17-9m 85.89 17-9m -128.57 — — 17-9m -217.00 17-9m 10.84 15-Yr -1.73 17-9m 15.63 17-9m 63.82 17-9m 19.52 17-9m 19.66 17-9m 15.69 17-9m 11.42 17-9m 32.30 17-3m 12.49 17-9m 99.34 17-9m 19.06

150.00 11.50 22.26 0.08 21.54 24.10 34.45 72.00 8.00 7.88 22.25 3.51 9.24 114.02 939.00 258.85 72.93 20.76 12.19 235.44 200.00 76.50

150.00 11.58 22.26 0.08 22.50 24.90 36.17 72.00 8.00 7.80 22.50 3.51 9.25 114.02 939.00 258.01 73.00 20.90 12.49 235.50 200.00 78.10

150.00 12.20 22.26 0.08 22.50 24.40 35.50 72.00 8.00 8.68 22.26 3.51 9.17 114.02 939.00 270.00 73.65 21.31 12.49 235.73 200.00 77.78

— — 12.20 10.81 — — — — 22.50 22.50 24.90 24.11 36.17 35.00 — — — — 8.88 7.80 22.95 22.26 — — 9.35 9.07 — — — — 270.99 258.01 75.00 73.00 21.59 20.51 12.49 12.49 240.80 234.01 — — 79.00 77.55

207.37 16.99 33.99 — 49.69 44.44 57.67 90.99 — 10.00 30.90 — 13.68 183.64 939.00 364.50 83.00 23.35 13.00 327.00 235.50 133.00

109.11 8.01 21.15 — 18.20 13.90 12.00 59.44 — 2.20 17.20 — 6.06 92.90 500.00 250.00 42.40 8.82 8.03 170.00 47.25 24.00

0.000 1.500 0.000 0.000 0.500 28.500 3.000 0.000 0.000 852.000 4.500 0.000 1686.000 0.000 0.000 11.100 38.000 399.500 100.000 20.100 0.000 4.000

———————— Real Estate Investment Trust ———————— Dolmen City Reit

0.07-15

17-9m

6.32

11.20

11.10

11.29 11.50 11.10 12.20

10.07 175.000

—————————— Various Funds Prices —————————— Jubilee Life Insurance EFU Managed Growth Fund Offer Price Managed Growth Fund Bid Price Capital Growth Fund Offer Price Capital Growth Fund Bid Price Meesaq Fund Offer Price Meesaq Fund Bid Price Yaqeen Growth Fund Offer Price Yaqeen Growth Fund Bid Price Managed Takaful Fund Offer Price Managed Takaful Fund Bid Price Capital Growth Takaful Offer Price Capital Growth Takaful Bid Price

1251.2656 1188.7023 1184.2430 1125.0307 1191.8431 1132.2509 1072.1649 1018.5566 630.6166 630.6166 706.6813 706.6813

Managed Growth Fund Offer Price 1884.1067 Managed Growth Fund Bid Price 1789.9013 Pension Growth Fund Offer Price 322.3711 Pension Growth Fund Bid Price 306.2525 Capital Growth Fund Offer Price 432.3684 Capital Growth Fund Bid Price 410.7499 Aitemad Growth Fund Offer Price 1600.7556 Aitemad Growth Fund Bid Price 1520.7178 Guaranteed Growth Fund Offer Price 905.5466 Guaranteed Growth Fund Bid Price 860.2692 Takaful Growth Fund Offer Price 1233.0017 Takaful Growth Fund Bid Price 1171.3516 Takaful Aggressive Fund Offer Price 1002.8733 Takaful Aggressive Fund Bid Price 952.7296 Aggressive Fund Offer Price 1003.5799 Aggressive Fund Bid Price 953.4009

P/E Ratio = LCR/EPS (LCR = Last Closing Rate) (EPS = Earnings Per Share) Dividend Yield = (Annual Cash Dividend Per Share/Current Market price) *100. All prices, rates and calculations are based on information available to Business Recorder from relevant authorities and sources. We try to update information as soon as possible but do not assume responsibility for any delays or errors. LDCP* represents last day’s closing price (D) before any company indicates that it is on the KSE's Defaulting Companies Companies' List. First 2 characters of eps-term represent the year and the next represents eps period (m=month, y=annual)

National Clearing Company of Pakistan Limited (NCCPL) DAILY SETTLEMENT INFORMATION (4th May, 2017) Settlement Volume Traded Value 211,177,415 17,469,398,802 PORTFOLIO INVESTMENT - Local & Foreign Investors Particulars Gross Buy Gross (Sell) Rs Rs Foreign Investor (Individual & Corporate) 2,200,981,218 (2,922,771,804) Local Individuals 11,017,687,085 (10,126,654,994) Local Corporates 6,463,299,171 (6,632,540,675) Traded Volume 331,629,772

NIL

— Non-Traded

Sec.Paper

Div. Yield

Settlement Value 10,893,934,890 Net Buy / (Sell) Rs (721,790,587) 891,032,091 (169,241,504)

MUTUAL FUNDS NAV/DAILY PRICES ANNOUNCEMENT

RATED BBB

12 BAHL/TFC/170316

ASKARI BANK LTD-TFC (23-12-11) ****

99.8372 101.0000

RATED A-

RATED AA

14 AKBL/TFC/231211

Traded

Companies

15

Names of Fund AKD Aggressive Income Fund (Formerly: AKD Income Fund) Alfalah GHP Income Multiplier Fund Askari High Yield Scheme BMA Chundrigar Road Savings Fund Faysal Income & Growth Fund Pakistan Income Enhancement Fund UBL Growth & Income Fund (Formerly: United Growth & Income Fund)--Income Alfalah GHP Value Fund Askari Asset Allocation Fund-B Faysal Asset Allocation Fund Lakson Asset Allocation Developed Markets Fund Lakson Tactical Fund (Formerly: Lakson Asset Allocation Global Commodities Fund) MCB Pakistan Asset Allocation Fund MCB Pakistan Frequent Payout Fund NAFA Asset Allocation Fund Pak Oman Advantage Asset Allocation Fund PIML Asset Allocation Fund UBL Asset Allocation Fund Faysal Balanced Growth Fund First Dawood Mutual Fund HBL Multi Asset Fund NAFA Multi Asset Fund Pakistan Capital Market Fund Primus Strategic Multi Asset Fund Unit Trust of Pakistan JS Capital Protected Fund V UBL Capital Protected Fund III Atlas Gold Fund UBL Gold Fund ABL Stock Fund AKD Opportunity Fund Alfalah GHP Alpha Fund Alfalah GHP Stock Fund Askari Equity Fund Atlas Stock Market Fund First Capital Mutual Fund-B First Habib Stock Fund HBL Energy Fund (Formerly: PICIC Energy Fund) HBL Equity Fund (Formerly: PICIC Stock Fund) HBL Stock Fund JS Growth Fund-A JS Large Cap Fund JS Value Fund-A Lakson Equity Fund MCB Pakistan Stock Market Fund NAFA Stock Fund National Investment Unit Trust PIML Value Equity Fund UBL Stock Advantage Fund ABL Financial Planning Fund (Active Plan) ABL Financial Planning Fund (Conservative Plan) ABL Financial Planning Fund (Strategic Allocation Plan) Alfalah GHP Prosperity Planning Fund (Alfalah GHP Active Allocation Plan) Alfalah GHP Prosperity Planning Fund (Alfalah GHP Conservative Allocation Plan) Alfalah GHP Prosperity Planning Fund (Alfalah GHP Moderate Allocation Plan) JS Fund of Funds ABL Government Securities Fund-B ABL Income Fund Alfalah GHP Income Fund Alfalah GHP Sovereign Fund Askari Sovereign Yield Enhancer Atlas Income Fund Dawood Income Fund Faysal Financial Sector Opportunity Fund Faysal MTS Fund Faysal Savings Growth Fund First Habib Income Fund HBL Government Securities Fund (Formerly: PICIC Income Fund)-C HBL Income Fund JS Income Fund Lakson Income Fund MCB DCF Income Fund MCB Pakistan Sovereign Fund NAFA Financial Sector Income Fund NAFA Government Securities Savings Fund NAFA Income Fund NAFA Income Opportunity Fund NAFA Savings Plus Fund NIT − Government Bond Fund NIT − Income Fund Pak Oman Government Securities Fund Pakistan Income Fund PIML Income Fund UBL Government Securities Fund UBL Income Opportunity Fund (UIOF) (Formerly: UBL Financial Sector Bond Fund) AKD Index Tracker Fund ABL Cash Fund AKD Cash Fund Alfalah GHP Cash Fund Alfalah GHP Money Market Fund Askari Sovereign Cash Fund Atlas Money Market Fund Atlas Sovereign Liquid Fund BMA Empress Cash Fund Faysal Money Market Fund First Habib Cash Fund HBL Cash Fund (Formerly: PICIC Cash Fund)-C HBL Money Market Fund JS Cash Fund Lakson Money Market Fund MCB Cash Management Optimizer NAFA Government Securities Liquid Fund NAFA Money Market Fund NIT Government Treasury Fund Pakistan Cash Management Fund PIML Daily Reserve Fund UBL Liquidity Plus Fund-C UBL Money Market Fund Al Ameen Islamic Aggressive Income Fund--Income Al Ameen Islamic Asset Allocation Fund Alhamra Islamic Asset Allocation Fund (Formerly: Pak. Intl. Element Islamic Asset Allocation Fund) Askari Islamic Asset Allocation Fund-B Dawood Islamic Fund

OPEN-END FUNDS DAILY PRICES Asset Manager

Category

Offer Price

Repurchase Validity Price (Dates)

AKD Investment Management Limited Alfalah GHP Investment Management Limited Askari Investment Management Limited BMA Asset Management Company Limited Faysal Asset Management Limited MCB-Arif Habib Savings and Investments Limited

Aggressive Fixed Income Aggressive Fixed Income Aggressive Fixed Income Aggressive Fixed Income Aggressive Fixed Income Aggressive Fixed Income

55.0829 57.5014 108.7192 8.6997 109.46 56.6491

54.5374 55.616 106.5448 8.6136 109.46 55.3688

4-May-17 4-May-17 3-May-17 4-May-17 4-May-17 4-May-17

UBL Fund Managers Limited Alfalah GHP Investment Management Limited Askari Investment Management Limited Faysal Asset Management Limited

Aggressive Fixed Income Asset Allocation Asset Allocation Asset Allocation

90.9807 85.2879 56.58 81.81

89.4599 82.4914 55.1655 81.81

3-May-17 4-May-17 4-May-17 4-May-17

Lakson Investments Limited

Asset Allocation

125.5813

122.5183

3-May-17

Lakson Investments Limited MCB-Arif Habib Savings and Investments Limited MCB-Arif Habib Savings and Investments Limited NBP Fullerton Asset Management Limited

Asset Allocation Asset Allocation Asset Allocation Asset Allocation

122.7663 90.7863 105.0547 20.2316

119.772 87.7086 101.4933 19.5682

4-May-17 4-May-17 4-May-17 4-May-17

Pak Oman Asset Management Company Limited Primus Investment Management Limited UBL Fund Managers Limited Faysal Asset Management Limited 786 Investments Limited (Formerly: Dawood Capital Management Limited) HBL Asset Management Limited NBP Fullerton Asset Management Limited MCB-Arif Habib Savings and Investments Limited Primus Investment Management Limited JS Investments Limited JS Investments Limited UBL Fund Managers Limited Atlas Asset Management Limited UBL Fund Managers Limited ABL Asset Management Company Limited AKD Investment Management Limited Alfalah GHP Investment Management Limited Alfalah GHP Investment Management Limited Askari Investment Management Limited Atlas Asset Management Limited First Capital Investments Limited Habib Asset Management Limited

Asset Allocation Asset Allocation Asset Allocation Balanced Balanced

70.28 112.31 144.9272 77.8 24.6168

68.52 108.62 142.5046 77.8 24.253

4-May-17 4-May-17 3-May-17 4-May-17 4-May-17

Balanced Balanced Balanced Balanced Balanced Capital Protected Capital Protected Commodities Commodities Equity Equity Equity Equity Equity Equity Equity Equity

122.4255 21.2451 14.08 128.11 201.91 106.52 101.2969 101.7808 86.9562 20.5152 122.2 93.94 173.418 133.0293 688.5376 0 131.9879

119.7198 20.5485 13.76 125.27 196.02 103.35 98.258 101.7808 85.0344 20.1129 118.6 90.86 168.6535 130.3687 688.5376 13.7686 129.3999

4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 3-May-17 3-May-17 3-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17

HBL Asset Management Limited

Equity

16.9361

16.5618

4-May-17

HBL Asset Management Limited HBL Asset Management Limited JS Investments Limited JS Investments Limited JS Investments Limited Lakson Investments Limited MCB-Arif Habib Savings and Investments Limited NBP Fullerton Asset Management Limited National Investment Trust Limited Primus Investment Management Limited UBL Fund Managers Limited

Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity

144.4536 138.2298 245.91 165.38 274.63 155.6301 122.7852 18.9219 94.45 144.71 85.65

141.2611 134.4321 238.74 160.56 266.63 151.0971 118.6228 18.3015 91.66 141.51 83.29

4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 3-May-17 4-May-17 3-May-17

ABL Asset Management Company Limited

Fund of Funds

132.2859

129.6921

4-May-17

ABL Asset Management Company Limited

Fund of Funds

113.2018

110.9822

4-May-17

ABL Asset Management Company Limited

Fund of Funds

0

102.742

4-May-17

Alfalah GHP Investment Management Limited

Fund of Funds

131.8584

128.9443

4-May-17

Alfalah GHP Investment Management Limited

Fund of Funds

115.9119

114.6167

4-May-17

Alfalah GHP Investment Management Limited JS Investments Limited ABL Asset Management Company Limited ABL Asset Management Company Limited Alfalah GHP Investment Management Limited Alfalah GHP Investment Management Limited Askari Investment Management Limited Atlas Asset Management Limited 786 Investments Limited (Formerly: Dawood Capital Management Limited)

Fund of Funds Fund of Funds Income Income Income Income Income Income Income

120.7163 62.67 10.766 10.662 117.0812 112.1586 106.8546 534.4233 88.3876

118.7043 60.84 10.6069 10.5044 115.773 110.9054 105.5189 534.4233 87.5124

4-May-17 3-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17

Faysal Asset Management Limited Faysal Asset Management Limited Faysal Asset Management Limited Habib Asset Management Limited

Income Income Income Income

107.45 105.82 106.84 107.0701

105.6 104.77 106.84 106.01

4-May-17 4-May-17 4-May-17 4-May-17

HBL Asset Management Limited HBL Asset Management Limited JS Investments Limited Lakson Investments Limited MCB-Arif Habib Savings and Investments Limited MCB-Arif Habib Savings and Investments Limited NBP Fullerton Asset Management Limited

Income Income Income Income Income Income Income

110.0993 112.0583 102.41 107.7418 113.883 56.78 11.369

110.0993 110.1906 101.39 106.1495 111.9527 55.82 11.242

4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17

NBP Fullerton Asset Management Limited NBP Fullerton Asset Management Limited NBP Fullerton Asset Management Limited NBP Fullerton Asset Management Limited National Investment Trust Limited National Investment Trust Limited Pak Oman Asset Management Company Limited MCB-Arif Habib Savings and Investments Limited Primus Investment Management Limited UBL Fund Managers Limited

Income Income Income Income Income Income Income Income Income Income

10.9276 10.3995 11.4064 10.9061 10.5053 10.8766 10.9703 58.1066 105.23 110.8373

10.8055 10.2833 11.2789 10.8448 10.4013 10.7689 10.9703 56.7934 104.05 109.5988

4-May-17 4-May-17 4-May-17 4-May-17 3-May-17 3-May-17 4-May-17 4-May-17 4-May-17 4-May-17

UBL Fund Managers Limited AKD Investment Management Limited ABL Asset Management Company Limited AKD Investment Management Limited Alfalah GHP Investment Management Limited Alfalah GHP Investment Management Limited Askari Investment Management Limited Atlas Asset Management Limited Atlas Asset Management Limited BMA Asset Management Company Limited Faysal Asset Management Limited Habib Asset Management Limited

Income Index Tracker Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market

116.258 18.46 10.6979 52.7922 524.76 104.3296 107.8437 526.8759 104.2871 10.6106 107.03 106.0588

114.3147 18.27 10.6979 52.7922 524.76 103.1638 107.8437 526.8759 104.2871 10.5055 107.03 106.0588

3-May-17 4-May-17 5-May-17 4-May-17 4-May-17 4-May-17 5-May-17 4-May-17 5-May-17 4-May-17 5-May-17 4-May-17

HBL Asset Management Limited HBL Asset Management Limited JS Investments Limited Lakson Investments Limited MCB-Arif Habib Savings and Investments Limited

Money Market Money Market Money Market Money Market Money Market

105.3434 106.9315 108.63 105.7333 106.2801

105.3434 106.9315 107.55 105.7333 106.2801

5-May-17 4-May-17 5-May-17 5-May-17 5-May-17

NBP Fullerton Asset Management Limited NBP Fullerton Asset Management Limited National Investment Trust Limited MCB-Arif Habib Savings and Investments Limited Primus Investment Management Limited UBL Fund Managers Limited UBL Fund Managers Limited

Money Market Money Market Money Market Money Market Money Market Money Market Money Market

10.8396 10.4243 10.4344 53.5473 80.21 105.8609 105.0623

10.8396 10.3657 10.4344 53.5473 80.21 105.8609 105.0623

4-May-17 4-May-17 4-May-17 5-May-17 4-May-17 4-May-17 3-May-17

UBL Fund Managers Limited

Shariah Compliant Aggressive 104.9075 Fixed Income Shariah Compliant Asset Allocation134.917

103.7353

3-May-17

130.4933

3-May-17

Shariah Compliant Asset Allocation 85.51 Shariah Compliant Asset Allocation125.6484 Shariah Compliant Asset Allocation145.841

82.61 122.5072 143.6857

4-May-17 4-May-17 4-May-17

Shariah Compliant Asset Allocation 121.47 Shariah Compliant Asset Allocation116.2818

119.08 113.7119

4-May-17 4-May-17

Shariah Compliant Asset Allocation112.5271 Shariah Compliant Asset Allocation 67.09 Shariah Compliant Asset Allocation19.9546 Shariah Compliant Asset Allocation 75.08 Shariah Compliant Balanced Fund 19.34 Shariah Compliant Capital Protected Fund104.1103

109.7825 64.89 19.3003 73.2 18.91 104.1103

4-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17

Shariah Compliant Capital Protected Fund101.4313 Shariah Compliant Commodities 51.75 Shariah Compliant Equity 10.8379 Shariah Compliant Equity 19.1733

101.4313 50.61 10.8379 18.7974

4-May-17 3-May-17 4-May-17 4-May-17

Shariah Compliant Equity Shariah Compliant Equity Shariah Compliant Equity Shariah Compliant Equity

143.4611 176.57 24.13 85.6457

143.4611 171.71 23.6 82.8375

3-May-17 3-May-17 4-May-17 4-May-17

Shariah Compliant Equity Shariah Compliant Equity

14.71 630.0983

14.21 630.0983

4-May-17 4-May-17

Shariah Compliant Equity

127.572

125.0706

4-May-17

Shariah Compliant Equity Shariah Compliant Equity Shariah Compliant Equity Shariah Compliant Equity Shariah Compliant Equity

141.5353 171.8456 159.92 59.2 88.93

138.4073 168.0477 155.26 57.26 86.96

4-May-17 4-May-17 4-May-17 4-May-17 4-May-17

Shariah Compliant Equity Shariah Compliant Equity Shariah Compliant Equity Shariah Compliant Equity Shariah Compliant Equity

15.562 15.2551 16.5614 13.08 150.35

15.562 14.7549 16.0184 13.08 147.02

4-May-17 4-May-17 4-May-17 3-May-17 4-May-17

Shariah Compliant Fund of Funds 131.4385

128.8613

4-May-17

Shariah Compliant Fund of Funds 136.0766

133.4084

4-May-17

UBL Fund Managers Limited

MCB-Arif Habib Savings and Investments Limited Askari Investment Management Limited 786 Investments Limited (Formerly: Dawood Capital Management Limited) Faysal Islamic Asset Allocation Fund Faysal Asset Management Limited HBL Islamic Asset Allocation Fund HBL Asset Management Limited Lakson Islamic Tactical Fund (Formerly: Lakson Asset Allocation Emerging Markets Fund) Lakson Investments Limited Meezan Asset Allocation Fund Al Meezan Investment Management Limited NAFA Islamic Asset Allocation Fund NBP Fullerton Asset Management Limited Pak Oman Islamic Asset Allocation Fund Pak Oman Asset Management Company Limited Meezan Balanced Fund Al Meezan Investment Management Limited NAFA Islamic Principal Protected Fund I NBP Fullerton Asset Management Limited NAFA Islamic Principal Protected Fund II NBP Fullerton Asset Management Limited Meezan Gold Fund Al Meezan Investment Management Limited ABL Islamic Dedicated Stock Fund ABL Asset Management Company Limited ABL Islamic Stock Fund ABL Asset Management Company Limited Al Ameen Islamic Dedicated Equity Fund UBL Fund Managers Limited Al Ameen Shariah Stock Fund UBL Fund Managers Limited Al Meezan Mutual Fund Al Meezan Investment Management Limited Alfalah GHP Islamic Stock Fund Alfalah GHP Investment Management Limited Alhamra Islamic Stock Fund (Formerly: MCB Pakistan Islamic Stock Fund) MCB-Arif Habib Savings and Investments Limited Atlas Islamic Stock Fund Atlas Asset Management Limited First Habib Islamic Stock Fund (Formerly: First Habib Islamic Balanced Fund) Habib Asset Management Limited HBL Islamic Equity Fund (Formerly: PICIC Islamic Stock Fund) HBL Asset Management Limited HBL Islamic Stock Fund HBL Asset Management Limited JS Islamic Fund JS Investments Limited Meezan Energy Fund Al Meezan Investment Management Limited Meezan Islamic Fund Al Meezan Investment Management Limited NAFA Islamic Active Allocation Equity Fund NBP Fullerton Asset Management Limited NAFA Islamic Energy Fund NBP Fullerton Asset Management Limited NAFA Islamic Stock Fund NBP Fullerton Asset Management Limited NIT Islamic Equity Fund National Investment Trust Limited PIML Islamic Equity Fund Primus Investment Management Limited ABL Islamic Financial Planning Fund (Active Allocation Plan) ABL Asset Management Company Limited ABL Islamic Financial Planning Fund (Aggressive Allocation Plan) ABL Asset Management Company Limited

ABL Islamic Financial Planning Fund (Conservative Allocation Plan) ABL Asset Management Company Limited ABL Islamic Financial Planning Fund (Strategic Allocation Plan II) ABL Asset Management Company Limited ABL Islamic Financial Planning Fund (Strategic Allocation Plan III) ABL Asset Management Company Limited ABL Islamic Financial Planning Fund (Strategic Allocation Plan) ABL Asset Management Company Limited Al Ameen Islamic Active Allocation Plan I UBL Fund Managers Limited Al Ameen Islamic Active Allocation Plan II UBL Fund Managers Limited Al Ameen Islamic Active Allocation Plan III UBL Fund Managers Limited Al Ameen Islamic Active Allocation Plan IV UBL Fund Managers Limited Al Ameen Islamic Active Allocation Plan V UBL Fund Managers Limited Al Ameen Islamic Active Allocation Plan VI UBL Fund Managers Limited Al Ameen Islamic Active Allocation Plan VII UBL Fund Managers Limited Alfalah GHP Islamic Prosperity Planning Fund (Alfalah GHP Active Allocation Plan II) Alfalah GHP Investment Management Limited Alfalah GHP Islamic Prosperity Planning Fund (Alfalah GHP Active Allocation Plan) Alfalah GHP Investment Management Limited Alfalah GHP Islamic Prosperity Planning Fund (Alfalah GHP Balance Allocation Plan) Alfalah GHP Investment Management Limited Alhamra Islamic Active Allocation Fund MCB-Arif Habib Savings and Investments Limited Meezan Financial Planning Fund of Funds (Aggressive) Al Meezan Investment Management Limited Meezan Financial Planning Fund of Funds (Conservative) Al Meezan Investment Management Limited Meezan Financial Planning Fund of Funds (MAAP I) Al Meezan Investment Management Limited Meezan Financial Planning Fund of Funds (MAAP II) Al Meezan Investment Management Limited Meezan Financial Planning Fund of Funds (MAAP III) Al Meezan Investment Management Limited Meezan Financial Planning Fund of Funds (MAAP IV) Al Meezan Investment Management Limited Meezan Financial Planning Fund of Funds (Moderate) Al Meezan Investment Management Limited Meezan Strategic Allocation Fund (MSAP I) Al Meezan Investment Management Limited Meezan Strategic Allocation Fund (MSAP II) Al Meezan Investment Management Limited Meezan Strategic Allocation Fund (MSAP III) Al Meezan Investment Management Limited Meezan Strategic Allocation Fund (MSAP IV) Al Meezan Investment Management Limited NAFA Islamic Active Allocation Plan I NBP Fullerton Asset Management Limited NAFA Islamic Active Allocation Plan II NBP Fullerton Asset Management Limited NAFA Islamic Active Allocation Plan III NBP Fullerton Asset Management Limited NAFA Islamic Active Allocation Plan IV NBP Fullerton Asset Management Limited NAFA Islamic Active Allocation Plan V NBP Fullerton Asset Management Limited NAFA Islamic Principal Preservation Fund NBP Fullerton Asset Management Limited ABL Islamic Income Fund (Formerly: ABL Islamic Cash Fund) ABL Asset Management Company Limited Al Ameen Islamic Sovereign Fund-C UBL Fund Managers Limited Alfalah GHP Islamic Income Fund Alfalah GHP Investment Management Limited Alhamra Islamic Income Fund (Formerly: MCB Islamic Income Fund)-A MCB-Arif Habib Savings and Investments Limited Askari Islamic Income Fund-B Askari Investment Management Limited Atlas Islamic Income Fund Atlas Asset Management Limited Faysal Islamic Savings Growth Fund Faysal Asset Management Limited First Habib Islamic Income Fund Habib Asset Management Limited HBL Islamic Income Fund (Formerly: PICIC Islamic Income Fund) HBL Asset Management Limited JS Islamic Government Securities Fund JS Investments Limited Meezan Islamic Income Fund-B Al Meezan Investment Management Limited Meezan Sovereign Fund Al Meezan Investment Management Limited NAFA Active Allocation Riba Free Savings Fund NBP Fullerton Asset Management Limited NAFA Islamic Income Fund (Formerly; NAFA Islamic Aggressive Income Fund) NBP Fullerton Asset Management Limited NAFA Riba Free Savings Fund NBP Fullerton Asset Management Limited NIT Islamic Income Fund National Investment Trust Limited Pak Oman Advantage Islamic Income Fund Pak Oman Asset Management Company Limited PIML Islamic Income Fund Primus Investment Management Limited KSE Meezan Index Fund Al Meezan Investment Management Limited Al Ameen Islamic Cash Fund UBL Fund Managers Limited HBL Islamic Money Market Fund HBL Asset Management Limited Meezan Cash Fund Al Meezan Investment Management Limited

