profit.com.pk Saturday, 12 November, 2011Pages: 8

Female education can changeparadigms Page 2Cement manufacturers urge govt to clear payments Page 8

ISLAMABAD

STAFF REPORT

PakIStan Railways (PR) offi-cials claimed that the entitycan earn up to Rs500 millionannually by leasing out rail-

way land, easing the financial crunchof the national entity.

Railway officials were briefing thesub-committee of senate standingcommittee on railways about progresson the issue of illegal occupation ofrailway land by individuals in Lahore.

the meeting was held under thechairmanship of head of sub-commit-tee senator abdul Ghaffar Qureshi.the two member committee com-prised of senators abdul GhaffarQureshi and abdul khaliq Pirzada.

Director technical Railways fromLahore abdul Saeed khan informedthat the enforcement division has gotretrieved 13 acres of agriculture land,4.5 commercial and 4.27 acres resi-dential land from the illegal occupantsduring last three month.

He further said that FIRs are lodged

and police memos are issued against il-legal occupants, adding that occupationof railway land by government depart-ment has already been taken up withthe concerned departments and is beingpursued for mutual settlement. PR alsorecovered Rs2 million on account ofpenalty from the occupants of landthrough an operation that was con-ducted in coordination with the taskforce. the committee was informed that98.32 acres land of Pakistan Railwaysin Lahore was illegally occupied.

addressing a case study of land oc-

cupation by individuals, Saeed khansaid that a person got some railway landon lease for Rs800,000 to set up a‘Bachat Bazar’, but he constructed 350cemented shops and sold them to dif-ferent people for Rs300 million. Overallabout 5,000 acres of land owned byPakistan Railways has been under ille-gal occupation. as per break up of occu-pied land, citizens have been occupying3,000 acres; government 1,000 acresand Pakistan army, rangers and Fron-tier Corps Balchistan 860 acres of land.

Committee members observed that

encroachment on railway land was onthe rise and the progress to retrieve theland is very slow. While expressingtheir dissatisfaction on the progressthey directed the railway authorities tosubmit a detailed report in this regardwithin a month. Regarding the railwaystrategy to lease out land, senatorswere of the opinion that renting outprecious railway land, on throw outprices, would not improve the institu-tion until the authorities launch a strat-egy and operation against the ongoingcorruption in the department.

PR could earn Rs500m by land leasing, claim railway officials

LAhore

Ali Rizvi

COmmEntInG on Bangladesh’s surpris-ing objection to Pakistan’s preferentialtrade agreement with the Eu, sources inthe WtO have revealed that Dhaka had

decided to support Islamabad’s case, but it couldnot communicate the decision to its team in timefor the crucial nov 7 WtO meeting.

LOst EurOs“this puzzling stance of Bangladesh has cost Pak-istan at least 50-60 million euros in lost exportsof the 75 products included in the list of goods tobe traded under the special trade concession,” thesources explained. this objection will delay thematter of Eu trade concessions by at least anotherthree months, they added. Earlier, after almost ayear of negotiations with India, new Delhi agreedto drop objections to the Pak-Eu trade deal con-ditional to Pakistan granting the former mFn sta-tus. However, Pakistan said the mFn will still besubject to India seriously addressing non tariffbarriers. the dilly dallying tactics of India for thelast year or so have cost Pakistan an enormous250-300 million euros in terms of lost trade with

the Eu member states. Sources in the commerceministry have also hinted that the possibility ofbehind-the-scenes connivance between India andBangladesh cannot be ruled out. they added “outof the 153 members of WtO, 152 nations sup-ported the trade deal, therefore the objection fromBangladesh eluded the collective wisdom of Eumember states, the WtO member countries andall stakeholders by objecting to the unilateraltrade concessions.”

sPaNNEr IN tHE wOrks“What is being termed a ‘goof up’ has cost ustremendously, and on such international forumsit is unbecoming of countries to be unscrupulousregarding decisions of prime strategic and eco-nomic importance to other countries. We havesupported Bangladesh on all forums and have ex-tended support in every possible way, thereforesuch decisions could create fissures in longstand-ing political and economic partnership with theSouth asian country,” said a source in the min-istry of commerce. It is expected that asBangladesh creases out the communication gap,Pakistan will request a special meeting to be con-vened in order to pass the unilateral trade conces-sions that require a waiver from the WtO.