Source: — MUFAP

Shariah Compliant Fund of Funds 115.8509

113.5793

4-May-17

Shariah Compliant Fund of Funds

0

105.9182

4-May-17

Shariah Compliant Fund of Funds

0

100.7231

4-May-17

Shariah Compliant Fund of Funds

0

119.5834

4-May-17

Shariah Compliant Fund of Funds 135.2807

129.8695

3-May-17

Shariah Compliant Fund of Funds 136.9881

131.5086

3-May-17

Shariah Compliant Fund of Funds 132.9779

127.6587

3-May-17

Shariah Compliant Fund of Funds 126.2046

131.4631

3-May-17

Shariah Compliant Fund of Funds 114.0298

118.781

3-May-17

Shariah Compliant Fund of Funds 110.877

106.4419

2-May-17

Shariah Compliant Fund of Funds 100.4892

96.4696

3-May-17

Shariah Compliant Fund of Funds 113.072

107.2164

4-May-17

Shariah Compliant Fund of Funds 120.0315

113.8155

4-May-17

Shariah Compliant Fund of Funds 109.2379 Shariah Compliant Fund of Funds 105.6489

107.7164 99.0054

4-May-17 3-May-17

Shariah Compliant Fund of Funds

90.91

88.9

3-May-17

Shariah Compliant Fund of Funds

67.97

67.21

3-May-17

Shariah Compliant Fund of Funds

0

67.2

3-May-17

Shariah Compliant Fund of Funds

0

67.61

3-May-17

Shariah Compliant Fund of Funds

0

66.83

3-May-17

Shariah Compliant Fund of Funds

0

59.39

3-May-17

Shariah Compliant Fund of Funds

77.14

75.85

3-May-17

Shariah Compliant Fund of Funds

0

56.84

3-May-17

Shariah Compliant Fund of Funds

0

51.56

3-May-17

Shariah Compliant Fund of Funds

0

50.46

3-May-17

Shariah Compliant Fund of Funds 51.05 Shariah Compliant Fund of Funds 142.981 Shariah Compliant Fund of Funds 137.961 Shariah Compliant Fund of Funds 124.8776 Shariah Compliant Fund of Funds 116.7737 Shariah Compliant Fund of Funds 102.3417

49.38 142.981 137.961 124.8776 116.7737 102.3417

3-May-17 4-May-17 4-May-17 4-May-17 4-May-17 4-May-17

Shariah Compliant Fund of Funds - CPPI102.1114

102.1114

4-May-17

Shariah Compliant Income Shariah Compliant Income Shariah Compliant Income

10.6668 105.2798 106.3132

10.5092 105.2798 105.1253

4-May-17 3-May-17 4-May-17

Shariah Compliant Income Shariah Compliant Income Shariah Compliant Income Shariah Compliant Income Shariah Compliant Income

108.0267 106.5731 525.9085 106.66 102.0506

106.1956 105.5074 525.9085 106.66 101.0402

4-May-17 4-May-17 4-May-17 4-May-17 4-May-17

Shariah Compliant Income Shariah Compliant Income Shariah Compliant Income Shariah Compliant Income

106.735 103.45 53.86 53.74

104.956 102.42 53.56 53.44

4-May-17 4-May-17 4-May-17 4-May-17

Shariah Compliant Income

10.3065

10.3065

4-May-17

Shariah Compliant Income Shariah Compliant Income Shariah Compliant Income

10.0163 10.7357 10.3906

9.9044 10.6754 10.3906

4-May-17 4-May-17 3-May-17

Shariah Compliant Income 55.576 Shariah Compliant Income 106.37 Shariah Compliant Index Tracker 101.53 Shariah Compliant Money Market 104.3106 Shariah Compliant Money Market 104.2573 Shariah Compliant Money Market 52.8201

55.0202 104.01 99.29 104.3106 104.2573 52.8201

4-May-17 4-May-17 4-May-17 3-May-17 4-May-17 4-May-17

PENSION FUNDS (OPEN-END FUNDS)

Name of Funds Atlas Pension Fund NIT Pension Fund UBL Retirement Saving Fund ABL Pension Fund Alfalah GHP Pension Fund Atlas Pension Fund HBL Pension Fund JS Pension Savings Fund NAFA Pension Fund NIT Pension Fund Pakistan Pension Fund UBL Retirement Saving Fund ABL Pension Fund Alfalah GHP Pension Fund Atlas Pension Fund HBL Pension Fund JS Pension Savings Fund NAFA Pension Fund NIT Pension Fund Pakistan Pension Fund UBL Retirement Saving Fund ABL Pension Fund Alfalah GHP Pension Fund Atlas Pension Fund HBL Pension Fund JS Pension Savings Fund NAFA Pension Fund NIT Pension Fund Pakistan Pension Fund UBL Retirement Saving Fund Meezan Tahaffuz Pension Fund ABL Islamic Pension Fund Al Ameen Islamic Retirement Savings Fund Alfalah GHP Islamic Pension Fund Atlas Pension Islamic Fund HBL Islamic Pension Fund JS Islamic Pension Savings Fund Meezan Tahaffuz Pension Fund NAFA Islamic Pension Fund NIT Islamic Pension Fund Pakistan Islamic Pension Fund ABL Islamic Pension Fund Al Ameen Islamic Retirement Savings Fund Alfalah GHP Islamic Pension Fund Atlas Pension Islamic Fund HBL Islamic Pension Fund JS Islamic Pension Savings Fund Meezan Tahaffuz Pension Fund NAFA Islamic Pension Fund NIT Islamic Pension Fund Pakistan Islamic Pension Fund ABL Islamic Pension Fund Al Ameen Islamic Retirement Savings Fund Alfalah GHP Islamic Pension Fund Atlas Pension Islamic Fund HBL Islamic Pension Fund JS Islamic Pension Savings Fund Meezan Tahaffuz Pension Fund NAFA Islamic Pension Fund NIT Islamic Pension Fund Pakistan Islamic Pension Fund

Asset Manager Net Asset Value Validity (Dates) Atlas Asset Management Limited 110.678 3-May-17 National Investment Trust Limited 10.7518 3-May-17 UBL Fund Managers Limited 109.07 3-May-17 ABL Asset Management Company Limited 137.4215 4-May-17 Alfalah GHP Investment Management Limited 101.3878 4-May-17 Atlas Asset Management Limited 230.1059 4-May-17 HBL Asset Management Limited 152.3433 4-May-17 JS Investments Limited 227.39 4-May-17 NBP Fullerton Asset Management Limited 140.4882 4-May-17 National Investment Trust Limited 10.7959 4-May-17 MCB-Arif Habib Savings and Investments Limited 228.21 4-May-17 UBL Fund Managers Limited 204.25 3-May-17 ABL Asset Management Company Limited 197.6175 4-May-17 Alfalah GHP Investment Management Limited 99.3172 4-May-17 Atlas Asset Management Limited 527.152 4-May-17 HBL Asset Management Limited 425.2801 4-May-17 JS Investments Limited 584.32 4-May-17 NBP Fullerton Asset Management Limited 342.2239 4-May-17 National Investment Trust Limited 12.7211 4-May-17 MCB-Arif Habib Savings and Investments Limited 588.54 4-May-17 UBL Fund Managers Limited 773.42 3-May-17 ABL Asset Management Company Limited 113.2785 4-May-17 Alfalah GHP Investment Management Limited 101.4206 4-May-17 Atlas Asset Management Limited 219.6127 4-May-17 HBL Asset Management Limited 140.1792 4-May-17 JS Investments Limited 184.31 4-May-17 NBP Fullerton Asset Management Limited 127.522 4-May-17 National Investment Trust Limited 10.7609 4-May-17 MCB-Arif Habib Savings and Investments Limited 208.86 4-May-17 UBL Fund Managers Limited 167.12 3-May-17 Al Meezan Investment Management Limited 90.78 3-May-17 ABL Asset Management Company Limited 113.0654 4-May-17 UBL Fund Managers Limited 157.35 4-May-17 Alfalah GHP Investment Management Limited 101.0087 4-May-17 Atlas Asset Management Limited 193.0014 4-May-17 HBL Asset Management Limited 136.8214 4-May-17 JS Investments Limited 194.28 4-May-17 Al Meezan Investment Management Limited 212.36 4-May-17 NBP Fullerton Asset Management Limited 123.2995 4-May-17 National Investment Trust Limited 10.6427 4-May-17 MCB-Arif Habib Savings and Investments Limited 191.51 4-May-17 ABL Asset Management Company Limited 198.3267 4-May-17 UBL Fund Managers Limited 773.79 4-May-17 Alfalah GHP Investment Management Limited 102.3188 4-May-17 Atlas Asset Management Limited 693.6526 4-May-17 HBL Asset Management Limited 468.9295 4-May-17 JS Investments Limited 825.71 4-May-17 Al Meezan Investment Management Limited 630.66 4-May-17 NBP Fullerton Asset Management Limited 341.7056 4-May-17 National Investment Trust Limited 13.8673 4-May-17 MCB-Arif Habib Savings and Investments Limited 607.3 4-May-17 ABL Asset Management Company Limited 110.5546 4-May-17 UBL Fund Managers Limited 151.93 4-May-17 Alfalah GHP Investment Management Limited 101.0339 4-May-17 Atlas Asset Management Limited 203.2241 4-May-17 HBL Asset Management Limited 134.1897 4-May-17 JS Investments Limited 168.26 4-May-17 Al Meezan Investment Management Limited 210.21 4-May-17 NBP Fullerton Asset Management Limited 123.5971 4-May-17 National Investment Trust Limited 10.5627 4-May-17 MCB-Arif Habib Savings and Investments Limited 172.69 4-May-17

CLOSED-END FUNDS NAVs Names of Fund

Investment Advisor

Golden Arrow Selected Stocks Fund AKD Investment Management Limited PICIC Growth Fund HBL Asset Management Limited PICIC Investment Fund HBL Asset Management Limited

Category

NAVs

Equity Equity Equity

13.98 54.78 23.66

Validity (Dates) 4-May-17 4-May-17 4-May-17

16 BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017 DATES OF CLOSURE OF BOOKS & AGM Name of Company Kohinoor Spinning Mills Pakistan Paper Products (TFC-3) K-Electric Al-Qadir Textile Mills NIB Bank Habib Insurance Pakistan Paper Prod. Synthetic Products Ent. Sapphire Fibers Sapphire Textile Mills Jubilee Spng & Weav. Mills Bestway Cement Crescent Cotton Mills Ghani Glass PIC Terminal Kohinoor Energy Indus Motor Crescent Textile Mills National Bank of Pakistan Biafo Industries Habib Bank Feroze 1888 Mills Bank of Punjab Package Ltd Allied Bank Rafhan Maize Products Atlas Battery United Bank EFU Life Assurance EFU General Insurance Habib ADM Ltd Pakistan Petroleum Pakistan Services Haydari Construction Pakistan Cables Aisha Steel Mills Power Cement Golden A.S. Stocks fund Power cement Shell Pakistan Bolan Castings Al-Ghazi Tractors Pakistan Refinery United Distributors Mughal Iron & Steel MCB Bank Orix leasing Pakistan Paper Products PICIC Insurance Haydari Construetion Fauji Fertilizer Atlas Honda Dawood Hercules IGI Life Insurance Fauji Fertilizer Engro Corporation Hub Power Pakistan State Oil Ghani Glass O.G.D.C Crescent Steel Allied

Date of AGM

Book Closure From To 28.04.2017 — 03.05.2017 04.05.2017 04.05.2017 04.05.2017 04.05.2017 05.05.2017 06.05.2017 06.05.2017 06.05.2017 06.05.2017 07.05.2017 08.05.2017 08.05.2017 09.05.2017 09.05.2017 09.05.2017 09.05.2017 10.05.2017 11.05.2017 11.05.2017 11.05.2017 11.05.2017 11.05.2017 12.05.2017 12.05.2017 12.05.2017 12.05.2017 12.05.2017 13.05.2017 15.05.2017 15.05.2017 16.05.2017 16.05.2017 16.05.2017 16.05.2017 16.05.2017 16.05.2017 17.05.2017 17.05.2017 17.05.2017 18.05.2017 18.05.2017 19.05.2017 22.05.2017 23.05.2017 24.05.2017 24.05.2017 — 05.06.2017 06.06.2017 06.06.2017 05.06.2017 05.06.2017 06.06.2017 06.06.2017 14.06.2017 15.06.2017 16.06.2017 04.07.2017

05.05.2017 — 11.05.2017 10.05.2017 11.05.2017 10.05.2017 11.05.2017 11.05.2017 12.05.2017 12.05.2017 16.05.2017 12.05.2017 14.05.2017 16.05.2017 15.05.2017 15.05.2017 15.05.2017 16.05.2017 15.05.2017 17.05.2017 17.05.2017 17.05.2017 17.05.2017 18.05.2017 17.05.2017 19.05.2017 19.05.2017 19.05.2017 18.05.2017 18.05.2017 20.05.2017 24.05.2017 21.05.2017 23.05.2017 23.05.2017 22.05.2017 22.05.2017 22.05.2017 23.05.2017 31.05.2017 24.05.2017 23.05.2017 25.05.2017 24.05.2017 25.05.2017 29.05.2017 29.05.2017 21.05.2017 31.05.2017 — 11.06.2017 19.06.2017 13.06.2017 12.06.2017 11.06.2017 13.06.2017 12.06.2017 21.06.2017 22.06.2017 23.06.2017 10.07.2017

05.05.2017(u) 11.05.2017 — 10.05.2017(u) 11.05.2017(u) 10.05.2017(u) 11.05.2017(u) — — — 16.05.2017(u) — 15.05.2017(u) — — — — 16.05.2017(u) 15.05.2017(u) — 24.05.2017(U) 18.05.2017(u) — 18.05.2017(u) — — 19.05.2017(u) — — — 20.05.2017(u) — — 23.05.2017(u) 23.05.2017(u) — — — 23.05.2017(u) 31.05.2017(u) 24.05.2017(u) — 25.05.2017(u) 24.05.2017(u) — — — — 31.05.2017 23.05.2017(u) — 19.06.2017 — 12.06.2017(u) — — — — — — —

T+2 Dividend/ last date Bonus/Right cum price Percentage — — — — — — — 03.05.2017 04.05.2017 04.05.2017 — 04.05.2017 — — 04.05.2017 05.05.2017 05.05.2017 — — 08.05.2017 — — — — 09.05.2017 10.05.2017 — 10.05.2017 10.05.2017 10.05.2017 — 11.05.2017 11.05.2017 — — — 12.05.2017 12.05.2017 — — — 15.05.2017 — — 1705.2017 18.05.2017 19.05.2017 22.05.2017 — — — 02.06.2017 02.06.2017 01.06.2017 01.06.2017 02.06.2017 02.06.2017 12.06.2017 13.06.2017 14.06.2017 30.06.2017

— — — — — — — 5(II) 50(I) 140(I) — 30 (III) — — 38(I) 15(II) 300(III) — — 45 (III) — — — — 17.5 (I) 1000 (I) — 30 (I) 12.5 (I) 12.5 (I) — 30 (I) 50 (III) — — 20(R) 162(R) 22(III) — — — 250 (I) — — 20 (I) 40 (I) 69.6 (R) 35 (I) Nil — — 185(F) 20(I) 8 (B) (i) 15 (I) 50 (I) 20 (III) 100(I) 50 (III) 15 (III) 15 (II)

As on: 03-05-2017

BOARD MEETINGS Name of company

Date

Fatima Enterprises Apollo Textile Mills Dandot Cement Muhammad Farooq Textile Mills Ltd Ayesha Textile Mills Husein Sugar Mills Sakrand Sugar Mills

Companies Provisionally Listed

Time

05.05.2017 05.05.2017 05.05.2017 06.05.2017 09.05.2017 11.05.2017 12.05.2017

11:00 a.m. 9:00 a.m. 3:30 p.m. 03:30 p.m. 11:00 a.m. 10:00 a.m. 11:00 a.m.

Trading Commenced From

—

—

PROPOSED RIGHT ISSUE Company

231.08 % 189.39 % 14 % 65 % 15 % 28.15 % 11.2443 % 13.64 % 30.25 %

LAST DATE FOR RENUNCIATION/PAYMENT OF RIGHT COMPANY

Trading in L/Right Last Date for w.e.f. Payment/Ren. Ittehad Chemical Ltd 05.04.2017 10.05.2017 Gul Ahmed Textile 17.04.2017 22.05.2017 Mughal Iron & Steel 20.04.2017 25.05.2017

Last Date of Trading 17.05.2017 29.05.2017 01.06.2017

Valuation of Non-Performing Debt Securities S.No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Code

PAFL/TFC/291107 PAFL/TFC/140108 PAFL/SUK/060808 PAFL/TFC/011208 AZLC/TFC/050907 AZLM/TFC/120508 AML/SUK/120108 ATML/SUK/150408 ANL/TFC/200905 ANL/TFC/041207 ANL/TFC/280612 BRRGM/TFC/070708 BNL/TFC/301108 DCL/TFC/

TFCs and Sukuks Non-Performing Since AGRITECH LTD-TFC (29-11-07) Jun 14, 2010 AGRITECH LTD-TFC (14-01-08) Aug 02, 2010 AGRITECH LTD-SUKUK (06-08-08) Aug 23, 2010 AGRITECH LTD-TFC (01-12-08) Jun 16, 2010 AGRITECH LTD (11%) - TFC (01-07-11) Jan 17, 2012 AGRITECH LTD (0%) - TFC (01-07-11) Jan 17, 2012 ALZAMIN LEASING CORPORATION LTD-TFC (05-09-07) May 17, 2012 AL-ZAMIN LEASING MODARABA LTD-TFC (12-05-08) Aug 26, 2010 AMTEX LTD.-SUKUK (21-01-08) Jan 06, 2011 ARZOO TEXTILE MILLS LTD-SUKUK (15-04-08) Jan 02, 2010 AZGARD NINE LTD- TFC (20-09-05) May 19, 2010 AZGARD NINE LTD- TFC (04-12-07) PP Jun 21, 2010 AZGARD NINE LTD - TFC (28-06-12) (Zero Coupon) Dec 07, 2012 BRR GUARDIAN MODARABA (07-07-08) Jan 26, 2015 BUNNY'S LTD. - TFC (30-11-08) Jun 15, 2011 DEWAN CEMENT LTD Jan 09, 2009

Traded / Prices Non-Traded Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA Non-Traded A/C to NPA

TRANSACTION Wednesday Thursday Friday Monday Tuesday Wednesday Thursday Friday Monday Tuesday Wednesday Thursday Friday Monday Tuesday Wednesday Thursday Friday Monday Tuesday Wednesday

percent of Alitalia’s workforce took part, 67 percent of employees rejected plans for 1,700 job cuts and an eightpercent reduction in pay. Under Italian law, administrators have six months to decide whether to sell part or all of the company or liquidate it. Calenda said that putting Alitalia into administration would allow possible buyers to take over the airline “more or less intact or in a reduced form.” “Clearly, our priority is to sell the entire company in a way that would allow it to be relaunched,” the minister said. Calenda again ruled out nationalising Alitalia. Italian citizens “have already paid 7.5 billion euros over the past few years under attempts to rescue Alitalia.”

the joint venture between the Emirates Nuclear Energy Corporation (ENEC) and KEPCO that will operate the plant - is struggling to get an operating licence, which could delay the start-up of the first plant by several months, possibly to the end of this year. When the deal was negotiated in 2008-09, the APR1400 reactor model that KEPCO offered in Abu Dhabi existed on paper, but the first model of the new series was set to go online at South Korea’s Shin Kori nuclear station in 2013, well ahead of the planned startup of the Barakah station in UAE in 2017. This would have given Nawah a few years to monitor the Korean plant, start training staff and getting a licence. But construction of Shin Kori No.3 reactor was delayed three years due to a safety scandal in late 2012, and the reactor only

MRA Sec.

ASDA Sec.

MRA Sec.

M. M. M. A. Khanani

Sherman Sec.

Company

Turnover of Shares

Rates

35,000 35,000 7,600 7,600 10,000 10,000 25,000 25,000 50,000 50,000

13.30 13.30 240.00 240.00 380.00 380.00 28.00 28.00 60.00 60.00

Azgard Nine Ltd. Total / Weighted Avg. Rate D.G.Cement Total / Weighted Avg. Rate Linde Pakistan Ltd. Total / Weighted Avg. Rate Pak Gen. Insurance Total / Weighted Avg. Rate Shakarganj Ltd. Total / Weighted Avg. Rate

Member Name

Company

M. M. M. A. Khanani Arif Habib Ltd.

D.J.M. Sec. N.U.A. Sec.

Al Shaheer Corp. Total / Weighted Avg. Rate Arif Habib Limited Total / Weighted Avg. Rate Askari Bank Limited Total / Weighted Avg. Rate Attock Refinery Total / Weighted Avg. Rate Dewan Cement Ltd. Total / Weighted Avg. Rate Dewan Farooqe Motors Total / Weighted Avg. Rate

Turnover of Shares 116,866 116,866 705,500 705,500 3,770,000 3,770,000 5,000 5,000 125,000 125,000 10,000 10,000

Rates 44.70 44.70 94.00 94.00 19.70 19.70 416.00 416.00 24.25 24.25 43.00 43.00

05.05.2017 08.05.2017 09.05.2017 10.05.2017 11.05.2017 12.05.2017 15.05.2017 16.05.2017 17.05.2017 18.05.2017 19.05.2017 22.05.2017 23.05.2017 24.05.2017 25.05.2017 26.05.2017 30.05.2017 30.05.2017 31.05.2017 01.06.2017 02.06.2017

Friday Monday Tuesday Wednesday Thursday Friday Monday Tuesday Wednesday Thursday Friday Monday Tuesday Wednesday Thursday Friday Tuesday Tuesday Wednesday Thursday Friday

Hassan, a 35-year-old taxi driver reached by telephone. He said that when a fuel truck delivers, the news spreads like wildfire among desperate motorists, and “hundreds of cars and buses rush over to it, and in a few hours there is not a drop left.” The shortage has triggered a sharp rise in the price of black market petrol which now sells for 7,000 Burundi francs ($4 or 3.70 euros) per litre, more than three times the official rate. The price of taxi rides has

increased and many drivers have chosen to leave vehicles at home and travel on foot, leaving the capital strangely quiet. But the situation is worse still outside Bujumbura. In the second city of Gitega residents said there has been almost no petrol for the last month. “Sometimes one of the 10 stations in the city receives a few thousand litres, but they are gone in a few hours,” said one resident who did not want to be named saying anything

Topline Sec. Surmawala Sec. Salim Sozer Sec. R.T. Sec. Din Capital Axis Global Arif Habib Ltd. M. M. M. A. Khanani M. M. M. A. Khanani M. M. M. A. Khanani M. M. M. A. Khanani Ist Cap. Equities Din Capital SAZ Capital D.J.M. Sec. Axis Global Pearl Sec. Din Capital Shaffi Securities

Company Fauji Bin Qasim Total / Weighted Avg. Rate Fauji Fertilizer

Total / Weighted Avg. Rate Gul Ahmed Textile Total / Weighted Avg. Rate Hub Power Total / Weighted Avg. Rate Javedan Corp. Pref. Total / Weighted Avg. Rate K-Electric Limited Total / Weighted Avg. Rate Mughal Iron & Steel Total / Weighted Avg. Rate Mughal Iron & Steel R Total / Weighted Avg. Rate Pace (Pakistan) Ltd. Total / Weighted Avg. Rate Pak. Int. Bulk Terminal Total / Weighted Avg. Rate Searle Company Ltd. Total / Weighted Avg. Rate Sui Southern Gas Total / Weighted Avg. Rate TRG Pakistan Ltd.

Total / Weighted Avg. Rate

Turnover of Shares

Rates

10,000 10,000 400 100 6,500 7,000 150,000 150,000 500 500 7,150,000 7,150,000 50,000 50,000 2,300 2,300 2,300 2,300 63,500 63,500 8,000 8,000 7,500 7,500 25,000 25,000 100,000 500,000 15,000 1,000 500 616,500

50.15 50.15 94.80 95.00 98.00 97.77 59.00 59.00 129.12 129.12 20.00 20.00 8.00 8.00 68.91 68.91 56.83 56.83 9.24 9.24 30.24 30.24 850.00 850.00 43.60 43.60 55.00 58.25 56.81 57.00 55.20 57.68

Total Turnover

12,824,966

Peugeot to test driverless cars in Singapore PARIS: French automaker PSA said Wednesday it was teaming up with nuTonomy to integrate the US startup’s software into one of its vehicles for on-road testing of fully autonomous cars in Singapore. nuTonomy will install its software, along with sensors and computing platforms, into customised Peugeot 3008 vehicles, with the vehicles expected to hit the streets in September. A company spun off from MIT, a leading US research university, nuTonomy has been behind a public trial of driverless taxis that got underway in Singapore last year, although engineers rode along to take over in case of a problem. “We’re confident that working with Groupe PSA will bring us closer to our goal of deploying a safe, efficient, fully autonomous mobility-on-demand transportation service for urban driving environments,” nuTonomy’s chief executive Karl lagnemma said in a statement. The two companies said the integration of driverless technology into production model vehicles was an important part of their partnership as it will be critical for their introduction on a wider scale. The crossover Peugeot 3008 SUV is a much larger vehicle than the nuTonomy vehicles currently in use in Singapore. “This collaboration is a significant step towards fully autonomous vehicles, which will enable us to offer different mobility solutions to our customers,” said Anne Laliron, head of the automaker’s experimental unit. The companies said they will consider expanding onroad testing to other major cities around the world following the initial phase of this partnership.—AFP

Canada trade deficit narrows sharply in possible boost to Q1 GDP OTTAWA: Canada’s trade deficit narrowed sharply to just C$135 million ($99 million) in March as exports surged to a new high on shipments of energy products, an early sign the first quarter ended strongly. Statistics Canada said on Thursday that the value of exports jumped by 3.8 percent to C$46.98 billion as volumes increased by 2.5 percent and prices grew by 1.3 percent. Analysts in a Reuters poll had forecast a shortfall of C$800 million. Statscan revised February’s deficit to C$1.08 billion from an initial C$972 million. The Canadian economy stalled in February after a

healthy start to the year, data showed last week. “A strong first indicator on March GDP suggests there could be some decent momentum heading into the second quarter,” CIBC economist Nick Exarhos said by phone. The Canadian dollar strengthened slightly to C$1.3716 to the US dollar, or 72.91 US cents, up from C$1.3736, or 72.80 US cents. Energy products rose 7.0 percent, pushed up by higher natural gas flows to the United States and a spike in exports of coal to Asia that coincided with a slowdown in Australian production caused by a cyclone. Imports grew 1.7 percent to

the government might dislike. Urged by parliament to investigate the cause of the shortages, Burundi’s energy minister, Come Manirakiza, said last week it was down to “the lack of sufficient foreign currency” to pay for imports to the landlocked central African country. Manirakiza said that “due to the period we are in” importers were unable to get hold of the US dollars they need to import fuel. Burundi is in the midst of a deep political crisis triggered

C$47.11 billion on higher inward flows of metal and nonmetallic mineral products, particularly unwrought gold from Japan. Volumes slipped by 0.2 percent while prices advanced by 1.9 percent. “The increase in imports points to improvements in business investment spending and inventory rebuilding, both contributors to GDP,” National Bank economist Krishen Rangasamy said in a note to clients. Despite the cheery trade news, challenges may be ahead. In April, the Bank of Canada lowered its export growth forecast to 2.5 percent over the next three months from around 3.0

percent in January due to the additional drag on global investment from uncertainty over US trade policy. Shortly afterwards, the US administration slapped tariffs on Canadian exports of softwood lumber and complained about Canada’s dairy sector, helping to sink the Canadian dollar to 14-month lows. Exports to the United States, which accounted for 73.1 percent of all Canadian exports in March, edged up by 0.1 percent while imports increased by 2.0 percent. As a result, Canada’s trade surplus with the United States slipped to C$3.97 billion from C$4.51 billion in February.—Reuters

Surging mortgage demand adds to Irish house price pressure DUBLIN: The value of mortgage drawdowns in Ireland grew 40 percent yearon-year in the first quarter, data showed on Thursday, with surging demand likely to put further pressure on house prices currently posting double-digit growth. Irish mortgage lending collapsed following the bursting of a property bubble in 2007 and a recovery over the last three years that has picked up significantly in recent months has coincided with a chronic housing shortage throughout the country. House prices, which had stabilised at an annual growth rate of 4 to 5 percent last year fol-

lowing an initial rebound, have since accelerated above 10 percent as an easing of central bank lending rules and a new government subsidy for firsttime home buyers added to the recovery. Mortgage approvals also far outstripped drawdowns in the first three months, with yearon-year growth of 78 percent to 2 billion euros pointing to further pent up demand among buyers in the European Union’s fastest growing economy. “The biggest issue in terms of these approvals translating into drawdowns is the low level of new supply,” Goodbody chief economist Dermot O’Leary said.

“Approvals for new entrants is substantially more than the amount of new properties coming to the market thus the obvious conclusion is that prices will continue to be bid up. Price inflation is likely to continue to accelerate from here.” O’Leary said of the 20,000 mortgages approved for first time buyers and investors in the past 12 months, only 10,000 would be met by new supply available for sale with selfbuilds set to account for almost half of the 18,500 homes forecast to be completed in 2017. House prices remain 31 percent below the 2007 peak and Irish Central Bank governor Philip Lane said on

Facebook profit jumps as user base nears 2bn SAN FRANCISCO: Facebook on Wednesday reported its quarterly profit jumped just over $3 billion as its ranks of monthly users closed in on two billion. The leading social network said it made a profit of $3.06 billion on $8.03 billion in revenue in the first three months of this year, posting increases of 76 percent and 49 percent, respectively, compared to the same period last year. Meanwhile, the number of people using Facebook monthly increased 17 percent to 1.94 billion, according to the earnings report. “We had a good start to 2017,” Facebook co-founder and chief Mark Zuckerberg

said in the release. “We’re continuing to build tools to support a strong global community.” Facebook bested high expectations for revenue but fell short on profit, Shares fell about a percent to $150.25 in after-market trades that followed release of the earnings figures. The California-based company’s shares had ended the trading day down less than a percent ahead of the earnings release and as it put out word of plans to hire an extra 3,000 staff to remove violent content like the gruesome killings and suicides broadcast on its video platform. The move ramps up efforts

by Facebook to filter content amid growing criticism of the social media giant for allowing the platform to be used to promote violence and hateful activity. Increased hiring also promises to push up operating costs and eat into profit at the social network. But advertising The world’s biggest social network and a powerhouse in online advertising, Facebook has been working to diversify its revenue base as it expands into new areas such as messaging, artificial intelligence and virtual reality. But advertising still accounted for the vast majority of revenues, $7.86 billion.—AFP

South Africa’s private-sector activity barely grows in April JOHANNESBURG: Private sector activity in South Africa contracted for the first time in nine months in April as new

export orders continued to decline and growth remained marginal in Africa’s most industrialised economy. The Standard

Petrol shortages expose Burundi’s economic woes NAIROBI: A lack of foreign currency means petrol pumps are running dry across Burundi, the government has admitted, as the country struggles with a serious two-yearold political crisis. Long queues have been quickly forming in the capital Bujumbura where petrol is only available at some of the fuel stations some of the time. “It’s been a disaster for the last week because we only find one or two stations stocked every other day across the whole capital,” said

Member Name

SETTLEMENT SETTLEMENT

EHL/SUK/311207 EDEN HOUSING LTD.- SUKUK (31-12-07) Jan 15, 2013 Non-Traded A/C to NPA EHL/SUK/310308 EDEN HOUSING LTD.- SUKUK (31-03-08) May 06, 2011 Non-Traded A/C to NPA FDIBL/TFC/110907 FIRST DAWOOD INVESTMENT BANK LTD. TFC (11-09-07) Sep 27, 2010 Non-Traded A/C to NPA NAEL/TFC/150507 NEW ALLIED ELECTRONIC (15-05-07) Jan 09, 2009 Non-Traded A/C to NPA NAEL/SUK/270707 NEW ALLIED ELECTRONIC - SUKUK (27-07-07) Jan 09, 2009 Non-Traded A/C to NPA NAEIL/SUK/031207 NEW ALLIED ELECTRONIC - SUKUK (03-12-07) Jan 09, 2009 Non-Traded A/C to NPA PACE/TFC/150208 PACE (PAKISTAN) LTD-TFC (15-02-08) Sep 05, 2011 Non-Traded A/C to NPA PHO/TFC/311208 PAK HY-OILS LTD-TFC (31-12-08) Jan 21, 2010 Non-Traded A/C to NPA QTML/SUK/260908 QUETTA TEXTILE MILLS LTD-SUKUK (26-09-08) Apr 11, 2012 Non-Traded A/C to NPA SPLC/TFC/130308 SAUDI PAK LEASING COMPANY LTD-TFC (13-03-08) Apr 30, 2014 Non-Traded A/C to NPA SLCL/TFC/280306 SECURITY LEASING CORPORATION LTD-PPTFC (28-03-06) Aug 15, 2014 Non-Traded A/C to NPA SLCL/SUK/010607 SECURITY LEASING CORPORATION LTD-SUKKUK (01-06-07) - I Aug 07, 2014 Non-Traded A/C to NPA SLCL/SUK/190907 SECURITY LEASING CORPORATION LTD-SUKKUK (19-09-07) - II Apr 03, 2012 Non-Traded A/C to NPA SGML/TFC/220908 SHAKARGANJ MILLS LTD-TFC (22-09-08) Nov 24, 2009 Non-Traded A/C to NPA SPL/SUK/190808 SITARA PEROXIDE LTD-SUK (19-08-08) Jun 15, 2010 Non-Traded A/C to NPA TELE/TFC/270505 TELECARD LTD-TFC (27-05-05) Jun 13, 2011 Non-Traded A/C to NPA TSHM/SUK/250808 THREE STAR HOSIERY SUKUK (25-06-08) Jun 11, 2010 Non-Traded A/C to NPA TRIBL/TFC/040708 TRUST INVESTMENT BANK LTD-TFC (04-07-08) Oct 18, 2012 Non-Traded A/C to NPA WTL/TFC/071008 WORLDCALL TELECOM LTD-TFC (07-10-08) Nov 08, 2012 Non-Traded A/C to NPA Price has been calculated after apply maximum markup of 500 basis points to the calculated yield as provided under SECPs Circular No.33 of 2012. **** Yield calculated as per the Board recommended format. Approved on 26th July, 2011 BOD.

became operational in December 2016. A source with direct knowledge of the situation told Reuters that because of the delay on Shin Kori No.3, UAE nuclear regulator FANR was not ready to give Nawah its operating licence and wanted to postpone this “regardless of the construction schedule.” “It’s like you have ordered 100 cars to start a taxi company and all of them were delivered to you but the problem is you are not fully ready just because your drivers-to-be and engineers don’t have a licence to operate and maintain,” the source said. Low oil prices are also making the start-up of the plant less urgent from the UAE perspective, the source added. ENEC and Nawah did not respond to several requests for comment. KEPCO declined to comment.—Reuters

127,600

CROSS TRANSACTIONS BETWEEN CLIENT TO CLIENT & FINANCIAL INSTITUTIONS

Topline Sec.

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 *

On top of this, a bridging loan of 600 million euros was agreed by the government on Tuesday to keep Alitalia’s planes flying for around six months. “We’re therefore talking about eight billion euros in all and taxpayers pay a great deal of attention to how their money is spent. And so the government must be very careful,” the minister continued. Whatever solution was finally chosen, “the important thing to know is that without an alliance with a large international (airline) company, saving Alitalia could prove very difficult,” Calenda said. German carrier Lufthansa has been mooted as a potential buyer, but it said last week it had no intention of taking over Alitalia.—AFP

Total Turnover

Prem 15/Prem 15/—

Note: Karachi Stock Exchange’s announcement was not received on Thursday.

UAE delays launch of first nuclear power reactor SEOUL/PARIS: The commercial start-up of the first of four nuclear reactors that South Korea’s KEPCO is building in United Arab Emirates is set to be delayed because the local operating company is not ready to run the reactors, a nuclear industry source said. Barakah is one of the world’s few major nuclear newbuild contracts, which Korea Electric Power Corporation (KEPCO) won in 2009, beating a rival consortium led by more established French reactor maker Areva. Since then, the four reactors have been built on time and on schedule, a rare feat in a nuclear industry plagued by cost overruns and multi-year delays, with the first of the four on scheduled to be completed this month. But a source familiar with the situation said that Nawah -

ASDA Sec.

— — —

Bank Holiday:- On account of 1st Ramadan Monday May 29, 2017.

Italy to start taking Alitalia bids in next 15 days ROME: Alitalia’s administrators will start taking bids for the troubled Italian airline within the next 15 days, the government said on Wednesday. Speaking on Italian radio, the minister of economic development, Carlo Calenda, said that while “no negotiations are currently underway, the administrators will draw up a working programme and it is expected that they will start soliciting expressions of interest within the next 15 days.” On Tuesday, Alitalia’s shareholders voted unanimously to put the company into administration after staff rejected job and salary cuts put forward by management as part of two-billion-euro rescue plan. In a ballot last month, in which nearly 90

MRA Sec.

Arif Habib Ltd.

Rates of Debt Securities > From page 15

Sherman Sec.

Din Capital

Premium

NOTES: If any necessity arises, the Pakistan Stock Exchange reserves the right to alter or vary the above dates. In case any settlement is postponed for whatsoever reasons, the same shall take place on the next working day.

Indications: (I) Interim Dividend (F) Final Dividend (B) Bonus (*) Date revised (E) Election of Directors of Company (u) Extra ordinary general meeting

Member Name Seller

Adeel & Nadeem Sec.

Spot From

CLEARING SCHEDULE FOR T+2 SYSTEM FOR THE MONTHS OF MAY & JUNE 2017 03.05.2017 04.05.2017 05.05.2017 08.05.2017 09.05.2017 10.05.2017 11.05.2017 12.05.2017 15.05.2017 16.05.2017 17.05.2017 18.05.2017 19.05.2017 22.05.2017 23.05.2017 24.05.2017 25.05.2017 26.05.2017 29.05.2017 30.05.2017 31.05.2017

Member Name Buyer

Rate

Pervez Ahmed Securities (at a discount of Rs. 5/- i.e. Rs. 5/- per share) Pervez Ahmed Securities (at a discount of 80% i.e. Rs 2/- per share) Media Times Ltd. (at a discount of Rs 5/- per share) Summit Bank Ltd. Jahangir Siddiqui & Co. Ltd. (Preference Right Shares) Pak Gulf Leasing Ltd. (at a dis. of Rs 3/- per share) Summit Bank Ltd. Apna Microfinance Bank Ltd Crescent Star Insurance Ltd

TRANSACTION

MEMBERS HAVE SUBSEQUENTLY REPORTED THE FOLLOWING TRANSACTIONS MEMBER TO MEMBER

by President Pierre Nkurunziza’s decision to run for a controversial third term in April 2015, a move his opponents said was illegal. Many months of sometimes violent upheaval followed, leaving at least 500 dead while a further 400,000 people have left the country. The political crisis has triggered an economic crisis, deepened by sanctions imposed on Burundi by the EU, the impoverished nation’s biggest donor, accounting for 70 percent of aid.

The EU and member countries stopped direct budgetary support to the Burundian government in protest at a brutal crackdown on opponents, but specific projects are still being financed, a diplomat said on condition of anonymity, including dams, roads, health and education. The EU also continues to pay for fuel for power stations supplying around one-sixth of the country’s electricity. That support, the diplomat said, has “saved the country from total asphyxiation”.—AFP

Bank Purchasing Managers’ Index (PMI), compiled by Markit, edged lower to 50.3 from 50.7 in March. It remained above the 50 mark dividing expansion from contraction for the eighth month in a row even though a majority of the PMI’s sub-indexes showed a decline. “The output index fell to 49.6 after remaining above 50 since September 2016, primarily due to slow sales, economic and political uncertainty,” said Standard Bank economist Thandie Sithole. “New export orders remained in contractionary territory signalling uncertainty and weak confidence.” South Africa’s economic outlook has been further clouded by credit rating downgrades to “junk” by two of the three major rating agencies following President Jacob Zuma’s decision in late March to fire finance minister Pravin Gordhan.—Reuters

Wednesday that he did not think the market was showing the same dynamic as a decade ago. He said the bank’s rules limiting mortgages to 3.5 times a borrower’s income would act as self-correcting brake to prices. Analysts also say the mortgage market is still shy of the 10 billion euros of lending a year that would be considered a normalised rate. Davy Stockbrokers increased its forecast for lending this year to 7.5 billion from 6.9 billion euros following Thursday’s date and both Goodbody and Investec said there was clear upside risk to their forecasts of 7 billion euros.—Reuters

BNP Paribas gets off to a good start in 2017 PARIS: French bank BNP Paribas said Wednesday it got off to a good start in 2017, with the strength of the financial markets enabling it to notch up “solid” results in the first quarter. It said in a statement its net profit rose by 4.4 percent to 1.89 billion euros ($2.0 billion) in the period from January to March, beating analysts’ expectations of a figure of around 1.6 billion euros. Revenues advanced by 4.2 percent to 11.3 billion euros, also outpacing expectations. “BNP Paribas delivered a very good performance this quarter,” said chief executive Jean-Laurent Bonnafe. “The revenues of the operating divisions were significantly higher thanks to good business growth.” The bank attributed that growth to the strength of the financial markets. “Domestic markets reported sustained business activity... with good growth in loans to individual and corporate clients.” The bank also reported “strong growth” in deposits and increased assets under management. “Costs were well under control and the cost of risk was down. The group’s balance sheet is rock-solid,” with the core Tier 1 capital ratio — a key gauge of financial strength — rising to 11.6 percent, BNP Paribas said. Investors appeared to welcome the results, with BNP Paribas shares showing a gain of 0.4 percent on the Paris stock exchange on Wednesday, while the bluechip CAC40 index was showing a loss of 0.3 percent.—AFP

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

17

SPORTS

Pakistan flounder against Gabriel-inspired Windies BRIDGETOWN, (Barbados): Shannon Gabriel led a West Indies fast bowling assault that decimated Pakistan’s top-order batting and reduced them to 35 for five at lunch on the final day of the second Test.

Latest West Indies win BRIDGETOWN, (Barbados): Shannon Gabriel’s five-wicket haul inspired West Indies to a 106 run victory over Pakistan on the final day of the second Test in Bridgetown on Thursday. Pakistan started the fifth day at the Kensington Oval requiring 188 runs but the visitors were blown away by the Windies’ bowlers who levelled the series at 1-1. The third and concluding test at Roseau starts on May 10.—AFP Pakistan had been set a victory target of 188 at Kensington Oval in Barbados on Thursday. Yasir Shah claimed the final wicket of the home side’s second innings in the first over of the day to finish with seven for 94 in the innings and nine for 177 in the match. However that proved to be the only high point of the session for the visitors who struggled to cope with a disciplined pace attack on a pitch that occasionally exaggerated the worries of the Pakistani batsmen who now require 153 runs to win. Gabriel started the rout with the wicket of first innings century-maker Azhar Ali as the opening batsman miscued an attempted pull for Shimron Hetmyer to take a diving catch at midwicket. Alzarri Joseph, sharing the new ball with Gabriel, struck in the very next over when Babar Azam flicked at a leg-side delivery for wicketkeeper Shane Dowrich to snare the chance and consign Pakistan’s brightest batting talent to the indignity of a ‘pair’. Joseph should have also accounted for Ahmed Shehzad but the opening batsman, who

LHC issues notices in appeal against PCB’s tribunal RECORDER REPORT

LAHORE: A division bench of the Lahore High Court on Thursday denying stay against proceedings before an anti-corruption tribunal of the Pakistan Cricket Board (PCB) against cricketer Khalid Latif on spot fixing charges, sought replies from the ministry of sports and the board by June 13. Representing the cricket player, advocate Zubair Khalid argued that the PCB’s anti-corruption tribunal had no jurisdiction to investigate the spotfixing charges. He said the tribunal constituted under the PCB anti-corruption code was illegal as its rules had not been notified in Pakistan gazette. The lawyer asked the bench to set aside decision of the singe bench and stayed the proceedings against him pending before the anti-corruption tribunal of the PCB.

Pakistan Jr Girls Netball team leaves for South Korea RECORDER REPORT

LAHORE: Pakistan Junior Girls Netball Team left here Thursday for South Korea to take part in the ‘10th Asian Youth Girls Netball Championship’ being staged at Jeonju from May 6-13. Malaysia, Hong Kong, Singapore, Sri Lanka, Maldives, Japan, Thailand, Brunei, Chinese Taipei, the Philippines, UAE, Nepal, India and Pakistan and the host South Korea are participating in the event, a spokesman of Pakistan Netball Federation, said here today. Kashia Asif is leading the Pakistan Junior Girls Netball Team while Asmat Rehman is her deputy. The other members of the team are: Sonia Shah, Aneeta Yaseen, Rozeena Ajaz, Laila Fareed, Ayesha, Hurania Sajjad, Sahar Gul and Sana Ajaz. The spokesman said Pakistan Junior Girls Netball Team is set to show produce good performance in the competition.