FaCt CHECk the special Pak-Eu trade concession was offeredin lieu of unprecedented damage in the wake offloods and Pakistan’s participation in the waragainst terrorism. It is estimated that the com-bined damage to Pakistan’s economy from of thefloods amounted to around $43 billion. accord-ing to rough estimates by Pakistan cotton gin-ners association, this natural calamity resultedin the destruction of two million bales of cotton,which affected its international price. these cat-astrophic floods also resulted in a massive loss offood production as 17 million acres of Pakistan’smost fertile crop land was submerged in water.Damage to agriculture was calculated at $2.9 bil-lion, which included 700,000 acres of lost cottoncrops, 200,000 acres of sugar cane and 200,000acres of rice, in addition to the loss of 500,000tonnes of wheat stocks. In recognition of Pak-istan’s sacrifices against extremism and al-Qaeda, taking into account the economic lossessuffered due to terrorism and devastating floodslast year, the Eu leadership decided to give Pak-istan-specific tariff concessions in the form ofautonomous trade preferences under which 75Pakistani products would benefit from duty freeaccess to the European markets.

Indian dichotomyand MFN 3

Dhaka’s ‘miscommunication’costs Pakistan 50-60m euros

HDF shows concernover drop in HumanDevelopment Indexof Pakistan

ISLAMABAD

STAFF REPORT

Human Development Foundation(HDF) showed concerns overdiminution of Pakistan in the

human development index of unitednations. Pakistan ranked 145 in thehuman development index of 187countries has dropped 20 points this yearin an index that represents better livingsconditions available to the citizens of acountry. In the previous humandevelopment index, Pakistan was at the120th number.according to the un report, incomedistribution has worsened, andenvironmental degradation threatensfuture prospects. most people live longer,are more educated and have more accessto goods and services than ever before.Chief Executive Officer of HumanDevelopment Foundation (HDF) azharSaleem termed this declining trend ofhuman development index a matter ofgreat concern.Explaining the situation, azhar said thatthere are a number of non-governmentorganisations working in different fieldsin Pakistan but the living conditionscannot only be achieved by education,health or economic development alone.He said that a higher position in humandevelopment index, the government needsto work in tandem with nGOs.In 2010, Pakistan was ranked 125th in thehuman development index rankings.according to the 2011 rankings, Indiaranks 134, Bangladesh 146, China 101while norway tops the group withaustralia in 2nd place. Humandevelopment index is the comparativemeasure of life expectancy, literacy,education and standards of living forcountries worldwide.He further stated that HDF is based on theprinciples of the human developmenttheory adopted by the un and applies aholistic approach to developmentincluding education, health and economicdevelopment.

g Pakistan ranks 145 inhuman development indexof 187 countries

g Government needs to coordinate with NGOs: CEO, HDF

Layout Profit 7 pages_Layout 1 11/12/2011 10:10 PM Page 1

Saturday, 12 November, 2011

02 debate

Shan Saeed

It was 1986 and my mother was talk-ing to our late father. Female educa-tion can change Pakistan’s economicfuture going forward she said. thesewords still echo in my ears after 25

years and it is so true. If we educate a boy,we educate one individual but if we educatea girl, we educate a society whether the girlis a home maker or a working female, shetakes care of the children.

STRATEGIC VALUEOF FEMALE EDUCATION

I like testing my idea on different waters toget global insight about economic success. Iwas attending a session of ms ChristinaRomer-former adviser to President ObamaEconomic team on 9th march, 2009 atBrooking institute at Washington DC (Pro-fessor of Economics at uni. of California,Berkley, uSa) on the invitation of mymIt/Harvard friends. I asked her an infor-mal question as to how Pakistan can moveahead economically, politically and socially;she replied female primary/secondary edu-cation is the key to success. Countries thathave really progressed economically, so-cially and politically, invested heavily in fe-male education to make a remarkableturnaround for their nation. HRH Princekarim aga khan has always advocated theimportance of female education.

BENEFITS OF FEMALE EDUCATION:n Economic productivityn Social developmentn Intergenerational educationn Social equityn Sustainability of development effortsn Lowers infant mortality raten Improve economic health and

purchasing power of the productive labor force

n Intrinsic value: Economic & Social efficiencies

ECONOMIC IMPACT

Our policy makers have their priorites allwrong in the last 20 years. Pakistan doesn’t

need PhD’s. In fact, we need to focus on pri-mary and secondary education which wouldmake a huge impact on the national econ-omy. IRR is best in primary and secondaryeducation level up to 17 per cent and dropsat university level to 11 per cent. Even inuSa, after junior college IRR in uS has beenless than average interest rate (individualdiscounted cash flows may be positive be-cause of state subsidy). PhD’s are importantfor university level faculty for improvementin their skill set and capability enhance-ment. HEC’s myopic vision and non-pro-ductive approach is doing more harm thangood. they forced the students (sponsoredby GoP) who are pursuing PhD to sign abond to serve Pakistan upon return. this isnon-productive approach. the productiveand strategic approach (idea of my goodfriend Izhar ul Haq, PhD from Cambridgeuniversity) should be to ask the studentswho are pursuing their PhD’s abroad totrain 2/3 PhD’s in Pakistan upon their re-turn, carry out research work and then theycan go wherever they want if they find a joboutside Pakistan. that is their fundamentalright. the Singaporean universities are fol-lowing the same pattern. I am sure this ap-proach is not authoritative but harmoniousfor all stakeholders involved in the processto ponder upon.