India breaks into FIFA top 100 after 21 years

NEW DELHI: The Indian men’s football team on Thursday climbed to the 100th spot in the latest FIFA world rankings — their best rating in more than two decades. Despite having a population of well over one billion, India languishes as a footballing minnow, ranked equally alongside Nicaragua, Lithuania and Estonia in a global table headed by Brazil. India — where the national pastime of cricket is something of an obsession that squeezes other sports out of the running — last made the top 100 in 1996, reaching an all-time high of 94, before plunging. The boost in ranking comes after India beat Cambodia 3-2 in Phnom Penh on March 22 in a friendly clash before edging out Myanmar 1-0 in Yangon on March 28 during an AFC Asian Cup qualifying match. Head coach Stephen Constantine congratulated his side on the milestone, but warned them against complacency ahead of important matches. “As long as we keep heading up the ladder I am happy. It points out that we are headBRIDGETOWN, (Barbados): Alzarri Joseph (L) of West Indies disappointed Ahmed Shehzad (R) of Pakistan was dropped during the 5th and final day of the 2nd Test match between West Indies and Pakistan at Kensington Oval, ing in the right direction,” the here on Thursday.—AFP 54-year-old Englishman was quoted as saying by the All enjoyed generous slices of luck SCOREBOARD in scoring 70 in the first innings, Scoreboard at lunch on the fifth day of Bowling: M. Amir 21-8-44-1 (1w), M. India Football Federation was missed at first slip edging the second Test between the West Abbas 25-6-57-2 (2w), Y. Shah 39.5- (AIFF). “There are major matches an attempted drive. Indies and Pakistan at Kensington Oval 12-94-7, S. Khan 17-0-55-0 (1nb) Pakistan 2nd Innings ahead and we cannot take He resumes in the afternoon in Barbados on Thursday: West Indies 1st Innings - 312 A. Ali c Hetmyer b Gabriel . . . . . . . . 10 things lightly. There’s no place session on 14 alongside wicket- Pakistan 1st Innings - 393 keeper-batsman Sarfraz Ahmed. West Indies 2nd Innings (overnight A. Shehzad not out. . . . . . . . . . . . . . . 14 for complacency,” said B. Azam c wkpr Dowrich b Joseph . . 0 Constantine, who took charge That disappointment was 264 for 9) Y. Khan lbw Holder. . . . . . . . . . . . . . . 5 replaced by even more jubilation K. Brathwaite c Younis Khan b Shah43 Misbah ul Haq c Hope b Gabriel. . . . . 0 of the Indian team in 2015. K. Powell c wkpr Ahmed b Abbas . . . 6 India will play a friendly in the West Indies camp though, S. Hetmyer b Amir. . . . . . . . . . . . . . . 22 A. Shafiq c Powell b Gabriel. . . . . . . . 0 as Jason Holder replaced S. Hope c Ali b Shah . . . . . . . . . . . . . 90 S. Ahmed not out . . . . . . . . . . . . . . . . . 5 against Lebanon on June 7 and Extras: (nb-1). . . . . . . . . . . . . . . . . . . . 1 then an Asian Cup qualifier Gabriel and immediately earned R. Chase c and b Shah . . . . . . . . . . . . 23 the prized scalp of Younis Khan. V. Singh b Abbas . . . . . . . . . . . . . . . . 32 Total: (5 wkts, 20 overs). . . . . . . . . . 35 against Kyrgyzstan on June Fall of wickets: 1-10 (Ali), 2-11 Adjudged LBW by on-field S. Dowrich c Shafiq b Yasir . . . . . . . . 2 (Azam), 3-27 (Younis Khan), 4-30 13. J. Holder c Younis Khan b Shah . . . . . 1 The team has won 11 of umpire Richard Kettleborough, D. Bishoo c Ali b Shah . . . . . . . . . . . 20 (Misbah), 5-30 (Shafiq) Younis challenged the decision A. Joseph c Amir b Shah . . . . . . . . . . . 7 To bat: S. Khan, M. Amir, Y. Shah, M. their last 13 matches, including an unofficial match against Abbas only to have it confirmed by the S. Gabriel not out . . . . . . . . . . . . . . . . . 0 S. Gabriel 9-3-10-3 (1nb), A. Bhutan, scoring 31 goals in the television replays. With Joseph Extras: (b-16, lb-2, nb-1, w-3) . . . . . 22 Bowling: Joseph 7-1-20-1, J. Holder 4-2-5-1 process. tiring, Gabriel was recalled into Total: (all out, 102.5 overs) . . . . . . 268 Toss: West Indies of wicket: 1-8 (Powell), 2-41 “It’s pleasing that we are action to replace the gangling Fall (Hetmyer), 3-97 (Brathwaite), 4-155 Umpires: Richard Kettleborough presently ranked 100. At the Antiguan and the burly Trinidad (Chase), 5-235 (Hope), 6-235 (Singh), (ENG), Bruce Oxenford (AUS) same time, we need to stay and Tobago tearaway responded 7-236 (Holder), 8-252 (Dowrich), 9- Match Referee: Chris Broad (ENG).—AFP aware of the challenge in with two critical wickets in the 261 (Joseph), 10-268 (Bishoo) appeals but replays following a gully and sent the Pakistan cap- hand. The AFC Asian Cup space of three deliveries. Captain Misbah ul Haq was challenge showed an inside- tain back to the pavilion without Qualifiers UAE 2019 are an acid test for us,” said Kushal first ruled not out to vociferous edge that lobbed to Shai Hope at scoring.—AFP Das, AIFF general secretary.—AFP

Morgan promises no let-up against Ireland BRISTOL, (United Kingdom): England one-day captain Eoin Morgan has insisted the absence of three firstchoice players due to Indian Premier League duty is not a sign they are taking this week’s matches against Ireland less than seriously. Dublin-born Morgan is set to captain against his native country in a two-match series, with Friday’s fixture in Bristol and Sunday’s clash at Lord’s the first occasions Ireland have played England in England. For England, the matches mark the start of their build-up to next month’s Champions Trophy on home soil, with Morgan eager to lead his adopted country to their first global 50-over title. “It’s something with huge potential and which we’ve been building towards for 18 months now,” Morgan told reporters in Bristol on Thursday.

“We’ve marked it as the halfway stage to the 2019 World Cup ... we’re not taking this game for granted. “The strength of the side we’re putting out reflects that, and it’s a really important summer for us — so we’re taking it as seriously as any other fixture.” England, however, will be without all-rounders Ben Stokes and Chris Woakes, as well as wicket-keeper Jos Buttler, because of the trio’s IPL commitments. By contrast, Morgan has interrupted his IPL stint. But with Stokes making a maiden Twenty20 hundred in the franchise competition on Sunday, Morgan was in no doubt the trio would gain more from playing in the IPL at this time than coming back to face Ireland. “Yes, I think they will,” he said. “That’s the emphasis behind the decision.

AFC punishes Guangzhou over ‘British dogs’ banner KUALA LUMPUR: Chinese giants Guangzhou Evergrande escaped Thursday with a fine and a suspended two-match stadium ban from Asia’s football governing body after supporters unfurled a “British dogs” banner during a match in Hong Kong. The anti-independence banner, which read “Annihilate British dogs, destroy HK independence poison” in Chinese, was held up during Evergrande’s 6-0 AFC Champions League win over Hong Kong’s Eastern on April 25. The Asian Football Confederation (AFC) had last week charged Guangzhou Evergrande “under Article 58 for discrimination and Article 65 relating to spectator misconduct”. “Guangzhou Evergrande were ordered to play two future matches in AFC club competitions which they host in China PR without spectators, with both matches suspended for a probationary period of two years,” it said in a statement Thursday. The Chinese side

was also fined $22,500. AFC warned that the suspended sanction would be automatically enforced should any new violations occur. Former British colony Hong Kong became a semiautonomous Chinese territory 20 years ago, but independence sentiment has been running high following mass protests against Beijing. The game was played in a hostile atmosphere in Hong Kong’s Mong Kok Stadium, near where rioting erupted last year which involved pro-independence activists. Fans from both sides hurled obscenities and gave each other the middle finger, with the Evergrande fans heard chanting “Traitor!”. One Eastern supporter displayed Hong Kong’s colonial-era flag, which features Britain’s Union Jack, while others booed and swore at the Chinese team. Evergrande, the two-time Asian champions and winners of the last six Chinese Super League titles, were in trouble with the AFC only last year.—AFP

“I think it’s the right decision, part of our development as a side to get as many players (as possible) playing in the biggest and best tournaments in the world — albeit T20. “This year we’ve had more players at the Big Bash, seven, and eight players at the IPL — which shows a lot of strength. “To rub shoulders with some of the biggest and best names in the world and put in performances like Ben Stokes did the other night bodes well for our future development.” Morgan made his international reputation with Ireland before switching to England aged 22 in 2009. But even if Ireland are granted their longed-for Test status next month, Morgan said there was no chance of him switching back.. “No, that’s very cheeky,” he said. “No chance, no chance.” —AFP

Peshawar win KP Full Body Contact Karate title RECORDER REPORT

PESHAWAR: Peshawar lifted the trophy of the Khyber Pakhtunkhwa Full Body Contact Karate Championship organized by KP Full Body Contact Karate Association in collaboration with Allama Iqbal Public School at Village Mandani, District Charsadda on Thursday. Naib Nazim District Charsadda Mansoor Shah was the chief guest on this occasion. Principal of Allama Public School Mandani Village Engr. Ahmad Yar, South Asian gold medalist athlete Altaf Hussain, Secretary KP Jujitsu Association Tehsin Ullah, Vice President KP Karate Association Shah Faisal, Organizing Secretary Inayat Ullah, international judge Shahibzada Hadi, and a large number of spectators were also present. At the end, the chief guest Naib Nazim District Charsadda Mansoor Shah gave away trophies and certificates to the winners and other position holders. He also lauded the organizing committee for holding the event in village Mandani.

Mixed-gender relays could be Olympic sport DOHA: Mixed-gender relays are being considered as an Olympic event to ramp up interest in athletics, a senior member of the sport’s governing body said on Thursday. “As a sport we are looking at different formats,” Olivier Gers, chief executive of the International Association of Athletics Federations (IAAF), told AFP. “It’s definitely something for the Olympics to look at and for the IOC to decide jointly with the IAAF. “It’s definitely something we have been talking about for quite some time.” Mixed-sex relays were trialled at the IAAF World Relays in Nassau in April. A 4x400m event, with two men and two women per team running in no set order, proved a highlight at the championships in the Bahamas, especially as the home team won.—AFP

Wiping world records ‘not cowardly’: IAAF DOHA: The radical plan to wipe out athletics’ world records set before 2005 was not a cowardly proposal, a senior member of the sport’s governing body said Thursday. Olivier Gers was responding to criticism from Britain’s Paula Radcliffe, the women’s marathon world record holder, who stands to lose her place in the record books if the rootand-branch idea goes ahead. “I am not sure what’s cowardly about this,” said Gers, chief executive of the International Association of Athletics Federations (IAAF). “It’s a sad reality of our sport that we are doubting some records. “What it allows us is to reset the bar. It’s a very difficult decision.” He continued: “I think cowardly is a very strong word for our proposal.” Radcliffe, who ran a record time of 2hr 15min 25sec in 2003, has slammed the idea from European Athletics as administrators of the scandal-ridden sport try to make a clean break from previous doping scandals. The 43-year-old Radcliffe, a British longdistance running icon, said in a statement on May 1 that the proposal was not only “cowardly” but could “damage her reputation and dignity”. Gers was speaking in Qatar ahead of this season’s athletics curtain-raiser, the opening Diamond League event of the season in Doha on Friday. The record proposal received a mixed reaction from athletes in the Gulf for the season opener. One of the potential main beneficiaries from any change — the womens’ Olympic 100m

and 200m champion, Jamaica’s Elaine Thompson — advocated a mixed approach. The world records in both of her events were set by America’s Florence Griffiths-Joyner back in 1988. “Those records were set before I was even born. “My view is I think the cheated ones can go but the ones done fairly can naturally stay,” said Thompson, 24. Thompson’s best time of 10.70sec in the 100m trails behind the 10.49sec set by Joyner almost 30 years ago. Her 200m best is 21.66sec. Joyner’s world record is 21.34sec. “Flo-Jo’s” husband, Al Joyner, has already said any attempts to remove the records would “dishonour” his family. Despite suspicions there was never any proof of doping by Flo-Jo, who died in 1998. Thompson’s sprint compatriot Asafa Powell — who held the 100 metres world record between 2005 and 2008 — backed the proposal. “I hope I don’t get into trouble for this but I think they should (go). I agree with it.” However, veteran Kim Collins, who won the 100m world championship in 2003, advocated no change. “These things happen in history and to change this, that requires changing a lot of history,” he said. “I think it will be a very difficult thing to do. I would leave it alone.” The plan will be put forward to the council meeting of the IAAF in August, though it is not yet known when any final decision will be made. —AFP

Spanish court orders Neymar to stand trial for fraud MADRID: Barcelona forward Neymar and his parents will stand trial over alleged fraud and corruption, making the Brazilian the latest football superstar to have to take the stand, a Spanish court ordered on Thursday. The National Court also ordered Barcelona president Josep Maria Bartomeu and his predecessor Sandro Rosell to be sent to trial over alleged fraud and corruption over Neymar’s transfer from Santos in 2013. They will stand trial for “business corruption and fraud”, the court said in a statement. The two clubs, Barcelona and Brazil’s Santos, were also ordered to stand trial. Neymar’s arrival from Brazil’s Santos has been a huge success for the Spanish champions on the pitch but a judicial nightmare off it. The 25-year-old striker is being investigated in Brazil and Spain over his headline move to La Liga. The case initiated with a complaint from Brazilian investment company DIS, which owned 40 percent of Neymar’s sporting rights at the time of his transfer. DIS received just 6.8 million euros — 40 percent of the 17 million euros fee paid to Santos — with the company claiming it was cheated out of its real share because part of the transfer fee was concealed by Barcelona, Santos and the

Neymar family. But the court suspects Santos was actually paid 25 million euros, which would mean DIS was cheated out of 3.5 million euros. Barcelona originally published the transfer figure as 57.1 million euros ($62.3 million), with 40 million euros of that given to the player’s family and the rest to Santos. DIS has called for five-year sentences for Neymar and his parents, who acted as the player’s representatives, eight years for Rosell and Bartomeu plus a mammoth 195 million euro fine for Barca. Spanish prosecutors have recommended that Neymar be handed a two-year jail sentence and fined 10 million euros. Sentences of two years or less are habitually suspended for first time offenders in Spain. However, DIS also recommended that Neymar be banned from playing football during any judicial sentence. In July 2016 a judge ruled that irregularities in the transfer were detected, but said it was an issue for a civil court, not a criminal court to settle. But prosecutors successfully argued the player and his father were aware of potentially fraudulent dealings between Barcelona and Santos to the detriment of DIS to fully overturn that decision. The decision to order Neymar to stand trial is another

blow to the image of the Spanish giants and the player himself. Barcelona hoped to bring an end to the murky affair when the club agreed to pay a 5.5million-euro fine in a deal with prosecutors in June to settle a separate case and ensure the club avoided trial on tax-evasion charges over the transfer. Neymar is far from the only Barca star to find himself embroiled in problems with the Spanish authorities. Five-time World Player of the Year Lionel Messi and his father were given 21-month suspended jail sentences in July 2016 for tax fraud relating to the player’s image rights. Barca’s Argentine defender Javier Mascherano also agreed a one-year suspended sentence with authorities for tax fraud earlier this year. The off-field upheaval hasn’t affected Barca, Neymar’s signing being an undoubted sporting success as he has formed one of the most fearsome strike partnerships of all-time with Messi and Luis Suarez. Barca have won back-toback Spanish league and Cup doubles with the trio and won the Champions League in 2015. Neymar signed a bumper new deal with the club to extend his contract until 2021 in July 2016 despite admitting he held talks with Paris SaintGermain amidst interest from a host of top European clubs in luring him away.—AFP

Juventus close on final as Higuain hurts Monaco MONACO: Gonzalo Higuain scored both goals as an imperious Juventus beat Monaco 2-0 in their Champions League semi-final first leg on Wednesday to take a huge step towards next month’s final in Cardiff. Both of Higuain’s goals came from Dani Alves assists, with the Argentine hitman rounding off a breathtaking team move to open the scoring just before the half-hour mark and converting the second from close range after the break. While the second leg in Turin next Tuesday will be no formality, Juventus have never lost a two-legged European tie to French opposition and so impressive were they at the Stade Louis II that it is hard to imagine Monaco recovering. Higuain, who now has 31 goals this season, received applause from all around the ground as he came off to be replaced by Juan Cuadrado late on after a clinical display that showed just why Juve paid 90 million euros ($98m) to sign him from Napoli last year. In contrast Monaco, having won their previous 13 matches at the Stade Louis II and been so thrilling going for-

ward all campaign, could not find a way through the brilliant away defence. They will now need something very special next week if they are to make it to a first Champions League final since 2004. “Goals were not coming for me in this competition but I knew I just had to stay calm and keep working hard,” said Higuain after ending a sevengame run without scoring in

the Champions League knockout stages. “We also wanted another clean sheet and we are delighted with the result.” Juventus coach Massimiliano Allegri raised eyebrows with his team selection as he ditched his favoured back four, bringing Andrea Barzagli into a three-man defence in an attempt to thwart Monaco’s prolific attack. The

tactic worked, although the absence of the marauding leftback Benjamin Mendy from the home side also played into their hands. Monaco did grow into the game after a slow start and teen sensation Kylian Mbappe was first to test Gianluigi Buffon with a header from Nabil Dirar’s ball that the veteran goalkeeper held easily.—AFP

MONACO: Juventus’ forward from Argentina Gonzalo Higuain kicks the ball during the UEFA Champions League semi-final first leg football match Monaco vs Juventus at the Stade Louis II stadium, here on Wednesday.—AFP

18 BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017 COMMODITIES & SHIPPING

ANALYSIS DR ZAFAR HASSAN

No improvement on cotton market LAHORE: Despite the fact that less than 200,000 bales (155 kgs) of cotton from the current cotton crop (August 2016/July 2017) remain unsold with the ginners and the new cotton crop is delayed by a couple of weeks due to late sowing, lint prices are not picking up. However, the ginners are not holding the sale of cotton and are selling it as and how they receive offers from the mills. On their part, there are reports that more mills are closing down in Pakistan giving rise to increasing unemployment in the country. There are reports in the market that several mills owe loans to the ginners and are finding it difficult to pay back. There are also conjectures that several units of the domestic textile industry owe sizeable amounts of money to the banks and sundry suppliers but are finding it difficult to pay back. Some textile millers say that the textile industry, including some value-added units, are finding it difficult to make ends meet and are diverting to other business and vocations such as real estate. It has also been reported that some open-end mills are also closing down and are finding it difficult to pay back their creditors, including the ginners. The lint prices on the ready market in both Sindh and

Punjab provinces are said to be obtaining within the broad range of Rs. 6,500 to Rs. 7,000 per maund (37.32 kgs), according to the quality. Due to the arrivals at the end of the current season (2016/2017), much of the remaining cotton stock in the market is said to be lower in quality. New cotton crop sowing is said to have picked up notably, and it is initially estimated that during the forthcoming cotton season (August 2017/July 2018), Pakistan could harvest anywhere from 11.5 to 12.5 million bales of cotton (155 kgs) subject to conducive weather. According to one assessment, new crop cotton in Pakistan could start arriving by the end of June 2017 or in early July 2017 in modest quantities. According to one report, the Pakistan Cotton Ginners Association (PCGA) has approached the Lahore High Court against the establishment of sugar mills in southern Punjab. The ginners have pleaded with the High Court and alleged that sugar mills have damaged the cotton belt badly. It has been reported that Chief Justice Syed Mansoor Ali Shah is hearing the case. Official data is said to have been presented to the Honourable Lahore High Court showing that establishment of sugar mills in southern Punjab damaged the land and water

level which has been responsible for causing financial loss to the farmers. On the global economic and financial front, not withstanding the significant increases on the leading equity and commodity prices around the world, the growth rate in the United States during the first quarter of this year has nosedived significantly as per the official data. The U.S. economic growth rate hit a three-year low level. Reports indicate that the Gross Domestic Product (GDP) in the U.S. expanded only by 0.7 percent during the first three months of the current year (2017) which is the slowest rate since the first quarter of 2014. In this connection, analysts have recalled the pledge of Donald Trump who had promised a growth rate of four percent in his campaign speeches. Actually, this drop in the American GDP during the first quarter of the current year has not only surprised the American populace, but has also disheartened economic observers around the globe. To counter this discouraging news, the Treasury Secretary Steven Munchin is reported by the BBC to have presented a tax blue print which proposes to cut the business tax rate from 35 to 15 percent. Furthermore, the report added that the plan also envisages an incentive to be given to those

companies who bring back their money holdings from abroad, besides a cut in tax rate for individuals. The slowdown of the U.S. economy during the first quarter of this year (2017) is being ascribed to stagnant consumer spending. In this regard, the Federal Reserve Bank of America has commented that the recent slowdown in the American economy will be temporary. However, the Federal Reserve has decided to keep the interest rate in the range of 0.75 percent. Thus the Federal Reserve appears to be in no hurry to increase the interest rates any time soon and believes that any economic growth in America will be gradual. Similarly, it was reported that factory output in China continued to expand last month but at a slower pace, as also evidenced by a lowering of the purchasing manager’s index (PMI) which fell to 50.3 in April, 2017. Some analysts, however, believe that growth in China may slow down in the second quarter. The analysts foresee continuing downside pressures which could bring a further slowdown, however modest, in China later in the year. Elsewhere, France is still undergoing a lacklustre economic growth, besides a high unemployment rate of 10.1 percent. In the United

Kingdom, sales of new cars are said to have plunged in April 2017 by about twenty percent. In Italy, recent reports informed that Alitalia Airlines is facing bankruptcy. In South Africa, a political turmoil is raging as political chaos is engulfing the entire polity there. The African National Congress, the ruling party, is in the heart of a political crisis as it has been charged with allegations of high corruption and cronyism. Under the existing political chaos, the economy of South Africa is facing a disaster. The fate of several other countries like Brazil, Venezuela and Turkey is also in the grip of large political infighting and also external pressures which are hurting the economies of those countries. These few examples should suffice to show that the global trade and economy cannot improve in the foreseeable future. North Africa and the Middle East remain in the grip of genocide of historical proportions. In fact, with different ideologies and beliefs such as the proponents of continuing globalization on the one hand and the newly emergent populists and rightists on the other, not only the existing economic frame work is under threat, but no alternative system is forthcoming besides cries for isolationism.

ALONG SIDE (BULK OIL PIER) OP-I Morning Glory D. Crude Oil PNSC OP-II Al Mahboobah D. Chemical GAC ALONG SIDE (EAST WHARVES) 1 Oriental Rose L. Ethanol EAST WIND 2/3 Polo D. L. Cnt. GOLDEN 4 Thor Monadic D. Coal COASTAL 10/11 Ts Delta D. Steel SINOTRANS 11/12 White Fin D. Coal OC.WORLD 12/13 Orion Ocean D. Coal OC.WORLD 14/15 Dream Beauty D. Vehicles BULK-SH. 15/16 Clipper Innovation D. DAP BULK-SH. ALONG SIDE (P.I.C.T) 6/7 Sima Genesis D. L. Cnt. EAST WIND ALONG SIDE(PDWCP) SAPT-4 Maliakos D. L. Cnt. NOT PROVIDED ALONG SIDE (WEST WHARVES) 20 African Osprey D. Seeds WMA SHIPCARE 21 BBC Arizona D. Steel GULF MARITIME 24 Lady Amna D. Meal NORTHSATR 25 BBC Challenger L. Gen. Cargo PROJECT-SH ALONG SIDE (K.I.C.T) 26/27 Bellavia D. L. Cnt. MOL PAK 28/29 Seaspan Lahore D. L. Cnt. NOT PROVIDED 29/30 Xin Nan Tong D. L. Cnt. COSCO EXPECTED ARRIVALS Name of Agents Arrival Import Vessels Name Date Tons CONTAINER (GEARLESS) ITAL MILIONE GREEN PAK 07/05/2017 800 CNT. KOTA KASTURI P-DELTA 10/05/2017 300 CNT. SM MUMBAI MOL PAK 10/05/2017 900 CNT. SEASPAN GROUSE P-DELTA 11/05/2017 1500 CNT. KOTA LAHIR P-DELTA 14/05/2017 1500 CNT. KOTA NILAM P-DELTA 17/05/2017 300 CNT. KOTA KAMIL P-DELTA 24/05/2017 300 CNT. GENERAL CARGO IZUMO FACILITIES 04/05/2017 7202 GC ERLYNE AARAS-SH. 05/05/2017 17,400 STEEL GLOBAL GENESIS AARAS-SH. 05/05/2017 52,315 STEEL WANG DA AARAS-SH. 06/05/2017 24255 GC COAL TOMINI DESTINY OC-SERVICES 04/05/2017 60,139 PACIFIC BLESS OC-SERVICES 05/05/2017 54,310 YANGTZE HAPPINESS WATERLINK 09/05/2017 32,100 OIL TANKER ZHONGJINO.1 ALPINE 04/05/2017 NIL SHIP DEPARTURES Vessel Name Port Name Agent LOA Discharging Kota Kaya N/A P-DELTA 233 Container Oriental Nadeshiko N/A ALPINE 124 D.Chemical Vestholmen N/A AARAS-SH. 144 D.Chemical Csc Coral N/A TRANS MARITIME 185 D.Petrol Pireaus N/A NOT PROVIDED 274 Container MISCELLANEOUS VESSELS EXPECTED OFF PORT Vessel Name Type Agent Expected Berth No, Sea Moon General Cargo NOT PROVIDED Not Allocated Nave Andromeda Oil Tanker ALPINE Not Allocated Karachi Oil Tanker PNSC Not Allocated Bow Mekka Oil Tanker GAC Not Allocated Shalamar Oil Tanker PNSC Not Allocated Nord Swan Oil Tanker ALPINE Not Allocated Navig8 Gallantry Oil Tanker ALPINE Not Allocated Maribel Oil Tanker TRANS MARITIME Not Allocated

CHICAGO: Chicago Board of Trade soyabean futures rose 1.4 percent on Monday, supported by a round of short-covering after Commodity Futures Trading Commission data showed speculators had placed their largest bearish bet on the commodity in more than a year. Soyabeans hit their highest since March 29. Soyameal and soyaoil futures also posted higher closes.—Reuters

LAHORE AKBARI MANDI Per 100 kg Sugar . . . . . . . . . . . . . . . . . . . . .5450-5550 Gur . . . . . . . . . . . . . . . . . . . . . . .6500-7500 Shakar . . . . . . . . . . . . . . . . . . . .7000-8500 Ghee (16 kg) . . . . . . . . . . . . . . .2100-2500 Almond (Kaghzi) . . . . . . . . .30000-42000 Almond (Simple) . . . . . . . . .12500-15000 Sogi . . . . . . . . . . . . . . . . . . . .25000-28000 Dry Date . . . . . . . . . . . . . . . .14000-20000 Chilli (Sabat) . . . . . . . . . . . . .19000-23000 Chilli (Pissi) . . . . . . . . . . . . .20000-24500 Turmeric . . . . . . . . . . . . . . . .15500-16500 Darchini (large) . . . . . . . . . .26000-28000 Mong (Sabat) . . . . . . . . . . . . .9500-10500 Dal Mong (Chilka) . . . . . . . . .9000-11000 Dal Mong (Washed) . . . . . . . .8000-10500 Dal Mash (Sabat) . . . . . . . . .13000-14500 Dal Mash (Chilka) . . . . . . . .14000-16000 Dal Mash (Washed) . . . . . . .15000-18000 Dal Masoor (Local) . . . . . . .14500-15000 Dal Masoor (impor) . . . . . . . . .7500-8500 Masoor(salam-impor) . . . . . . . .7200-7500 Masoor(salam-local) . . . . . . .9500-11000 Gram White . . . . . . . . . . . . .13000-15000 Gram Black . . . . . . . . . . . . . . .9000-12000 Dal Chana (Thin) . . . . . . . . . .9000-10000 Dal Chana (Thick) . . . . . . . .10000-11000 White Kidney Beans (Lobia) 10000-11000 Red Kidney Beans (Lobia) .10500-12500 Rice (per 100 kg) Basmati Super (Old) . . . . . .10800-14000 Basmati Super (new) . . . . . . .9000-13000 Rice Basmati (386) . . . . . . . . . 7000-9000 Basmati broken . . . . . . . . . . . . .5000-8000 Tea (per 1 kg) Tea (Black) . . . . . . . . . . . . . . . . . .350-550 Tea (Green) . . . . . . . . . . . . . . . . .900-1300

LAHORE PAPER MARKET Offset Paper Indonesia (per lb) 23x36 . . . . . . . . . . . . . .75 . . . . . . . . . . . . . .57 27x34 . . . . . . . . . . . . . .75 . . . . . . . . . . . . . .57 25.5x36 . . . . . . . . . . . . .75 . . . . . . . . . . . . . .57 30x40 . . . . . . . . . . . . . .75 . . . . . . . . . . . . . .57 Art Paper per kg LEYKAM All size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90 Art Card China Art Paper Mart . . . . . . . . . . . . . . . . .110 Indonesia Ivory Card 22x28 . . . . . . . . . . . . .210 . . . . . . . . . . . . .962 22x28 . . . . . . . . . . . . .240 . . . . . . . . . . . .1154 22x28 . . . . . . . . . . . . .290 . . . . . . . . . . . .1392 Sticker Lintac Indonesia . . . . . . . . . . . . . . . . . . . .2000 China Sticker Prime 20x30 85 (oil base) . . . . . . . . . . . . . . . . . .1182 20x30 85 (water base) . . . . . . . . . . . . . . .1242 Duplex Board Imported per sheet Grey Board (Veer) 31.50x47.25 . . . . . . .1000 . . . . . . . . . . . . . .77 31.50x47.25 . . . . . . .1200 . . . . . . . . . . . . . .92 Green Star Brand . . . .250 . . . . . . . . . . . . . .66 All sizes . . . . . . . . . . .300 . . . . . . . . . . . . . .63 . . . . . . . . . . . . . . . . . .350 . . . . . . . . . . . . . .63 Taiwan Duplex . . . . .300 . . . . . . . . . . . . . .47 Indonesia P.T.FAJJAR250 . . . . . . . . . . . . . .86 . . . . . . . . . . . . . . . . . .300 . . . . . . . . . . . . . .86 . . . . . . . . . . . . . . . . . .350 . . . . . . . . . . . . . .86 Photostat paper Osaka plus 210x297A4 . . . . . . . . . .80 . . . . . . . . . . . . .257 216x343 FS . . . . . . . . .80 . . . . . . . . . . . . .327 Paper One 210x297A4 . . . . . . . . . .70 . . . . . . . . . . . . .305 210x297A4 . . . . . . . . . .80 . . . . . . . . . . . . .365 Itlazer Paper Osaka LaserA4 . . . . .400 . . . . . . . . . . . . .211 Osaka Laser F/S . . . .400 . . . . . . . . . . . . .246 All size sheets Laser Plus 210x297A480 (500 sheet) . . . . . . . . . . . . .195 Computer Paper (Boxes) Golden Form 9-1/2x11 . . . . .1000sheets . . . . . . . . . . . . .450 15x11 . . . . . . .1000sheets . . . . . . . . . . . . .775 Offset Paper Packages . . . . . . . . .68,80 . . . . . . . . . . . . . .89 Flying High Finish . . .55 . . . . . . . . . . . . . .57 . . . . . . . . . . . . . . . . . . . .68 . . . . . . . . . . . . . .64 . . . . . . . . . . . .80, 90, 100 . . . . . . . . . . . . . .65 Century High Finish All sizes . . . . . . . . . . . .63 . . . . . . . . . . . . . .72 . . . . . . . . . . . . . . . . . . . .68 . . . . . . . . . . . . . .73 Mandiali Super Writing Paper per sheet All sizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 Anmol Mill All sizes . . . . . . . . . . . .55 . . . . . . . . . . . . . .50 Premier All sizes . . . . . . . . . . . . . . . . . . . . . . . . . .46.10 Taj Mill . . . . . . . . . .50,55 . . . . . . . . . . .46.00

Business activity remains slow RECORDER REPORT

KARACHI: A solo deal was reported on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was unchanged at Rs 6700, they said. In ready session, 1000 bales of cotton sold at Rs 7000, they said. According to the market sources, trade activity remained slow as mills and spinners were conspicuous by their absence. They said that several mills and spinners have started selling cotton from their stocks instead of converting it into yen. A

huge stock of unsold yarn is a serious problem for the cotton traders, they observed. Cotton analyst, Naseem Usman said that apart from other problems, political and economic uncertainty in the country also depressed business activity. He said in the absence of proper attention of the government, textile exporters have also thinking to close down their business and mulling to invest in profitable business. Adds Reuters: ICE cotton futures snapped three-days of gains to fall on Wednesday on

expectations of favourable weather conditions for planting of the natural fiber crop in most of the top producing regions. The July cotton contract on ICE Futures US touched a oneweek high at 79.44 cents before settling down 0.76 percent, at 78.77 cents per lb. Total futures market volume fell by 2,791 to 14,849 lots. Data showed total open interest gained 2,880 to 260,058 contracts in the previous session. Only one deal of 1000 bales of cotton from Bahawalpur was reported at Rs 7000, they said.

The following are the KCA Official Spot Rates for 2016-17 for Local Dealings in Pak Rupees FOR BASE GRADE 3 (THREE) STAPLE LENGTH 1-1/16” MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL. Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference For Price Expenses Ex-Karachi Ex, KHI, As on Ex-Karachi 03-05-2017 in Rupees. 37.324 kg 6,700 135 6,835 6,835 Nil Equivalent 40 kgs 7,180 145 7,325 7,325 Nil

US Midwest corn, soya bids weaker CHICAGO: Corn and soyabean spot basis bids were unchanged to weaker on Monday at US Midwest elevators and processors as dealers continued to roll bids from May into July futures for both crops, merchants said. Producers and processors are tracking swollen tributaries after heavy weekend rains slowed barge traffic. Farmers are also waiting for water in fields to recede so they can resume planting corn and soyabeans. US Department of Agriculture crop progress data on Monday showed corn 34 percent planted versus 17 percent a week ago. Soyabeans were 10 percent planted, versus 6 percent a week earlier, according to Monday’s USDA data.—Reuters

RECORDER REPORT

KARACHI: The Karachi Port handled 209,351 tonnes of cargo comprising 192,323 tonnes of import cargo and 17,028 tonnes of export cargo including 7,143 loaded and empty containers during the last 24 hours ending at 0700 hours on Thursday. The total import cargo of 192,323 tonnes comprised of 53,685 tonnes of containerised cargo; 10,599 tonnes of general cargo; 43,809 tonnes of bulk cargo: 32,257 tonnes of coal; 4,854 tonnes of seeds; 6,698 tonnes of fertilizer and 84,230 tonnes of oil/liquid cargo. The total export cargo of 17,028 tonnes comprised of 16,399 tonnes of containerised cargo; 429 tonnes of general cargo and 200 tonnes of oil/liquid cargo. As many as 7,143 containers comprising of 3,659 containers import and 3,484 containers export were handled during the last 24 hours on Thursday. The breakup of imported containers shows 1,365 of 20’s and 1,121 of 40’s loaded while nil of 20’s and 26 of 40’s empty containers, whereas that of exported containers shows 486 of 20’s and 359 of 40’s loaded containers while 770 of 20’s and 755 of 40’s empty containers were handled during the business hours. There were six ships namely Kota Kaya, Piraeus, CSC Coral, Vestholmen, Oriental Nadeshiko and M. Gas carrying containers, oil tankers and repair respectively sailed out to sea during the reported period. There were eight vessels viz. Maliakos, Kota Kaya, Polo, Bellavia, Oriental Rose, Al Mahboobah, Dream Beauty and BBC Challenger carrying containers, oil tankers, vehicle and general cargo respectively currently at the berths. There were seven ships name-

ly Seaspan Lahore, Sima Genesis, Xin Nan Tong, Morning Glory, Thor Monadic, Dream Beauty and BBC Challenger carrying containers, oil tankers, vehicle, coal and general cargo respectively on Thursday, while three ships namely Maliakos, BBC Arizona and Orion Ocean carrying containers, steel and coal respectively are expected to sail on Friday. There were six vessels Wan Hai-511, Bow Diamond, Zhongji No.1, Tomini Destiny, Puze and Izumo carrying containers, oil tanker, mogas, coal and general cargo respectively due to arrive on Thursday while ten vessels viz. Sabya, Clemens Schulte, Bochem Ghent, Aziz Torlak, Greta-K, Greener, Glovis Captain, Erlyne, Global Genesis and DL Violet carrying containers, oil tankers, coal, vehicle, steel and general cargo respectively are due to arrive on Friday. PORT QASIM

A cargo volume of 105,931 tonnes comprising 73,327 tonnes of import cargo and 32,604 tonnes of export cargo including 2,971 loaded and empty containers (TEUs) was handled at Port Qasim during the last 24 hours on Thursday. The total import cargo of 73,327 tonnes includes 20,304 tonnes of furnace oil; 5,900 tonnes of slag; 2,093 tonnes of soyabean; 21,185 tonnes of coal and 23,845 tonnes of containerised cargo. The total export cargo of 32,604 tonnes includes 32,604 tonnes of containerised cargo. As many as 2,971 containers comprising of 1,225 containers import and 1,746 containers export were handled during the last 24 hours on Thursday. There were two ships namely MV Clipper Tenacoius and MV Chang Shan Hai carrying slag

30/05/2017 03/05/2017 04/05/2017 04/05/2017 01/05/2017 02/05/2017 02/05/2017 29/04/2017 03/05/2017 02/05/2017 02/05/2017 04/05/2017 01/05/2017 02/05/2017 02/05/2017 03/05/2017 04/05/2017 02/05/2017 01/05/2017 Export Tons 900 CNT. 500 CNT. 1000 CNT. 1500 CNT. 1500 CNT. 500 CNT. 500 CNT. 42 GC NIL NIL NIL NIL NIL NIL

PMEX daily trading report

20,000 NAP. Departure Date 04/05/2017 03/05/2017 03/05/2017 03/05/2017 03/05/2017

RECORDER REPORT

KARACHI: On Wednesday, at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 2,930. The total traded value of Metals, Energy and COTS/FX was recorded at PKR 3.249 billion and the number of lots traded was 8,884. Major business was contributed by gold amounting to PKR 1.636 billion, followed by currencies through COTS PKR 778.294 million, WTI crude oil PKR 444.885 million, silver PKR 290.605 million, copper PKR 95.773 million and Brent crude oil PKR 3.654 million.

Arrival Date 02/05/2017 29/04/2017 01/05/2017 03/05/2017 03/05/2017 03/05/2017 03/05/2017 03/05/2017

Shipping Intelligence at Port Qasim on Thursday 4th May, 2017 Vessel Working Agent

MULTI PURPOSE TERMINAL MW-1 Clipper Tena Colus Slag Ocean Services MW-2 Chang Shan Hai Coal Cosco PAKISTAN INTERNATIONAL BULK TERMINAL PIBT Iris Oldendoff Coal G.A.C LIQUID CARGO TERMINAL LCT Nil QASIM INTERNATIONAL CONTAINER TERMINAL QICT CMA CGM Indus Containers CMA CGM 2nd Container Terminal QICT APL Maimi Containers APL IRON ORE & COAL BERTH IOCB Nil FOTCO OIL TERMINAL FOTCO Lion-M Furnace oil PNSC GRAIN & FERTILIZER TERMINAL FAP Iris-II Diesel oil Alpine ENGRO ELENGY TERMINAL EETL Nil SSGC LPG TERMINAL SSGC Nil ENGRO VOPAK TERMINAL EVTL Nil DEPARTURES Vessel Commodity Ship Agent Departure Date Chang Shan Hai Coal Cosco 04.05.2017 Clipper Tena Colus Slag Ocean Services -doVESSELS AT OUTER ANCHORAGE CMA CGM Maupassant Containers CMA CGM 04.05.2017 Gas Esco LPG Sharaf Shipping -doYM Miridan Chemicals East Wind -doAsia Emerald-II Coal Cosco -doGlobe Tanya LPG HTAL -doRB Eden Yellow Soya Bean G.S.A — Dione Soya Bean Ocean Services — Rui Ning-2 Coal Sea Hawk — Freedom Line Coal Wilhelmsen — DL Navig-8 Diesel oil Alpine — Bneider Diesel oil — — Formosa Diesel oil G.A.C — Silver Phillipo Diesel oil G.A.C — Sovereign Diesel oil Trans Marine — Zem Gale Diesel oil Alpino — Spruce-2 Diesel oil G.A.C — EXPECTED ARRIVALS CMA CGM Virgina Containers CMA CGM — Tucapel Containers — — Maersk Izmir Containers — — TG poseidon Containers — —

Berthing Date 29.04.2017 29.04.2017 02.05.2017

01.05.2017

Bullion prices

03.05.2017

KARACHI: The following were the bullion prices in Karachi, Lahore, Multan and Hyderabad on Thursday. (PER 10 GRAM) KARACHI Gold Tezabi 24 CT 42814.00 Silver Tezabi 617.14 LAHORE Gold Tezabi 24 CT 43134.00 Gold 22 CT 39530.00 Gold 21 CT 37733.00 MULTAN Gold Tezabi 24 CT 42350.00 Gold 22 CT 38720.00 Silver Tezabi 660.00 Silver Thobi 605.00 HYDERABAD Gold 24 CT 42650.00 Gold 22 CT 39095.00 Silver 606.00 —APP

03.05.2017 23.04.2017

PAKISTAN MERCANTILE EXCHANGE - PMEX TRADING SUMMARY Date

Activities of Karachi Port and Port Qasim

DHAKA: Tea prices in Bangladesh fell around 7 percent on Tuesday on subdued demand and lower supply of premier-quality leaf and sales dropped despite the lower volume on offer, brokers said. Bangladeshi tea fetched an average of 193.21 taka ($2.40) per kg, down from 208.47 taka at the last auction of the previous season, which was the first sale of the new marketing season, the National Brokers said. “Demand was sluggish as market opened and prices continued to decline with the progress of the sale,” it said in its market report. About 33 percent of the 998,890 kg offered at the sole auction centre in Chittagong remained unsold. In the previous auction, about 20 percent of the 1.32 million kg on offer was unsold. Bangladesh’s tea output in 2016 rose by nearly 27 percent from a year earlier to a record 85 million kg.—Reuters

PORT QASIM AUTHORITY Berth

CBOT soyabean futures higher

Bangladesh tea prices fall

Karachi Shipping Intelligence KARACHI: Following is the Karachi Shipping Intelligence report incorporating changes till 7.00 a.m. on Thursday 4th May, 2017. VESSELS ON BERTH Berth Ship Working Agent Berthing No, Date

03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17 03-May-17

Commodity

Contract Date

Open

High

Low

Close

Traded Volume in Lots

CRUDE10 GO1OZ CRUDE100 SL10 SL100OZ GO10OZ GOLDUSDJPY GOLDGBPUSD GOLDUSDCAD COPPER SL500OZ GOLDEURUSD BRENT10 GOLDAUDUSD GOLDUSDCHF GO100OZ TOLAGOLD BRENT100 MTOLAGOLD TOLAGOLD CRUDE10 CRUDE10 CRUDE100 CRUDE100 GO100OZ GO100OZ GO10OZ GO10OZ GO1OZ GO1OZ GOLD GOLD GOLD GOLDKILO GOLDKILO GOLDKILO ICOTTON IRRI6W JPYGOLD KIBOR3M KIBOR3M KIBOR3M KIBOR3M MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD MTOLAGOLD MTOLAGOLD MTOLAGOLD MTOLAGOLD PALMOLEIN RICEIRRI6 SL10 SL10 SL100OZ SL100OZ SL500OZ SL500OZ SUGAR TGOLD100 TGOLD100 TGOLD100 TGOLD50 TGOLD50 TGOLD50 TOLAGOLD TOLAGOLD TOLAGOLD WHEAT

JU17 JU17 JU17 JY17 JY17 JU17 JU17 JU17 JU17 JY17 JY17 JU17 JY17 JU17 JU17 JU17 MON JY17 MON FRI AU17 JY17 AU17 JY17 AU17 JY17 AU17 JY17 AU17 JY17 JU17 JY17 MY17 JU17 JY17 MY17 JY17 04MY17 JU17 JU17 SE17 SE18 SE19 FRI MON THU TUE WED FRI THU TUE WED MY17 MY17 JU17 SE17 JU17 SE17 JU17 SE17 MY17 JU17 JY17 MY17 JU17 JY17 MY17 THU TUE WED MY17

48.09 1257.6 48.1 16.862 16.888 1257 112.01 1.2945 1.3725 2.62 16.872 1.0935 51 0.7535 0.9917 1255.8 51500 50.33 52160 51800 48.59 48.33 48.59 48.33 1261.1 1259.3 1261.1 1259.3 1261.1 1259.3 42911 42924 42902 42877 42890 42868 79.22 3276 140841.4 93.98 93.22 93.33 93 44137 44145 44130 44167 44175 51692 51686 51702 51640 3939 3282 16.818 16.918 16.818 16.918 16.818 16.918 50.59 50011 50028 50000 50011 50028 50000 52000 51702 51640 3208

48.2 1257.6 48.2 16.883 16.888 1257 112.75 1.2947 1.3741 2.62 16.872 1.0936 51.01 0.7535 0.9948 1255.8 51885 50.52 52160 51800 48.59 48.33 48.59 48.33 1261.1 1259.3 1261.1 1259.3 1261.1 1259.3 42911 42924 42902 42877 42890 42868 79.22 3276 140885.3 93.98 93.23 93.33 93.01 44137 44145 44130 44167 44175 51692 51686 51702 51640 3958 3282 16.818 16.918 16.818 16.918 16.818 16.918 50.59 50011 50028 50000 50011 50028 50000 52000 51702 51640 3208

47.3 1236.3 47.3 16.412 16.422 1236.6 112.01 1.2868 1.3682 2.515 16.462 1.0884 50.21 0.7423 0.9902 1238.2 50912 50.33 50912 50907 48.16 47.88 48.16 47.88 1241.7 1239.9 1241.7 1239.9 1241.7 1239.9 42279 42291 42269 42245 42257 42235 78.8 3275 139452.2 93.98 93.22 93.33 93 43491 43498 43535 43520 43528 50907 51570 50917 50922 3939 3281 16.452 16.552 16.452 16.552 16.452 16.552 50.58 49273 49290 49262 49273 49290 49262 51570 50917 50922 3207

47.55 1238.2 47.55 16.482 16.482 1238.2 112.745 1.287 1.3735 2.517 16.482 1.0884 50.52 0.7424 0.9948 1238.2 50912 50.52 50912 50907 48.16 47.88 48.16 47.88 1241.7 1239.9 1241.7 1239.9 1241.7 1239.9 42279 42291 42269 42245 42257 42235 78.8 3275 139595.2 93.98 93.23 93.33 93.01 43491 43498 43535 43520 43528 50907 51570 50917 50922 3958 3281 16.452 16.552 16.452 16.552 16.452 16.552 50.58 49273 49290 49262 49273 49290 49262 51570 50917 50922 3207

2,193 2,608 670 927 341 809 267 241 49 356 247 81 29 28 7 18 6 4 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,138,930 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0

Previous Current Settlement Settlement Price Price

and coal respectively sailed out to sea on Thursday morning, while two more ships namely CV APL Miami and CV CMA CGM Indus carrying containers respectively are expected to sail on the same day afternoon. A total number of eight vessels viz. CV CMA CGM Indus, CV Maersk Pittsburg, CV APL Miami, MV Clipper Tenacoius, MV Chang Shan Hai, MV IrisII, MV Iris Oldendorff and MT Lion-M currently occupied berths to load/offload containers, slag, coal, soyabean and furnace oil respectively during the last 24 hours. As many as sixteen ships namely CV CMA CGM Maupassant, MV Dione, MV RB Edon, MV YM Miranda, MV Rui Ning-2, MV Freedom Line, MV Asia Emerald-II, MT Globe Tanya, MT Gas Esco, MT DL Navig-8, MT Formosa, MT Silver Philipa, MT Bneinder, MT Zem Gale, MT Spruce-2 and MT Sovereign carrying containers, soyabean, chemical, coal, LPG and diesel oil respectively were at the outer anchorage of Port Qasim during the last 24 hours. There were four vessels viz. CV CMA CGM Maupassant, MV YM Miranda, MV Asia Emerald-II and MT Gas Esco carrying containers, chemical, coal and LPG respectively expected to take berths at Qasim International Containers Terminal, Engro Vopak Terminal, Iron Ore & Coal Berth and SSGC LPG respectively on Thursday. There were two ships namely CV CMA CGM Vergina and CV TG Poseidon carrying containers due to arrive on Thursday. There are two ships namely CV Tucapel and CV Maersk Izmir carrying containers due to Note: Traded Volume reflects the trades from 05:00 am of previous day to 02:00 am of current day. arrive on Friday.

48.01 1257.6 48.01 16.848 16.848 1257.6 111.977 1.2938 1.3712 2.64 16.848 1.0926 50.83 0.7533 0.992 1257.6 51696 50.83 51696 51692 48.59 48.33 48.59 48.33 1261.1 1259.3 1261.1 1259.3 1261.1 1259.3 42911 42924 42902 42877 42890 42868 79.22 3276 140827.9 93.98 93.22 93.33 93 44137 44145 44130 44167 44175 51692 51686 51702 51640 3939 3282 16.818 16.918 16.818 16.918 16.818 16.918 50.59 50011 50028 50000 50011 50028 50000 51686 51702 51640 3208

47.55 1238.2 47.55 16.482 16.482 1238.2 112.745 1.287 1.3735 2.517 16.482 1.0884 50.52 0.7424 0.9948 1238.2 50912 50.52 50912 50907 48.16 47.88 48.16 47.88 1241.7 1239.9 1241.7 1239.9 1241.7 1239.9 42279 42291 42269 42245 42257 42235 78.8 3275 139595.22 93.98 93.23 93.33 93.01 43491 43498 43535 43520 43528 50907 51570 50917 50922 3958 3281 16.452 16.552 16.452 16.552 16.452 16.552 50.58 49273 49290 49262 49273 49290 49262 51570 50917 50922 3207

Open Interest in Lots 4,055 2,927 1,902 1,364 855 575 372 352 345 290 210 97 63 34 29 24 6 4 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

19

WORLD COMMODITIES

US MIDDAY Gold prices hit six-week low NEW YORK: Gold prices fell to the lowest in more than six weeks on Thursday, on expectations of further US interest rate increases this year and receding political uncertainty in Europe. Spot gold was down 0.8 percent at $1,227.94 an ounce by 3:02 p.m. EDT (1902 GMT) after touching $1,225.20, the lowest since March 17, and extending losses below the 50and 200-day moving averages. Support was seen around $1,221, the 100-day moving average. US gold futures settled down 1.6 percent at $1,228.60. “The recent modest rise in US real yields and thereby also in the US dollar has resulted in downward pressure on gold prices. What is more, optimism about an EU-friendly election outcome in France has calmed investor’s nerves,” said ABN Amro analyst Georgette Boele. “As a result, investment assets that have safe haven characteristics, such as the yen and gold, have been sold off.” Expectations that centrist Emmanuel Macron will win the French presidential election on Sunday were reinforced in a TV debate with the far-right’s Marine Le Pen. The dollar index initially strengthened after the US Federal Reserve played down any threats to this year’s planned rate increases, supporting forecasts of another move in June. Bullion held its losses as the US dollar turned lower. The focus is now shifting to Friday’s US non-farm payrolls report for April, which could reinforce expectations of higher US interest rates in June. “In the very near term we continue to expect that gold will trade moderately lower - our three-month target is $1,200/oz, as a number of bearish catalysts have yet to fully play out,” Goldman Sachs analysts said in a note. Goldman said near-term downside risks for gold included more US rate increases than the market is expecting and the Fed starting to shrink its balance sheet on the back of possible US tax cuts and solid US and global economic growth. Central bank gold demand hit its lowest in nearly six years in the first quarter as Chinese buying dried up, the World Gold Council said in a report. Silver was down 0.6 percent at $16.295, having hit a fourmonth low of $16.17. It has fallen around 13 percent since reaching a five-month high of $18.65 in mid-April. Platinum gained 1 percent to $901.20, after touching $889.10, its lowest since December. Palladium rose by 0.4 percent to $802.10.

Wheat plunges CHICAGO: US wheat futures fell 3.7 percent on Thursday, pressured by results from a crop tour that showed yield prospects in Kansas remained above average despite a severe snow storm, traders said. A round of profit-taking also pressured wheat prices, which rallied this week to their highest in nearly two months on concerns that the storm had damaged much of the Kansas crop. Thursday’s sell-off erased nearly all the gains made from the surge. Corn futures also closed lower, under pressure from the drop in wheat as well as forecasts for drier weather in key growing areas of the Midwest. The weather outlook bolstered expectations of a pickup in the pace of planting. Soyabean futures ended in slightly negative territory, with consolidation trading noted around key technical chart points. Concerns that heavy rains in southern growing areas flooded out some fields that will have to be re-planted limited declines in soya. Chicago Board of Trade soft red winter wheat futures for July delivery ended down 161/4 cents at $4.37-3/4 a bushel. K.C. July hard red winter wheat, which tracks the Plains crop, was 18-3/4 cents lower at $4.44-1/2 a bushel. Wheat yield potential in Kansas was estimated at 46.1 bushels per acre (bpa), crop scouts on the annual Wheat Quality Council crop tour said on Thursday. That tops the tour’s five-year average for the state. Much of the crop benefited from ample moisture during the growing season; the extent to which wheat was damaged by snowstorms over the weekend was unknown, the scouts said. CBOT July corn closed down 8-1/4 cents at $3.66-1/2 a bushel while CBOT July soyabeans were 1 cent lower at $9.78-1/2 a bushel.—Reuters

Gold tumbles to 6-week low in Europe LONDON: Gold prices tumbled to six-week lows on Thursday, pressured by a SINGAPORE: Gold fell to a six-week low on Thursday as stronger dollar on expectations the dollar rose to a two-week high on expectations that the US of further US interest rate rises Federal Reserve may raise interest rates as early as June. this year and receding political Spot gold fell 0.3 percent to $1,234.52 per ounce by 0724 uncertainty in Europe. GMT, after hitting its lowest since March 21 at $1,232.60 earlier in the session. It fell 1.5 percent on Wednesday - its worst single-day drop since Nov. 23 - breaching both its 50-day and 200-day moving averages. US gold futures fell more than 1 percent to $1,235.40 an ounce. The dollar index, which measures the greenback against a basket of currencies, was up 0.2 percent at 99.400 on Thursday, after touching a two-week high of 99.462. Spot gold was down 1 per“With the safe-haven premium coming off gold, there was cent at $1,225.56 an ounce by 1352 GMT after touching enough to break the camel’s back. Any small rallies are going $1,225.20, its lowest since to get sold and gold is set for a deeper correction towards the March 17. US gold futures slid $1,200 level,” said Jeffrey Halley, senior market analyst at OANDA.—Reuters 1.8 percent to $1,226.00. Traders said the sell-off accelerated after New York opened. NEW YORK: Gold fell to a one-month low as the dollar The dollar strengthened after firmed on Wednesday, after the US Federal Reserve kept interthe US Federal Reserve played est rates unchanged as expected and the market reduced expecdown any threats to this year’s tations of a surprise win by France’s far-right presidential candiplanned rate rises, supporting date. forecasts of another move in The Fed concluded its two-day meeting with a bullish stateJune. ment that downplayed weak first-quarter economic growth, said A rising US currency makes inflation has been “running close” to its target, and emphasized dollar-denominated commodi- the strength of the labor market, in a sign it could tighten moneties more expensive for holders tary policy as early as June. of other currencies, potentially Spot gold was down 0.8 percent at $1,246.76 an ounce by subduing demand for gold. 2:58 p.m. EDT (1858 GMT), after falling below the 50-day and Expectations that centrist 200-day moving averages and touching its lowest since April 5 Emmanuel Macron would win at $1,244.93. the French presidential election US gold futures settled down 0.7 percent at $1,248.50. on Sunday were reinforced “The Fed’s apparent comfort with the first-quarter slowdown after a TV debate with the far- and its sanguine outlook has pressured gold back to day’s lows right’s Marine Le Pen. as the narrative of two more rate hikes this year remains “Since the first round (April robust,” said Tai Wong, director of base and precious metals 23) of the French election we trading for BMO Capital Markets in New York. have seen gold come under “Gold breaking down below the 50- and 200-day moving pressure,” said ING commodi- averages today suggests that further short term losses may be ties strategist Warren Patterson. likely.” Investors breathed a sigh of As well as reducing demand for non-interest bearing gold, relief after Macron won the higher rates would make the dollar-denominated metal more first round of the election on expensive for buyers paying with other currencies. April 23, seeing his victory as Traders are pricing in a 70 percent chance of a June rate the best of all possible out- increase, according to the CME Group’s FedWatch Tool. comes. “Attention will now turn to Friday’s payrolls to get the ball Gold fell 1.5 percent on rolling on that front,” said Royce Mendes, director and senior Wednesday for its worst sin- economist at CIBC Capital Markets in Toronto. gle-day drop since Nov. 23, In other precious metals, spot silver was on track for its most breaching both its 50-day and technically oversold level on the 14-day relative strength index 200-day moving averages. The since November 2014. It was down 1.4 percent at $16.567 per next support comes in around ounce, after touching the lowest since January 11 at $16.48. $1,221, the 100-day moving Platinum sank to $896.35, the lowest in 2017, before moderaverage. ating to trade 2.1 percent lower at $903.25. “In the very near term we Palladium slipped 1.9 percent to $799.25.—Reuters continue to expect that gold fallen more than 10 percent will trade moderately lower — and global economic growth. our three-month target is Higher US interest rates are a since reaching a five-month $1,200/oz, as a number of negative for gold, which earns high of $18.65 in mid-April. bearish catalysts have yet to nothing and costs money to Platinum gained 0.4 percent fully play out,” Goldman Sachs insure and store. to $895.4, after touching analysts said in a note. The focus is now shifting to $889.10, its lowest since Goldman said near-term Friday’s US non-farm payrolls December. downside risks for gold includ- report for April, which could Palladium dipped by 1.3 pered more US rate rises than the reinforce perceptions of higher cent to $789.20. It touched market is expecting and the US interest rates in June. $831.50 on Wednesday, its Fed starting to shrink its bal- Silver lost 1.2 percent to highest since March 2015, on ance sheet on the back of pos- $16.20, having hit a four- expectations of robust demand sible US tax cuts and solid US month low of $16.17. It has from carmakers.—Reuters

— falls in Asia

— down in NY

Cocoa rallies above technical support, bucks weak trend NEW YORK/LONDON: Cocoa futures on ICE rallied on Thursday, bucking the sharply lower trend in other commodity markets on support from the weak US dollar index and chartbased buy signals. Sugar and coffee futures tumbled on broad-based selling, as the 19-market Thomson Reuters CoreCommodity Index tumbled to a nine-month low. July London cocoa settled up 50 pounds, or 3.6 percent, at 1,440 pounds per tonne, and July New York cocoa settled up $59, or 3.3 percent, at $1,839 per tonne. Both markets extended a bounce above multi-year lows reached on April 20, which were viewed as providing technical support levels, but expectations for a global surplus kept sentiment bearish, traders said. “All fundamental signals are still bearish, so this may be a short-lived recovery,” said Peter

Mooses, senior market strategist for RJO Futures in Chicago. Total open interest in New York cocoa futures rose for the fifth straight session to reach a record 310,218 lots on Wednesday, when prices fell back near multi-year lows, exchange data showed. July raw sugar settled down 0.4 cent, or 2.5 percent, at 15.37 cents per lb, following larger commodity markets lower while expectations of ample supplies provided bearish sentiment. August white sugar settled down $7.70, or 1.7 percent, at $442.50 per tonne, the lowest since April 2016. Sentiment was also dampened by signs of slowing imports from Myanmar, seen as a route into China. “Unless there is a weather event or a change of heart from importers, there is little around to encourage the bulls, save the natural ‘floor’ presented by

ethanol parities in Brazil,” said Nick Penney, senior trader at Sucden Financial. July arabica coffee settled down 2.5 cent, or 1.8 percent, at $1.3495 per lb, with dealers pointing to resistance at $1.37. “It’s macro. It’s a massive sell-off day,” said one US trader, adding that the low levels were not attractive to producers while speculators sold on expectations for a large 2018/19 crop in top grower Brazil. July robusta settled down $42, or 2.1 percent, at $1,992 per tonne, triggering sell-stops below the psychological support level of $2,000, traders said. “I think people aren’t really moving away from that view that there is a problem with robusta,” one dealer said. Exports of robusta from Indonesia’s main growing area of Lampung surged by 140 percent year-on-year in April, local government data showed.—Reuters

Palm oil rebounds on weaker ringgit, stronger soyaoil KUALA LUMPUR: Malaysian palm oil futures bounced back on Thursday, after recording their sharpest fall in a week in the previous session, helped by a weaker ringgit and stronger performing soyaoil. The ringgit, palm oil’s traded currency, weakened 0.2 percent to reach 4.3260 against the dollar in the evening. A weaker ringgit typically makes the tropical oil cheaper for holders of foreign currencies. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange rose 0.6 percent to 2,536 ringgit ($586) a tonne by the midday break, a third gain in

four sessions. Traded volumes stood at 26,564 lots of 25 tonnes each at the end of the trading day. “A weaker ringgit and better soyabean complex is supporting the market today,” said a futures trader from Kuala Lumpur, referring to the gains in palm’s rival oilseed soya on the Chicago Board of Trade. “However, there is underlying fundamental weakness due to build-up in April stocks and expectation of higher production which may cap the market’s upside,” he said. Palm oil output in Malaysia, the world’s second-largest producer of the tropical oil, typically sees seasonal gains during the

second and third quarters of the year. Production for April is expected to rise on-month as the lingering effects of the crop damaging El Nino wear off, traders said. Palm oil prices are also impacted by other related edible oils, as they compete for a share in the global vegetable oils market. Soyabean oil on the Chicago Board of Trade was slightly down 0.03 percent, while the September soyabean oil contract on the Dalian Commodity Exchange fell 0.7 percent. In other related vegetable oils, the September contract for palm olein fell 0.5 percent.—Reuters

Rotterdam vegetable oil prices ROTTERDAM: The following were Thursday’s Rotterdam vegetable oil prices at 1600 GMT: SOYOIL EU degummed: euro tonne fob exmill May17 750.00 +5.00 Jun17 740.00 +5.00 Jul17 735.00 +5.00 Aug17/Oct17 725.00 +0.00 Nov17/Jan18 730.00 +0.00 RAPEOIL Dutch/EU: euro tonne fob exmill May17 767.00 -3.00 Jun17/Jul17 760.00 -2.00 Aug17/Oct17 721.00 +0.00 Nov17/Jan18 725.00 -2.00 Feb18/Apr18 729.00 -2.00 SUNOIL EU: dlrs tonne extank six ports option May17 800.00 +7.50 Jun17 800.00 +5.00 Jul17/Sep17 800.00 +2.50 Oct17/Dec17 800.00 +2.50 Jan18/Mar18 815.00 +2.50 Apr18/Jun18 825.00 2.50 SUNOIL any origin: dlrs tonne cif Rotterdam unq GROUNDNUT OIL any origin: dlrs tonne cif Rotterdam unq GROUNDNUT OIL Braz/Arg/US: dlrs tonne cif Rotterdam unq LINOIL any origin: dlrs tonne extank Rotterdam May17/Jun17 822.50 +2.50 CRUDE PALM OIL Sumatra/Malaysia slrs option: dlrs tonne cif R’dam May17 702.50 +7.50 Jun17 672.50 +5.00 Jul17 660.00 +5.00 Jul17/Sep17 642.50 -7.50 Oct17/Dec17 627.50 -5.00 Jan18/Mar18 637.50 -5.00 PALMOIL RBD: dlrs tonne cif Rotterdam May17 735.00 Jun17 725.00 PALMOIL RBD: dlrs tonne fob Malaysia May17 670.00 2.50 Jun17 660.00 +2.50 PALM OLEIN RBD: dlrs tonne fob Malaysia May17 675.00 -2.50 Jun17 665.00 +5.00 Jul17 637.50 +0.00 Jul17/Sep17 620.00 +2.50 Oct17/Dec17 597.50 +0.00 Jan18/Mar18 605.00 -2.50 PALM STEARIN: dlrs tonne fob Malaysia May17 600.00 -2.50 Jun17 595.00 10.00 PALM FATTY ACID DISTILLATE: dlrs tonne fob Malaysia May17 615.00 -7.50 Jun17 610.00 -10.00 COCONUT OIL Phil/Indo: dlrs tonne cif Rotterdam Apr17/May17 1850.00 -25.00 May17/Jun17 1710.00 Jun17/Jul17 1590.00 +0.00 Jul17/Aug17 1570.00 +0.00 COCONUT OIL Philippine: dlrs tonne cif Rotterdam unq PALMKERNEL OIL Mal/Indo: dlrs tonne cif Rotterdam Apr17/May 17 1030.00 +0.00 May17/Jun17 1020.00 +0.00 Jun17/Jul17 1010.00 -5.00 Jul17/Aug17 1000.00 -10.00 TUNGOIL any origin: dlrs tonne extank Rotterdam unq CASTOROIL any origin: dlrs tonne extank Rotterdam May18/Jun18 1810.00 25.00.—Reuters

Honduras coffee exports jump 62pc in March TEGUCIGALPA: Coffee exports from Honduras jumped 62 percent in March, compared with the same month last season, the national coffee institute, or IHCAFE, said on Monday, citing increased production. Shipments from the largest coffee exporter in Central America totaled 1,027,214 60kg bags in March, compared with 633,594 bags in the same month of the 2015-2016 harvest, according to a preliminary report from IHCAFE. Cumulative Octoberthrough-March shipments totalled 3.22 million bags, up almost 38 percent from the year-earlier period, when shipments totalled 2.34 million bags. IHCAFE expects exports to grow more than 40 percent this year to 7.2 million bags in the 2016-2017 harvest. The coffee season in Central America and Mexico, which together produce about a fifth of the world’s arabica beans, runs from October through September.—Reuters

Oil dives 5pc; OPEC looks unlikely to deepen output cuts • Lowest crude prices since Nov. 30 • Slowest demand in China in almost a year NEW YORK: Oil prices tumbled about 5 percent on Thursday, breaking below $50 a barrel to the lowest since late November on signs that OPEC and other producing countries would not take more drastic steps to reduce the world’s stubbornly persistent glut of crude. The slide steepened after OPEC delegates downplayed the chance that their group and other producing countries would deepen their output cuts when they meet on May 25. They did say current output cuts were likely to be extended. “While the cartel is expected to extend a self-imposed production cap by another six months, it will be a challenge to convince several non-OPEC members to follow suit,” said Abhishek Kumar, Senior Energy Analyst at Interfax Energy’s Global Gas Analytics, “Persistent growth in US oil production ... will also make extensions of the OPEC cap beyond 2017 unlikely.” There was also a sign of slowing energy demand in China, the world’s largest second largest oil consumer, when a survey showed growth in that country’s services sector was at its slowest in almost a year in April. US crude fell $2.33 or 4.9

percent to $45.49 per barrel, by 1:43 p.m. (1743 GMT) Brent was down $2.33, or 4.6 percent, at $48.43. Both contracts slid during the session to the lowest since Nov. 30, the day OPEC agreed to cut supply. US crude fell as low as $45.39, Brent touched $48.32. Both were on track for their biggest daily percentage declines March 8. Both benchmarks broke below closely watched technical levels, with US crude smashing below $47.23. “It is dangerous to try and pick a bottom in this type of market, it is like trying to catch a falling knife,” said Dean Rogers, senior technical analyst at Kase & Company. Rogers said charts showed the next potential stalling points were $44.20 for WTI and $47.20 for Brent. “Sustained closes below this levels would be extremely bearish for the long-term.” US stocks also were lower,

with losers led by the energy sector, which fell 2.24 percent to its lowest level since August. Exxon and Chevron were among the biggest drags on the three major indexes. Late last year, the Organization of the Petroleum Exporting Countries (OPEC) and other producing countries announced oil output cuts of 1.8 million barrels per day (bpd) for the first six months of this year. Even so, McGillian said, “We still have a near record overhang and signs of increasing production in areas of the world outside the producers that agreed to the cuts.” Crude output has surged in the United States, with increasing rig counts for the past 11 months. Russia’s Energy Minister, Alexander Novak, said in written comments on Thursday that his country is inclined to extend its cuts. But many in the market believe steeper cuts are needed to reduce the glut significantly. “At some point, the market should recognise OPEC isn’t the most important player in the market any more,” said Commerzbank’s Eugen Weinberg, “That is non-OPEC, and, above all, US shale.”— Reuters

LME official prices LONDON: The following were Wednesday official prices: Aluminium Aluminium Copper Lead Alloy Cash Buyer 1680.00 1915.00 5636.00 2223.00 Cash Seller & Settlement 1690.00 1916.00 5636.50 2225.00 3-months Buyer 1690.00 1922.00 5660.00 2210.00 3-months Seller 1700.00 1922.50 5665.00 2211.00 15-months Buyer — — — — 15-months Seller — — — — 27-months Buyer — — — — 27-months Seller — — — —

Nickel

Tin

Zinc

Nasaac

9275.00

19825.00

2598.00

1800.00

9280.00 9320.00 9325.00 — — — —

19850.00 19850.00 19875.00 19595.00 19645.00 — —

2600.00 2601.00 2603.00 — — — —

1800.50 1820.00 1830.00 — — — —

Copper slides to five-month lows as inventories surge LONDON: Copper fell to five-months lows on Thursday, posting its biggest two-day loss since July 2015, on rising inventories and worries over cooling demand. Inventories in London Metal Exchange (LME) warehouses rose nearly 33,000 tonnes on Wednesday, exchange data showed, bringing this week’s increase to 64,000 tonnes, or 25 percent. That followed data this week showing that US factory activity slowed in April while growth in China’s manufacturing sector slowed more than expected. A report on Thursday showed that new orders for goods manufactured in the United States rose for a fourth month in March, but by less than expected. “We’re seeing weaker manufacturing data this week, especially in China and the US, which is affecting base metals negatively, and I sense the market is starting to lose patience with the lack of progress on (US President) Trump’s infrastructure spending plans,” Danske Bank analyst Jens Pedersen said. “Producers have been caught off guard by this slowdown in the industrial cycle, and therefore are having to place (metal) in inventories.” LME copper closed 1 percent down at $5,543 a tonne, having touched $5,494, its lowest since Jan. 4. Prices registered their biggest one-day drop since Sept. 2015 in the previous session, falling 3.5 percent. A break of support at $5,563 a

Shanghai copper falls MELBOURNE: Shanghai Futures Exchange copper fell 3.2 percent to 45,180 yuan ($6,551) a tonne on Thursday. Shanghai zinc and nickel were also hit hard, falling 3 percent and more than 4 percent respectively and tracking weakness in China steel. “The LME delivery triggered the sell-off yesterday and I heard that some Chinese entered on the short side yesterday. I heard there is more to come today,” a Shanghai-based trader said. “But Chinese consumption at the moment is actually quite good.” Concerns that heat is evaporating from China’s economy have added to downside pressure on metals, exacerbated by China’s weaker Caixin PMI numbers, said Kingdom Futures in a report. “Later today there is a mass of US data including key employment numbers, durable goods and factory orders and if these also fall below expectations it would be reasonable to expect another wave of afternoon selling.”—Reuters tonne in LME copper prices cent down at $9,015 a tonne, off could trigger a loss into the an earlier 10-month low of range of $5,433-$5,508, Reuters $8,970. Mining and trading technical analyst Wang Tao said group Glencore has hired the on Thursday. Bank of Nova Scotia to sell a LME copper stocks surged by portfolio of royalty assets, 31,250 tonnes, data showed on including one for the Antamina Wednesday, while tin stocks fell copper-zinc mine in Peru, four by a further 35 tonnes to their people familiar with the process lowest since 1989. Tin ended the told Reuters. day down 0.2 percent at $19,850 One company was holding a tonne. The Philippine govern- more than 90 percent of lead ment will move forward with a warrants and cash contracts. second review of the country’s Cancelled warrants, or material mines despite the removal of earmarked for delivery and Regina Lopez as environment unavailable to the market, made minister, a finance official said up nearly half of total inventoon Thursday. Lopez will no ries. LME lead finished 0.5 perlonger be in a position to sus- cent lower at $2,190 a tonne, pend about 8 percent of global while zinc closed 0.2 percent nickel supply, Goldman Sachs down at $2,569. Aluminium said in a note. ended with a 0.6 percent decline LME nickel closed 2.3 per- at $1,913.—Reuters

Cotton moves higher NEW YORK: ICE cotton futures edged higher on Thursday in thin volume trading on a better-than-expected US export sales report amid a weaker dollar. “Export sales were modestly greater than expected... The market traded higher post the report’s release, but volume was very light” said Louis Rose, cofounder and director of research and analytics at Rose Commodity Group. Weekly export sales data from the US Department of Agriculture (USDA) showed net upland sales totalled 152,400

running bales for the previous week, up 32 percent from the week before. The May contract expires on Monday and will probably go above 80 cents, so the July contract could run up there as well, according to Keith Brown, principal at cotton broker Keith Brown and Co in Moultrie, Georgia. The May cotton contract on ICE Futures US settled up 0.17 percent at 80.83 cents per lb. The July cotton contract on ICE Futures US settled up 0.14 cent, or 0.18 percent, at 78.91 cents per lb. It traded within a

range of 78.68 and 79.33 cents a lb. Total futures market volume fell by 1,299 to 14,094 lots. Data showed total open interest

gained 1,514 to 261,572 contracts in the previous session. The dollar index was down 0.48 percent.—Reuters

New York cotton futures

NEW YORK: The following were the fluctuations observed during the day: Current Session Open High Low Last Time Set

Prior Day Chg Vol Set

May'17 80.21 81.56 80.21 80.83 14:45 80.83 0.14 10 80.69 May 04 Jul'17 78.94 79.33 78.68 78.91 14:45 78.91 0.14 10282 78.77 May 04 Oct'17 76.51 76.51 76.28 76.28 14:45 76.28 0.26 1 76.02 May 04

20 “We Musalmans in general and youngmen in particular do not know the value of money. A paisa saved today is two paisa tomorrow, four paisa after that and so on and so forth. Because of our addiction to living beyond means and borrowing money we lost our sovereignty over this Sub-continent.” —Quaid-e-Azam Mohammad Ali Jinnah (in Ziarat, Balochistan, 1948)

BUSINESS

RECORDER Friday 5 May 2017, 8 Shaban 1438

Agri credit skewed in favour of Punjab It is encouraging to see that agricultural credit in the economy is increasing at a fairly rapid rate. According to the latest data released by the State Bank, commercial banks disbursed agricultural credit amounting to Rs 409 billion during the first eight months (July-February) of the current year which was 58.4 percent of the overall annual target of Rs 700 billion fixed for FY17 and 22.9 percent higher than the disbursement of Rs 332.8 billion made during the corresponding period last year. It may be noted that target during the year at Rs 700 billion was higher by 17 percent than the target of Rs 598.3 billion in 2015-16. Out of total disbursement of Rs 409 billion during 2016-17, Rs 196.01 was disbursed to farm sector while Rs 212.9 billion was disbursed to nonfarm sector. Five major banks as a group disbursed Rs 204 billion or 60 percent of their annual target. ZTBL, the most important specialised bank in the field, disbursed Rs 46.7 billion or 45.5 percent of its target of Rs 102.5 billion while PPCBL disbursed Rs 5.9 billion or 47.7 percent against its target of Rs 12.5 billion during July-February, 2017. Fifteen domestic private banks disbursed Rs 78.5 billion or 56 percent of their annual target of Rs 139.6 billion while four Islamic banks disbursed Rs 7.8 billion against the target of Rs 11 billion. Province-wise, the major share of agricultural credit amounting to Rs 361.8 billion was disbursed in Punjab as against the target of Rs 507.9 billion for the entire year. In Sindh, banks disbursed an amount of Rs 38.6 billion during JulyFebruary, 2017 which was 37 percent of the indicative target of Rs 104.3 billion. KP and Balochistan received only Rs 7.2 billion and Rs 0.3 billion which was 37 percent and 15.8 percent of their allocated targets for the first eight months of the current fiscal. AJK and GB received Rs 0.7 billion and Rs 0.3 billion against their targets of Rs 4.1 billion and Rs 3.5 billion, respectively. It is no secret that agriculture sector is a vital component of Pakistan’s economy, providing raw materials to down the line industries, helping poverty alleviation and absorbing about 42.3 percent of the country’s total labour force. Although, the growth of agriculture sector is mainly contingent on favourable weather conditions, timely availability of canal water, relative prices of agricultural products, etc., the importance of agricultural credit in developing agriculture sector also cannot be ignored. Its easy availability at reasonable rates could of course facilitate farmers to procure the needed inputs, including fertilizers, agricultural machinery and the latest seeds which could result in higher productivity in the agriculture

sector and also help the growth in other sectors. Looking at the recent data, it appears that the disbursement of agriculture credit has been increasing over the years, even if the data is adjusted for price increases and analysed in real terms. An increase of nearly 23 percent in disbursement during the current fiscal is of course a welcome development, particularly when the banks have an easy option of investing in higher yielding government securities without any risk. Some of the recent initiatives of the government and the SBP might have helped increase the volume of credit in this sector. For instance, out of Rs 341 billion agriculture package of the Prime Minister, Rs 194 billion were allocated for agricultural loans. ZTBL and commercial banks were asked to provide one-window facility to farmers seeking loans. A number of policy and regulatory initiatives were taken to remove the bottlenecks and enhance access to financial services for farmers. These include Credit Guarantee Scheme for Small and Marginalised farmers, Framework for Warehouse Receipt Financing and guidelines for Value Chain Financing. Although, the SBP and the government, in collaboration with banks, farming community and other stakeholders, have been encouraging banks to adopt agricultural lending as a viable business line, some of the weaknesses of the system cannot be ignored. Firstly, it is to be appreciated that agricultural lending has increased this year but even if the present healthy trend in disbursement is maintained during the remaining part of the year, total disbursements cannot reach the target of Rs 700 billion prescribed for FY17. This calls for more careful exercise in finalising the targets at the beginning of the year. Secondly, it is very regrettable that while the province of Punjab is getting a lion’s share of agriculture credit, other provinces are largely deprived of their credit needs. We know that bankers would justify this unequal distribution of credit on the basis of repayment capacity of the farmers and smaller network of bank branches in other provinces but such an approach would result in lower productivity in smaller provinces and may lead to some heart-burning in these areas. As such, we would urge upon the State Bank to pressurise the banks to be more active in KP, Sindh, AJK and GB in identifying the potential borrowers in the agriculture sector and reaching them with an open heart. Nonetheless, the SBP must continue to stick to the existing policy of prescribing indicative targets and not think about the option of mandatory targets which generally results in sub-optimal allocation of credit.

A strange case In the backdrop of the civil-military tensions over the Dawn leaks affair, Interior Minister Chaudhry Nisar has taken umbrage at the security/intelligence agencies’ inability to secure sensitive installations such as the Pakistan Ordnance Factory (POF) Wah. In an exceedingly strange case, the ‘boss’ has questioned his own security/intelligence setup’s capability. Ordinarily this would have been strange enough, but given the current context, his critical remarks are likely to fuel speculation whether he was also having a dig at the military. Reportedly, and according to Chaudhry Nisar’s remarks while addressing the POF workers on May Day, in the light of intelligence information concerning a possible terrorist attack on the POF rally, Chaudhry Nisar was advised against visiting POF on Monday, May 1. According to the minister, this ‘drama’ had been going on for some days. Reports speak of an exchange of fire early Monday morning with two terrorists holed up in the town, resulting in both being killed. A cache of weapons and suicide jackets was recovered from the house they were holed up in. This incident justified the security agencies’ concern, since the minister could have been a target. However, the minister was critical of the agencies being unable to secure the venue of the rally. Normally, one would expect that the ‘boss’ would take responsibility for his underlings’ acts of omission and commission, without seeming to distance himself from accepting that the buck stops at the top. In a ‘defiant’ statement, Chaudhry Nisar declared in his address that he had ignored the advice to refrain from addressing the rally. This is partly because he says he had committed to attend and announce an incentive package for the POF workers, partly because Wah is the minister’s constituency. But he did have a valid point when he argued that succumbing to the terrorist threat would embolden the fanatics. Normal life continuing as far as possible, he argued, was the best response to the terrorists’ threats. That Chaudhry Nisar is the ‘odd man out’

in the present scheme of things is a fact. To take another recent example, Chaudhry Nisar held one of his by now famous press conferences in the wake of the ISPR DG’s tweet rejecting the notification issued by the Prime Minister’s office regarding the Dawn leaks affair. The investigation report on which the notification was based is still to see the light of day. The interior minister tried a novel method of damage control by stating that any notification based on the report should only have been issued by the interior ministry, not the Prime Minister’s office. So we were treated to the spectacle of the military rejecting the notification as being not entirely in conformity with the findings/recommendations of the report, while the government’s own interior minister was ‘rejecting’ it on procedural grounds. Chaudhry Nisar had also criticized the resort to tweets as a method of communication between institutions. Yet his advice fell on deaf ears apparently as far as Maryam Nawaz is concerned. Reacting to media reports that Chaudhry Nisar, Ishaq Dar and Shahbaz Sharif had (once again) been asked to speak to the brass over the Dawn leaks notification, Maryam Nawaz tweeted that no one had been tasked to do anything. Maryam’s refutation of the matter may have been prompted by embarrassment, but this would not be the first time this trio from amongst the PML-N leadership had been asked to pull the government’s chestnuts out of the fire vis-à-vis relations with the military. This perhaps is the area of greatest utility as far as retaining Chaudhry Nisar on such an important ministry is concerned. Otherwise he has failed to discharge his duties as interior minister satisfactorily and in line with the National Action Plan. Given his reputed closeness to military circles, it should not surprise anyone that Chaudhry Nisar is likely to be around as long as a PML-N government is in power, even if, more often than not, he appears to be out of sync with his colleagues, sometimes even the prime minister and the cabinet. In these circumstances, the ‘odd man out’ seems set to prevail.

‘To have or to be’? “It is not the man who has Huzaima Bukhari and Dr Ikramul Haq too little, but the man who craves more, that is poor”— rural areas). Each of the three experienced if all people were dimensions carries an equal deprived in all indicators. Seneca weight of 1/3 of the MPI. The Secondly, it must be noted that Historically, trade in soci- weights of the component the MPI is a product of two eties was based on the ‘barter’ indicators within each dimen- essential components: the system that envisaged kind in sion are equal unless another poverty “headcount” and the exchange for kind. For exam- justification is provided, as “intensity” of deprivation. ple, grain was exchanged for outlined in Section 2.1.3. Using the same data from the cloth or salt for sugar thereby Overall, a person must be 2014/15 PSLM survey, the satisfying the material needs of deprived in 1/3 of these country’s multidimensional the people. As times changed and the society’s needs became Now the worth of children is gauged more complex, there was a shift to using precious metals from their ability to earn money and in the form of coins that were not on the basis of their inert qualities replaced by less expensive material having a value as through which they may emerge as defined by the state. With invention of paper, this eventupotential Nobel laureates, renowned ally culminated in paper money scientists, inventors, artistes, religious and as of today, has assumed immense proportion of impor- scholars or merely good members of the tance. Since the last fifteen years in society. This is indeed a very sad state of these columns, we have been affairs because of which we are fast persistently warning consecutive governments of the ever headed towards self-destruction widening rich-poor divide because of short-sighted poli- weighted indicators to be iden- poverty “headcount ratio” was cies and an extremely faulty tified as multidimensionally estimated at 38.8% of the poprevenue system of the country poor. Applying this measure ulation. This means that yet not a single step has been to data from the Pakistan 38.8% of the population of taken in the direction of reme- Social and Living Standards Pakistan is poor, according to dying this ever-growing mon- Measurement (PSLM) survey the MPI. The average intensity ster that is now staring in the for the 2014/15 period, it was of deprivation, which reflects eyes of the people of Pakistan. found that the country’s the share of deprivation, It is evident from the release Multidimensional Poverty which each poor person expeof first Multidimensional Index stands at 0.197. This riences on average, is 50.9%. Poverty Index (MPI), based on the Alkire-Foster methodology, published by United Nations Development Programme (UNDP) in Pakistan. MPI, showing startling results, has three dimensions: education, health and living standards. To tailor the measure to Pakistan’s context and public policy priorities, 15 indicators [see Figure] were used for this national measure, instead of the 10 employed for the global measure. Within these 15 indicators, three indicators are included under the dimension of education (years of schooling, child school attendance, and educational quality), four under health (access to health facilities/clinics/Basic Health Units (BHU), immunisation, ante-natal care, and assisted delivery) and eight under living standards (water, sanitation, walls, overcrowding, electricity, cooking indicates that poor people in Earlier, a number of informafuel, assets, and a land/live- Pakistan experience 19.7% of tive—though highly disturbing stock indicator specifically for the deprivations that would be studies—conducted by the

Centre for Research on Poverty and Income Distribution (CRPID, www.crpid.org), confirmed that rich-poor divide in Pakistan is increasing alarmingly. According to conservative estimates, 63% of poor in Pakistan are in the category of ‘transitory poor’. The rest of 32% and 5% of the population—subsisting below the poverty line—are ‘chronic’ and ‘extremely poor’, respectively. Chronic and extremely poor are those households that are always below the poverty line, all the time during a defined period. Similarly, on the other side, 13% and 21% of total non-poor (above the poverty line) have been classified as ‘transitory vulnerable’ and ‘transitory non-poor’, respectively. This portrays an alarming situation as more and more people are moving from transitory category to chronic category, courtesy regressive taxation leading to inequitable distribution of income and wealth, monopoly over assets by a few and wasteful spending by the government. Rulers in Pakistan since its inception have shown extreme apathy towards the poor. They are not at all interested to make Pakistan an egalitarian society—providing economic justice to all. One wonders if the present government, badly trapped by the forces that matter in the land in various non-issues, is cognizant of this state of affairs and devising some practical means to overcome it. Instead of paying attention to this dilemma, the government of the day is rapidly moving towards a disastrous direction that has in its wake extremely hazardous outcome. With the education system geared to only producing money-making human robots devoid of moral, ethical or cultural values, political system that is fraught with corruption, mediocrity, nepotism and lawlessness and a totally out of control population explosion, what else can one expect other than the poor turning on the rich for a few pennies especially when they see that a handful are enjoying a highly ostentatious and privileged life-style while they are subjected to inhuman rigours and misery of life where their > P 11 Col 1

Punish the real culprit(s)! acing the storm unleashed by the leaking of the Cyril Almeida story, “Act Against Militants or Face International Isolation, Civilians Tell Military,” the Nawaz Sharif government labelled it as being ‘fabricated and planted.” The PM Office’s initial statement about the Dawn Leaks that “evidence available so far points to a lapse on part of the Information Minister, who has been directed to step down from office to enable holding of an independent and detailed inquiry” was dismissed vehemently as ‘fiction’. Sacrificial lamb Pervaiz Rashid has now come out of enforced hibernation to confirm this. Headed by retired judge Aamer Raza Khan, a sevenmember Committee was supposed to submit its findings within 30 days, what should have taken not more than 72 hours has taken six months. This cemented the public perception of an attempted “coverup” to absolve “someone” really close to the PM. As disclosed, at least up-till now, the report submitted to the PM on May 23 by Interior Minister Chaudhry Nisar Ali Khan does not indict those universally believed to have done the dirty work fabricating the false story and then leaking it. A notification surfaced from the PM’s Office “de-notifying” Tariq Fatemi, Special Assistant to the PM for Foreign Affairs (SAPM). Received with disbelief, the matter becoming even less credible because the denotifying “notification” was issued by someone suspected for being in the DawnLeaks chain himself, the PM’s Principal Secretary Fawad Hassan Fawad. PPP leader Qamar Zaman Kaira echoed

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Ikram Sehgal the mass public perception about the government “protecting someone” and that no sane individual would believe these “Findings”. Maryam Nawaz’s Trumplike tweets notwithstanding, the government seems to have started faltering finding scapegoats in continuing to filibuster punishing the real culprits. Tariq Fatemi refused to fall on his sword. Vehemently rejecting the allegations in a farewell missive to his colleagues in the Foreign Office on leaving his post, the former SAPM followed the Sufi saying, “read between the lines, it tires the eyes less”. He pointedly failed to even once make any mention whatsoever about his beloved mentor whom he slavishly served day and night for years. This profound silence about Mian Nawaz Sharif was deafening! This reinforced the PTI leaders querying whether the PM, his daughter Maryam and Fawad were interrogated. The persistent attempt at coverup by the government reinforces the public perception of someone important responsible for the treasonable act being protected. For the first time since the present COAS took over in late Nov 2016, bad vibes in the hitherto good civil-military equation surfaced with some vehemence. To quote DG ISPR Maj Gen Asif Ghafoor, “Notification on Dawn Leaks is incomplete and not in line with recommendations by the inquiry board. Notification is rejected”. Maybe we could have done without the “notification is rejected” bit, the overkill representing rather tough language with possible consequences. Since Ghafoor

obviously knows the facts, why play mind games? Why not make public the “Findings” about the subversion and sedition under the “Official Secret Act”? The Army has the authority to try such people even though they not be subject to the Pakistan Army Act. What to talk of a major general, as a “first class gazette officer” even the junior-most subaltern of the Army is entitled to arrest an “enemy of the state”. To quote my article “The Davos Challenge”, “The deliberate anti-Pakistan Army agenda set by certain motivated elements within the PML (N) hierarchy is condemnable. Such mala fide acts of individuals unfortunately only deepen the misunderstanding between the government and the Army; this inadvertently creates bad blood for no reason whatsoever. Not punishing the culprits was a major mistake, they should have been taken to task immediately.” The gentlemanly Raheel Sharif balked in the face of Mian Nawaz Sharif’s crocodile tears and unfairly left the mess for Qamar Jawed Bajwa to clean up. The delay in closure will damage civil-military relations. Billions of rupees of government/semi-government advertisements are used to influence the print and electronic media by the Federal Information Ministry, supposedly to propagate a good image for the country and its institutions, particularly the national security entities. In fact all this money actually supports the government in power only and smears opponents. One did not expect former Principal Information Officer (PIO) Rao Tehsin Ali to fall on his sword either even

though there is prima facie evidence of his involvement because of this consummate “deep state” bureaucrat being the official conduit from the government to the media. A cursory audit will confirm the vast sums funneled to those media houses openly attacking the Army at will. Was this virulent hatred for the Army inculcated by Tehsin as Private Secretary to the then Defence Minister Rao Sikandar Iqbal in the early 2000s? Doesn’t his insider working knowledge give him a potential “Sword of Damocles” for blackmail? Take for example the Federal Information Ministry paying for a 30-35 member cell headed by the PM’s daughter Maryam. Embedded in the PM’s House engaged in driving the social media denigrating PML (N) opponents, they eulogize the PM and mouth what he wants to but cannot say himself. Consider her unladylike tweet recently bashing the “Panama Papers” as “crap”. Both the principal investigative journalists Bastian Obermayer and Frederick Obermaier collaborating with the International Consortium for Investigative Journalists (ICIJ) responded within hours to set the record straight. Surprise, surprise, defending the PM’s Panamagate position more often than not on primetime TV, so did a local ICIJ collaborator! Given deep suspicions about her culpability in both PanamaGate and the Dawn Leaks affair, Maryam should learn to leave well enough alone or does she believe “the best defence is offence”? One admires her courage and she certainly has a lot going for her, intelligence and political ambition to go with good looks > P 11 Col 1

LETTERS

Social injustice No wonder, social scientists and psychologists rightly point to social injustice as a breeding ground for most ills in the society stimulating anxiety, stress, depression, crime, extremism, rebellion and anarchy. A bird eye view of the social fabric of our society would not fail one in perceiving the prevalent social injustice rife in our society. Commencing with what is commonly known as ‘equal

access or equal opportunities’, a rough estimate of a number of credible surveys reveal that well under 30% population of our country have equal access to and enjoy equal opportunities leaving the rest 70% in limbo. No doubt, to the vast majority there is no equal access to health and education; similarly equal opportunities of employment are limited and not equally available to all. Life is a daily struggle for this vast majority of people being denied basic rights guaranteed

in the constitution. Social injustice reflects itself in our society in myriad of ways germinating countless issues of social, psychological, and economic nature. It is so heart-wrenching to witness that overwhelming majority’s basic needs are not met, setting an unfortunate chain of events in motion. Apparently; those at the helm of affairs are hand in glove with the slim minority that enjoys all perks and privileges and have left unchecked the

widening gulf between the haves and have-nots. The prevailing disparity could at last provide the spark for an inevitable political and social flare-up, ultimately leading to social, political, and economic chaos. Social injustice is rightly blamed for the disharmony and class system in society. The government needs to take measures to tackle the challenge of social injustice before it could spiral out of control. Nawab Shah Saad Mangrio

Benefits of contract manufacturing Kashif Mustafa Qadri he true potential of contract manufacturing in Pakistan is yet to be tapped. The industry is in doldrums due to the sheer negligence and unregulated policies of the Drug Regulation Authority of Pakistan. Contract Manufacturing is also referred as ‘Third Party Manufacturing’. This activity facilitates multinational companies to have their products manufactured by local companies possessing specialization in certain formulations. This practice enables the MNCs to evaluate the success or failure of a product without investing hefty amounts, setting up plants, hiring hundreds of employees and paying various taxes. Contract manufacturing in Pakistan lags far behind its neighbouring countries such as India and Bangladesh. The main reasons are the indifferent attitude of DRAP and the government’s lack of interest towards uplifting the industry. The authorities have also been unable to acquire international certifications from the FDA (the US Food and Drug Administration) and EMA (European Medicines Agency). This is a prerequisite for any pharmaceutical company engaged in contract manufacturing. More than 50 per cent of multinationals have left Pakistan for want of lack of quality production and cost issue, whereas the remaining ones have reduced their local manufacturing activities. The manufacturing facilities at most local pharmaceutical companies are also underutilized which render them as inefficient and uncompetitive. As a result, most MNCs go to India or Bangladesh for quality production while the plants in Pakistan run below capacity. The contract manufacturing industry in India and Bangladesh is attractive for the investors. A business-conducive environment, regulated policies, internationally certified machinery and the government’s support and facilitation have made these countries a lucrative choice for contract manufacturing. In India, the current market value of contract manufacturing is estimated at 50 per cent of domestic production, translating it to roughly US$5.3 billion. This 40 per cent lower cost has encouraged the multinationals to consider India for their outsourcing needs. Japanese companies are setting up their pharmaceutical plants in India and signing joint ventures with the local industry. Similarly, Bangladesh is encouraging contract manufacturing to boost its local pharmaceutical industry. Subject to approval of the licencing authority, foreign manufacturers are allowed to formulate any drug with any manufacturer provided it is research-based and registered under the same brand name in these countries. Restrictions placed on contract manufacturing in Pakistan > P 11 Col 1

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BUSINESS RECORDER KARACHI FRIDAY 5 MAY 2017

21

Brief recordings

‘There is no representation of exporters on any forum to discuss industry issues,’ argues President Sialkot Chamber of Commerce and Industry R Research recently visited the entrepreneurial city of Sialkot to discuss the issues faced by export industries with the President of the Sialkot Chamber of Commerce and Industry (SCCI), Mr. Majid Raza Bhutta and industry representatives. The conversation highlights the importance of Sialkot as a major exporting hub of Pakistan and the steps needed to promote the various entrepreneurial ventures the city is home to. Below are edited excerpts from the interview. BR Research: Let’s start with the kind of industries present in Sialkot and the variety of goods they produce for exports. Also, how has the historical trend changed to cater for diversifying global demand? Majid Raza: Sialkot is a purely export-oriented city with five main SME export sectors based here. About 30 years ago, there were only two sectors that Sialkot used to be prominent in. One of them was surgical instruments and the other sports goods, especially football and hockey. Other than that, tennis rackets, squash rackets were also produced. But due to technological changes, their production has been reduced. However, since brands started coming to Pakistan, with Adidas being the first to come, the industry that was first based on only two products (football and surgical) later started flourishing. This resulted in diversification and an expanded product range. Surgical instruments have seen a lot of expansion due to technological advancement as well as diversification in dental, veterinary, and beauty products. If we consider sports, it is also divided into two parts: sportswear and sports goods. In sports goods, football production was stopped here when we started dealing in

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composites, but as the technological advancements increased in this sector, the production of footballs surged. If we compare sports industries in Sialkot with those in Gujranwala and others, they are only catering to the local needs, unlike the Sialkot industry, which exports its sports products and has the most value addition despite being an SME industry. Other sports goods like hockey, ice hockey, etc. are also being produced here now. In sportswear, we have two lines again: textile and leather. Leather-based includes motorbike-riding business, shooting, riding, and horse-riding products. We also produce handmade and machine-made badges here. Sialkot produces goods on international standards, which is why it is much ahead in technology than other cities producing the same goods. Long boots, dancing shoes, and car-racing shoes are also produced here. If we consider the martial arts industry today, more than 100 small companies are in this segment and they hold considerable export volume. If we are further provided with export-friendly policies, as in Bangladesh, Vietnam, Sri Lanka, and Thailand, then we can improve the scale of exports. These countries have progressed more than us due to their export-oriented policies. Sialkot also produces badges, safety wear, and gloves. Gloves are a really big sector and include sportswear such as football gloves, cricket goalkeeper gloves, etc. This category also includes industrial gloves in which four companies are leading from Pakistan. America is the biggest export market for us currently in this sector. Retail chains like WalMart, IKEA, Embassy, etc. are our buyers. BRR: Which other interna-

tional brands import from Sialkot? MR: Sialkot has almost 40 brands of international level, including NIKE, Adidas, and Puma buying from us. In addition, more than 100 regional brands which include European, Scandinavian, African, and Middle Eastern companies also procure from Sialkot. BRR: How many companies are there in Sialkot? MR: There are approximately 6,000 companies which are active currently. Out of those, manufacturing and exporting companies are 5,000. If we consider the $10 billion exports of Faisalabad or Lahore, only $1 billion is distributed in wages and salaries in these big cities, whereas here in Sialkot, out of $2 billion, about $500-600 million dollars are distributed in labour wages and salaries (which is 25-30 percent). So that’s the difference in value-addition, which is more in Sialkot. Unfortunately, due to non-friendly policies drafted by our bureaucrats, our exports are falling and due to these policies, the readymade garment industries in Karachi and Lahore have started selling their products locally instead of exporting them. BRR: The leather sector has deteriorated considerably in the past few years. What can be done to get it back on its feet? MR: Leather exports of Pakistan were $500 million in 2003-04 while India was at $300 million. We touched a peak of $1 billion. Right now, it has declined to $700 million dollars. India has progressed in the past 10-12 years and has now $7 billion leather exports. Manmohan Singh, while keeping in view the new environmental standards and regulations, built tannery zones and this is why their leather industry has flourished. Sialkot Chamber of Commerce, with the support of the government and some donor

companies, has planned to install 450 acres tannery zone in 2019 which will improve the export of leather industries. BRR: How much increase will there be in the size of exports due to this zone? MR: There will be an increase but you have to realise that the overall leather exports of Pakistan are diminishing. Unless these tannery zones are not constructed in the main cities such as Karachi, Lahore, Hyderabad, Peshawar, and Rawalpindi, the exports will continue to fall. Water treatment plants should be installed in these tannery zones. We need at least 10-15 such zones in Pakistan. India has 30 each in the government sector and the private sector. Big sized companies have installed their own treatment plants there. Pakistan also has 1015 private companies which have installed their treatment plants but they are not on that level, plus they are also not value-addition companies. Instead, they export raw materials such as skin/hides. Karachi has 80 percent share of leather exports in raw material exports and only 20 percent in value-added products. Sialkot, however, is purely an exporter of value-added leather products. Eventually because of this zone, 400-450 industries will relo-

cate and about 60,000 people will benefit. In total, about 400,000 people in Sialkot are affected by such a small amount of exports. This is why this industry is more important than the $10 billion industry of Lahore and Faisalabad. Our (Sialkot’s) sportswear industry is labour-intensive and also includes import of special fabric from Japan and other technical fabrics used in safety wears imported from Germany, France, Japan, etc. The cost of these imported raw materials is not more than 40 percent of our total production cost but they result in huge value-additions. BRR: What is the value-addition in these raw materials that are imported? MR: If it is for a minimum of $1, then after value-addition it becomes of $3-3.5, which means almost 300 percent value addition. However, there is a restriction which asks us to import special fabric under Duty and Tax Remission Scheme (DTRE). Under the DTRE, the condition of value-addition is 20 percent. However, we are pushing for a separate SRO because SMEs do not fall under DTRE. Now we have asked the government to design a separate SRO for us, other than DTRE, and we have guaranteed providing a value-

addition of more than 50 percent. The current DTRE has a very lengthy and complicated procedure. We want a new SRO that facilitates all SMEs. The benefits include the creation of more employment, foreign exchange, tax revenues, and value-addition. BRR: So basically you want to make it easier for the SMEs to import raw materials for their products? MR: Precisely. Take the example of Bangladesh where the exports are equal to $27 billion and imports are $20 billion roughly. They have very soft terms that you cannot imagine. We have asked the government to implement the same scenario as in Bangladesh. The absence of these soft terms hinders the diversification of products; we cannot play in anything other than the cotton. I am talking about just not Sialkot but Pakistan generally. There is no representation of exporters on any forum and we seldom get to talk about our issues. The Export Development Fund (EDF) board is dominated by bureaucrats and there is no proper representation the textile value-added sector. For the first time there is someone from Sialkot to represent the sports sector. We want that the majority should be of those who are exporters and realise the issues. Whenever you make a policy of taxation, it’s a global practice to evaluate that policy and see if it affects your country’s exports negatively. If it does, then you give exemptions to exporting companies. There is an institution where bureaucrats and experts on exports sit, and whenever there is a taxation policy affecting exports, they speak up on the behalf of exporting companies and illustrate how that policy will impact the cost of production. However, sadly,

such a mechanism is missing in Pakistan, as the majority of tax policies are decided without proper stakeholder input. BRR: What kind of taxation issues does the industry face, especially when it comes to exports? MR: Ideally, all of the five sectors that I mentioned above should fall under the zero-rated tax regime. However, if we say that the refund is on 100 percent of our inputs, that is not the case. Instead of making it zero-rated, many of our products have had their cost of packaging excluded for refund purposes. We cannot compromise on the packaging since it’s the image of the product. At the same time, it is also a big component of our product cost – sometimes as much as half. For example, an item with an export price of $2 and a packaging cost of $1. So, this export of $3 involves a packaging cost of one-third. So we say that the zero-rated means should be on all inputs. I should be refunded on the total cost that I am incurring. Why should I pay extra? If this rule is changed, there will be a decrease in frauds. BRR: Could you please provide some recommendations that the government should adopt to aid the ailing export sectors? MR: Firstly, the government should identify high priority sectors and potential sectors for export and provide special incentives to encourage exports. In addition, businessmen and investors should be encouraged to invest in support industry, which would ultimately lead to import substitution. Another measure that should be taken is the provision of interest-free loans equivalent to 10 percent of total exports for import of new technology.

The Ministry of Commerce in collaboration with the Trade Development Authority Pakistan (TDAP) and trade associations should work on streamlining the existing markets and identify potential markets for exports. This is vital given that the decline in exports is also a result of our exports targeted to specific regions which are facing economic slowdown such as the United States, European Union, and the Middle East. These markets are also saturated with strong penetration by our competitors such as Bangladesh, Vietnam, Thailand, and India. Another area where focus should be given is the appointment of specialist marketing personnel for the jobs of Commercial Officers in missions in foreign countries to encourage and promote “Made in Pakistan” brand. These officers should help the producers and exporters in gathering market intelligence regarding demand of commodities, competitive prices, and overall market trends. One important step is to allow the facility of zero-rated regime on all inputs of five export sectors, including packaging materials by suitable amendments in SRO 1125(I)/2011. The State Bank of Pakistan should create provision for allowing back-to-back L/C for the export sector. A similar model is used in Bangladesh and it has really helped the country’s exports takeoff. Finally the government should clear the pending sales tax refunds and duty drawback claims of the export sector on an urgent basis. It has been emphasized countless times that SMEs cannot afford delay in payment of such claims and refunds because of the limited access to bank financing and the severe liquidity constraints it results in.

All information and data used are from reliable source(s) and subjected to extensive research after diligent and reasonable efforts to determine the soundness of the source(s). This analysis is not for the benefit of or discredit to any person, scrip or tradable instrument. The content(s) of this analysis shall not be construed as an advice or recommendation to trade. No relationship of client will be created between Business Recorder and user of this information. Professional advice must be taken by the reader before making investment/trading decisions. BR disclaims any liability for investment(s) made or liability accrued on basis of this analysis. The content(s) including all opinion(s), statement(s) and information are subject to change without prior notice and/or intimation.

‘EDF: Fix it or finish it’: MoC rejoinder inistry of Commerce refutes categorically the said article, which relies entirely upon hearsay and innuendo. The said article conveys false and unsubstantiated opinion. Established in 1992, Export Development Fund (EDF) was meant to “strengthen and develop infrastructure for promotion of exports” and to provide for connected and incidental matters of exports. Export Development Surcharge (EDS), a nominal levy of 0.25% collected on exports remains the principal financial source for the Fund which is mainly utilized in an effort to achieve objectives stipulated in Section (4) of EDF Act which include: Establishment of training institutes for export oriented trading and industrial sectors; Market and product Development; Subsidizing participation in exhibitions abroad; Research and Development; Publicity; Establishment and maintenance of display centers and Support to export services. The Fund is administered by a Board comprising members from both public and private sector. The Board’s composition ensures representation of entire export sector however; exporter’s associations from such sectors are rotated annually so that all important associations may have a fair chance to be on Board. This means, for instance, textile sector shall always be an integral part of EDF Board however; in one year it will be represented by one set of exporter’s associations of textile sector but by another cluster of textile exporter’s associations next year. Hence, different exporter’s associations continue to represent their relevant sector each year on EDF Board. Since its inception, the Fund had remained one of the main contributors towards export base diversification, supply side infrastructure development, capacity building of export-oriented industry, skill development and increase in

M

Pakistan’s export competitiveness. Over PKR 6.5 billion has so far been utilized, from time to time for targeted and temporary strategic interventions in the form of market and product development subsidies which translates into approximately 35% of the entire funding from EDF amounting to PKR 18.5 billion. The targeted export subsidies are a globally accepted instrument employed by the governments around the globe to make strategic interventions for diversifying, supporting and safeguarding the export sectors and sub-sectors. EDF has also contributed vitally towards not only development but maintenance of a solid conduit of talented and dexterous workforce required for the export oriented industries. Twenty two (22) skill development institutes have been

established and maintained with a total funding of over PKR 2.7 billion (14.5% of entire amount spent by EDF so far). Pakistan Institute of Fashion and Design, Lahore, Textile Institute of Pakistan Karachi, SMA Rizvi Institute Karachi, and Leather Product Development Institute, Sialkot is a few successfully functional institutes to name. All of these twenty two institutes are developing the human resource feeding into a broad range of export sectors e.g. textiles, garments, leather, jewelry, bed-wear designing, fan, cutlery, carpet, marble and footwear etc. On the marketing side, the EDF has financed initiatives worth over PKR 1.2 billion (7% of EDF spending) for development and maintenance of display and exhibit infrastructure in Pakistan. The stateof-the-art expo centers in

Karachi and Lahore have virtually revolutionized the trade fair sector in Pakistan. Establishment of similar expo centers in Peshawar and Quetta is also in pipeline. Business and trade centre Sialkot and export display centre in Gujrat are also among other centers playing important role. A large number of trade fairs, organized mainly by the private sector, have snowballed into international events providing a meeting platform for the international buyers and sellers. The entire development of the trade fair industry in Pakistan is due to the availability of the exhibit infrastructure / expo centers. Over PKR 1 billion has been utilized for publicity and market development at international level which translates into 6% of the entire funding from EDF so far. Expo 2008, 2012, 2013, 2014, life style Pakistan organized in India in 2012,

Writer’s response Ministry’s lengthy reiteration of the provisions of the EDF Act, and a breakdown of allocations, doesn’t address our principal line of enquiry: correlation between EDF spending and export gains. It is not the intent but tangible gains that our column questioned. Take an example: MoC claims EDF funding has contributed to ‘Export base diversification’.Has it indeed? Most commentators, various government documents not excepted,see no evidence of a material change. The persisting lack of product and market diversification is accepted as a major weakness of our export effort. Take another contention: EDF has contributed to improved competitiveness. Virtually all analysts agree that our export competitiveness has deteriorated over the years. Expo centres may have ‘revolutionised the trade fair sector’ but wasn’t the idea to bring export-oriented fairs to Pakistan? If we have succeeded what is the need of ‘fullexpenses-paid’ invitations, our

trade officers included? Where is the cost-benefit analysis? Won’t it be prudent to have an independent evaluation done of their benefits to exports before launching new Expo Centres? Our plea to ‘fix’ the EDF was anchored in * Inadequate representation of the principal contributors on the EDF Board * An absence of selection criteria and project appraisal system * Misallocations (we can happily add numerous other instances of misuse to the few illustrations our column gave) * Monitoring and evaluation weaknesses (as typified by the leather sector allocations that we had cited) that accentuate the ‘spend-gain’ disconnect Ministry’s rejoinder does not frontally challenge any of these. Clichés like ‘hearsay and innuendo’ or ‘false and unsubstantiated’ cannot substitute for empirics and sound reasoning. Typically, our columns begin by a tour de horizon that highlights weaknesses tolay the foundation for remedies.

We never think our suggestions are infallible; the idea is to generate a debate in search of a viable ‘solution’. In the EDF piece we had suggested the incorporation of a company, with reasonable checks and balances and governmental controls, to manage the EDF. Ministry promises ‘improvements’ in the years to come but is conspicuously silent on any alternatives. If the Ministry thinks all is well with the EDF management, requiringonly peripheral embellishments, we have nothing to add. Otherwise, as the wise man said “we cannot solve our problems with the same thinking we used when we created them”. Even if we do not agree with the Ministry’s views we find their willingness to engage in a candid debate both refreshing and reassuring. This is what responsive government consists of. We fervently hope this new spirit gets mainstreamed not a flash in the pan occasioned by the recent change of guard in the Ministry. Shabir Ahmed

Exhibition of Pakistani Products in India, Trade fair of engineering goods in Germany, Single country exhibition in Srilanka are few exhibitions organized in past. Besides, EDF has also supported IDEAS 2002, 2004, 2006, 2008, 2012, 2014, 2016 organized by Defense Export Promotion Organization. TEXPO Pakistan and road shows in central Asian counties have been success stories to name a few. Expo 2017 is under consideration too. Remaining 37% of EDF funds have also made valuable contribution towards value chain improvements, standardization of export products, up gradation of export-oriented units to the international standards and enabling the industries to meet the mandatory social and environmental compliance standards of the global market. The export infrastructure developed through these funds includes the establishment of garment cities across the country, laboratories, common facility centre for fresh fruits and vegetables processing, R&D centers in various chambers and associations, child labor elimination program in soccer ball industry and Fisheries Cluster Development Program. Establishment of Tannery Zone in Sialkot is also an important project under implementation phase. The Fund provides financial assistance for those initiatives only which have a direct bearing on the improvement of infrastructure for export sector. The projects are proposed by trade bodies representing the export sector; the project appraisal, monitoring and evaluation are made on a standard format and the accounts are audited by the Auditor General of Pakistan through Federal Audit. To conclude, the Export Development Fund has been playing an important role in the development of infrastructure for our export sector. However, the EDF Board has decided to bring further improvement in its utilization which would be witnessed in the years to come.

Three militants convicted by military courts executed ISLAMABAD: Military say authorities have executed three Pakistani Taliban militants after they were convicted by military courts over links to acts of terrorism.

In a statement, it said the latest executions were carried out Thursday. Govt has executed 428 prisoners mostly convicted of routine murders instead of acts of

terrorism since 2014 when it lifted a moratorium on executions following a Taliban attack on a school that killed 150 people, mostly schoolchildren.—AP

BUSINESS

RECORDER

Karachi, Friday 5 May 2017, 8 Shaban 1438 Dawn Leaks

Telecom sector protests govt policies

Shahbaz meets COAS? ALI HUSSAIN & FAZAL SHER

ISLAMABAD: The delay behind the issuance of a formal notification on the Dawn leaks by the Interior Ministry is because of hectic backdoor negotiations with the establishment. Informed sources told Business Recorder that Chief Minister Punjab Shahbaz Sharif is spearheading negotiations with the military and has met the chief of army staff Gen Qamar Javed Bajwa to resolve the issue. They said that a formal notification is expected in the next 24 to 48 hours in case the ongoing negotiations bring fruitful results. Minister for Interior Chaudhry Nisar Ali Khan has also been advised by the senior party leadership to deal with the issue calmly. They said the military wants complete implementation of the enquiry committee report’s recommendations including publicly identifying those responsible for the planted story mentioned in the report. The sources further said that the government wanted the military to delete the tweet by Director General Inter-Services Intelligence (ISPR) Maj Gen Asif Ghafoor in which he rejected the Prime Minister office’s order, describing it as “incomplete and not in line with recommendations by the Inquiry Board”. But the military is neither ready to delete the tweet nor is it willing to compromise its position due to the sensitivity of the issue which involves national security, they maintained. Sources within the ruling Pakistan Muslim LeagueNawaz, who requested not to be named as they have been instructed by the leadership not to make public comments on the subject, said deliberations were continuing both within the government and with the military to settle the matter amicably. They said that the Prime Minister Office’s order was not a notification as a formal notification will be issued by the Ministry of Interior, adding the PM’s office order was only an action on the consensus recommendation of the enquiry committee report. On April 29, 2017, the Prime Minister office through an order removed Special Assistant on Foreign Affairs Tariq Fatemi and Principal Information Officer (PIO) of Ministry of Information and Broadcasting Rao Tehsin Ali. But both Fatemi and Tehsin rejected the allegations leveled against them in the report — Fatemi through a letter to his erstwhile colleagues in the Foreign Office and Tehsin has decided to challenge the allegations against him in the court. Former Minister for Information and Broadcasting Pervez Rashid, the first casualty following the publication of the controversial story in Dawn on 6 October, 2016, denied the allegations in his first public comment on the matter on Thursday, saying “It is not the responsibility of the information minister to block any news from being published”. “If the job of an information minister is to stop the publication of stories, then this should be included in the curriculum of the journalism students at the universities”, Rashid added. According to Brig Asad Munir (retd), senior defence analyst, the military’s anger was understandable as implementation of the recommendations of the enquiry committee had been agreed. He stated that there was an indication that the government will address reservations of the military in the expected notification.

South African judge resigns after racism row JOHANNESBURG: A white South African judge who last year stirred a race row with social media comments suggesting that rape was part of black culture has resigned, authorities said Thursday. High Court judge Mabel Jansen was placed on leave in 2016 pending a judicial probe into a complaint against her.— AFP

TAHIR AMIN

YOKOHAMA: Minister for Finance Senator Ishaq Dar in a meeting with ADB President Takehiko Nakao, here on Thursday.—INP

Salaried class

FBR seeks to maximise WHT collection in Q4 RECORDER REPORT

ISLAMABAD: The deduction and deposit of tax from salaried class in government and private sectors is top priority of the Federal Board of Revenue (FBR) in May-June 2017 period to generate additional revenue from withholding agents dealing with private sector salaried employees, particularly, across Pakistan. In this regard, field formations have received the FBR’s instructions on strategy for Monitoring of Withholding Taxes in May and June 2017. The Federal Board of Revenue (FBR) has established special task forces in Large Taxpayer Units (LTUs), Regional Tax Offices (RTOs) and Corporate Regional Tax Offices (CRTOs) to maximise collection of withholding taxes during the last quarter (AprilJune) 2016-17. Sources told Business Recorder here on Thursday that the FBR has decided to further increase share of withholding taxes in the direct taxes collection from 71.2 per cent to above during the last quarter (April-June) 2016-17. Special task forces in LTUs, RTOs and

CRTOs would ensure recovery of withholding taxes from withholding agents. According to the FBR, the importance of withholding taxes vis-à-vis achievement of budgetary targets cannot he overrated. The share of collection from withholding taxes in the direct taxes collection up to March 2017 is 71.2%. It is also brought to Chief Commissioners’ attention that this year the whole month of Ramazan and the event of Eidul-Fitr fall in the month of June 2017 which, effectively, leaves them (tax machinery) with limited days for wholesome efforts towards monitoring of withholding taxes. This fact reiterates the need for employment of a more focused, well strategised and aggressive approach towards monitoring of withholding taxes during the period before Ramazan. Special task forces for collection of cheques and for recovery from Arrear and Current Demand may be established, the FBR said. Furthermore, since two salaries will be disbursed during the month of June, an arrangement for timely deduction and deposit of tax under

section 149 of the Income Tax Ordinance 2001 may be made with withholding agents. This exercise needs more vigilance and active liaison with the withholding agents of private sector salaries. They should be sensitised about this at the earliest because 80% of collection under section 149 (salary) of the Income Tax Ordinance 2001 is contributed by private sector salaries, the FBR added. The FBR said that there is no denying the fact that collection from withholding taxes is one of the main objectives of the FBR while achieving the budgetary target. Up to March, 2017, 71.2% of the withholding taxes’ share in the achievement of the overall budgetary target requires a focused strategy by the field formation. To discuss the withholding strategy in order to achieve the budgetary target a video linked conference was held at the FBR which was attended by the whole team of Commissioner Withholding Zone. The top priority agenda for the conference was the collection out of withholding arrear, current and sates tax demand.

Demand for gold plunges after Trump win: data LONDON: Global gold demand fell 18 percent in the first quarter from a year earlier as US investors abandoned the precious metal after Donald Trump’s election win, industry figures showed Thursday. After a “really good” first quarter of 2016 for gold demand, the first three months of this year was “not a strong quarter”, World Gold Council director John Mulligan told AFP. “In 2016 demand was concentrated on one source, which was professional investors, especially in the US” where activity was focussed on Exchange Traded Funds (ETFs) — investment funds backed by physical stocks of gold, the WGC director added. Demand stood at 1,034.5 tonnes between January and March 2017, its lowest first quarter level since 2010. At the section, but are now shifting their attention to riskier products — but it is a different story in Europe. “There are multiple elections coming up, even in Paris... the election is not over. People are uncertain, it is generally good for gold,” said Mulligan. Gold is viewed as a haven investment in times of economic uncertainty. Despite enthusiasm from European investors, the demand for gold through ETFs dropped by 68 percent to 109.1 tonnes in the first quarter. —AFP

Macron files complaint over ‘offshore account’ claims PARIS: French presidential frontrunner Emmanuel Macron filed a legal complaint Thursday after his far-right rival Marine Le Pen repeated online rumours that he had an offshore account in the Bahamas during one of the fiercest TV debates in the nation’s history. The pro-EU centrist Macron and Le Pen clashed repeatedly over terrorism, the economy and Europe in Wednesday’s hot-tempered debate watched by some 16.5 million people. “I hope that we will not find out that you have an offshore account in the Bahamas,” Le Pen said during the ferocious confrontation that was her last chance to claw back the gap before Sunday’s run-off voter. Macron described the suggestion as “defamation”. A source close to the case said the 39-year-old ex-economy minister’s complaint targeted “information that circulated Wednesday night on the internet”. Macron’s campaign team said the rumours began circulating two hours before the debate started. Speaking on France Inter radio Thursday, the centrist, pro-EU candidate characterised the insinuations as “fake news and lies” from “sites, some of which were linked to Russian interests”. “We will not hesitate to prosecute for defamation anyone who repeats this false information,” an aide to Macron said. Former US president Barack Obama threw his support behind Macron, saying in a video the candidate “appeals to people’s hopes and not their

fears.” Obama said Macron had “put forward a vision for the important role that France plays in Europe and around the world” and added “Vive la France!” The candidates were back at each other’s throats the day after the debate in which Le Pen branded Macron “the candidate of the elite” while he called her “the high priestess of fear”. After the bruising confrontation, a snap poll by French broadcaster BFMTV found that 63 percent of viewers thought Macron was the “most convincing” of the two, broadly mirroring forecasts for the decisive election on Sunday. “I succeeded in what I set out to do, annoy Mr Macron,” she said on a campaign stop in the western town of Dol-deBretagne, where protesters threw eggs at her entourage, although she was not hit. “I was the people’s representative who dared take a seat at the table reserved for the elites,” Le Pen said. Macron, who headed to the southwestern town of Albi to meet supporters, told France Inter radio: “You can’t choke off all of the lies but you can kill off some of them.” During the visit, the former economy minister was criticised by some 50 union activists who demanded the abolition of France’s controversial 2016 labour reforms. The aggressive and often unruly debate shocked many observers used to a more reserved tone in French political discourse. “It is misleading to call that fist fight a debate,” an editorial

in the right-leaning Figaro newspaper said. Le Monde said it had been “brutal” and “violent from start to finish”. A poll by Elabe for BFMTV showing that Macron had convinced 63 percent of viewers compared to 34 percent for Le Pen suggested she did little to win over new voters. Macron would win around 60 percent to Le Pen’s 40 percent if the vote were held now, surveys

suggest. Le Pen tried to portray Macron as being soft on Islamic fundamentalism, playing to the concerns of many of her supporters after a string of terror attacks in France. But Macron was in combative form throughout, repeatedly portraying Le Pen’s proposals as simplistic, defeatist or dangerous and targeting her proposals to withdraw France from the euro in particular.—AFP

ISLAMABAD: Telecom sector has blamed the irrational tax/ inconsistent policies of the government over the exit of two Middle East investors from the country. Addressing a media roundtable on ‘Telecom Taxation Impacting the Consumers,’ Muhammad Aslam Hayat, Chief Corporate Affairs and Strategy Officer Telenor Pakistan said: “Finance Minister Ishaq Dar neither listens nor gives response to telecom sector’s budget proposals, resultantly we have stopped submitting budget proposals for the second consecutive year,” said Hayat, adding that two Middle East telecom investors namely Oman Telecommunications Co (Omantel) and Ooredoo, a Qatar-based telecom giant, have pulled out of Pakistani telecom market. Pakistan telecom is one of the highly unpredictable sectors in terms of tax regime. Every year the government introduces finance bills that stipulate major changes in tax laws. These changes affect business plans for further investment in telecom sector,

both in infrastructure and spectrum. He further said that Telenor invested $ 3.5 billion during last 11-12 years while it is spending around Rs 40 billion every year on up-gradation of its network, but it sent only $400 million dividends back. Mobilink has invested around $ 8 billion since 1993 but sent $110 million dividends back, he added. Hayat said that Telenor is working in 13 countries and by investing in other countries, e.g. Bangladesh, they could get better returns. He said that four mobile operators participated in the spectrum auction held in 2014 and only one operator participated in the 2016 spectrum auction. However, due to non-conducive environment for investment, hardly a single mobile operator would participate in the upcoming auction. He further said that telecom revenue remained Rs 455 billion in 2015-16, and of that contribution to national exchequer was Rs 158 billion, foreign direct investment was Rs 40 billion, and telecom investment was Rs 75 billion. He said that taxes have to

be paid by customers before they actually avail any telecom service and on average, a user spends Rs 2,520 on telecom services annually and gets worth for only Rs 1,598 while Rs 922 go to taxes. For the poorest 20 per cent population, the total cost of mobile ownership accounts for as much as one-fifth of average annual income. The telecom consumers in Pakistan are paying 37 per cent tax for using mobile or internet facility, which is the highest and there is no sign of any reduction in such heavy tax system. According to the law in Pakistan, a person having less than Rs 0.4 million would not be taxed but here every mobile consumer is paying tax irrespective of his earning. The government even asked the telecom operators to collect IMEI tax from consumers, which currently the companies cannot collect. There is a 16% federal excise duty over transfer of money through mobile banking system of telecom operators and the government wants to introduce withholding tax over it.

Ex-army officer’s mysterious abduction has links to Indian agencies

North Korea claims armed tax officials beat diplomat, wife

Sources report that the vehicle was present in airport parking since 11 am whereas Dolly, who is not a resident of Nepal, came there on April 4 for this special mission. After reaching Nepal, Habib Zahir bought a SIM of a local company, says investigating authorities. His mobile phone continued to receive signals till 2:45 pm. The last signals on his SIM were received from Maya Devi Temple’s tower. It is pertinent to mention here that Kali Dah border crossing is merely seven kilometres away from the temple. Lt Col Muhammad Habib Zahir (retd) had been working at Rafhan Mills in Faisalabad after retirement from service in October 2014. Zahir had posted his resume on job portal Linkedin and on the UN website. Two months back, he was contacted by a man named Mark Thomson through email and from a UK phone number for a job interview in Nepal on April 6. The man claimed that Zahir had been shortlisted for the job of vice president/zonal director with a salary package of USD3,500-8,500 per month.—NNI

KARACHI: North Korea’s embassy in Pakistan has accused the country’s tax authorities of assaulting a diplomat and his wife, claiming armed officials broke into their Karachi home and held guns to their heads, an official confirmed Thursday. The written complaint, seen by AFP and addressed to the chief of Excise and Taxation department, demands action against the officials and warns the incident could seriously impact diplomatic relations. It said at least 10 armed men from the department burst into the diplomat’s Karachi home on April 9 and attacked him and his wife, dragging her by the hair and hitting them both in the face before aiming guns at the couple. They also shot at photographs of the couple, the letter alleges. “This is a very serious issue and we have set up a high-powered investigating team to probe into the allegations framed by the Korean embassy,” Shoaib Siddiqui, chief of the department told AFP. The incident was recorded on closed circuit television cameras, the letter, dated April 27, claimed. “We will examine the CCTV film so that we can identify the men,” Siddiqui said. The diplomat’s role in Karachi is not known.—AFP

LAHORE: A former army officer, Lt Col Mohammad Habib Zahir’s mysterious abduction in Nepal has links to Indian intelligences, sources said on Thursday. Last month, Foreign Office confirmed that Habib has been missing since April 6 from the district of Rupandehi in Nepal. The ex-army officer is not present in Nepal. Many Indians have been found involved in the matter as the people who booked Habib’s hotel, ticket and did payments were all Indian nationals. Habib’s ticket was bought from Precious Travels and Tours Khatmandu by an Indian named Safal Chaudhry. A female identified as Sabu Rajwari made bookings for Habib in Hyatt Regency Hotel. She works as a marketing manager in a Nepalese company. He first landed at Khatmandu from Oman Airways flight and later arrived at Lumbini’s Bhairahawa Airport via Buddha Airways flight on April 6 at 1 pm and was received by Indian citizen Dolly Ranchel. He was then taken towards Indian border in a white car.

Printed by Arshad A. Zuberi at Apex Printing Press and Published by Asif Aziz Zuberi for Emmay Zed Publications (Private) Limited, Karachi. Editor: Wamiq A. Zuberi.