I have traveled extensively in the aPaC[Singapore/malaysia/Indonesia] regionand north america, having studied theeconomies, I would like to share few analy-ses, and how these countries have per-formed by investing in female education.these countries have remained ahead of thegame in economic progression and growth.

SOURCES

Sonia Raj, Research student at Dow Insti-tute of Health Sciences, World Bank, ImF,

IFC, Economist magazine, Business weekuniversity of Chicago, Library, uSa, ProfGary Becker—nobel Laureate at universityof Chicago, Booth School of Business, uSaresearch in human capital.

EMPIRICALLY PROVEN

the above variables clearly illustrate howinvestment in female education can helpthe economies to succeed in movingahead in this era of economic accelerationand prosperity as the markets turn uncer-tain towards depression. there is a verystrong correlation between female liter-acy and GDP growth rate which is empir-ically proven. GDP growth rate andeconomic prosperity is tied to female ed-ucation as well as emancipation. Edu-cated females contribute 83 per cent tothe overall GDP growth rate. this is veryconspicuous and proves my point of edu-cating females at grass root level.

In Pakistan, we can make economicprogress by investing at the grass rootlevel of female education i.e. primary andsecondary. We have to educate our fe-males on war footing in order to get outof this economic malaise and financialrepression. We can take assistance ofsome of the leading female role models ofour country including marina khan,Shahnaz Sheikh, naveed Shahzed, Sal-ima Hashmi, moneeza Hashmi and Dr.anita Ghulam ali who are well respectedin the country to carry out this mission toturnaround the economy for the better-ment of the people in the long run. Iwould like to utilise my networking in-cluding inviting american actress/modelkatheryn Swann, Brand Strategist LibbyGill and French/ Lebanese fashion de-signer Rola Ezzedine to help us in thiscause to progress economically and so-

cially. the government needs to gal-vanise its efforts and hard work to re-main focused to improve the livingstandard of the massesby educating the peopleof this country. Istrongly believe that femaleeducation is the only hope that canbolster our efforts to achieve economicand social prosperity in the country.Education investment dividendscan come in handy in the next 5-10 years. Based, on what mymother said, the motivation towrite this article was mainly dueto her, aftab Saeed and my fa-ther, Saeed Hafeez. Happy in-vesting in female education tobring about change in the livingstandards of our society.

FEMALE EDUCATION CAN CHANGE PARADIGMSPAKISTAN’S ECONOMIC DESTINY

PER CAPITA INCOME IN DOLLAR TERMSS.NO COUNTRIES 2005 2006 2007 2008 2009 20101 malaysia 12,000 12,900 14,500 15,200 16,800 17,7002 Indonesia 3,600 3,900 3,600 3,900 4,000 4,2003 Singapore 28,600 31,400 41,900 46,500 47,900 49,1004 South korea 22,600 24,500 25,000 27,600 28,100 32,000

THREE VARIABLES WITH DEEP MACRO ECONOMIC IMPACTS.NO COUNTRIES 2005 2006 2007 2008 2009 20101 malaysia 5.2 5.8 6.5 4.7 4.3 7.22 Indonesia 5.6 5.5 6.3 6.0 4.6 6.13 Singapore 6.4 8.7 8.8 1.5 1.7 14.54 South korea 4.1 4.8 5.1 2.2 2.4 6.15 South korea 22,600 24,500 25,000 27,600 28,100 32,000

GDP GROWTH RATE IN PERCENTAGE TERM

S.NO COUNTRIES 2005 2006 2007 2008 2009 20101, malaysia 95.8 96.5 97.5 97.8 98.7 98.92, Indonesia 97.4 96.3 97.8 99.4 98 98.53, Singapore 97.6 98.6 98.9 99.9 99.8 99.54, South korea 98.1 98.9 99.4 99.7 99.8 99.8

RATIO OF FEMALE EDUCATION IN PERCENTAGE TERMS

Repercussions of granting MFN to IndiaIsmat Sabir

at last Pakistan has decided togrant India the status of mostFavoured nation (mFn). India

granted this status to Pakistan in 1996 butPakistan did not reciprocate. therefore,India is rightly demanding that Pakistanshould give it the status of most Favourednation (mFn). they said the governmentof Pakistan should not only give IndiamFn status but also shift from positive listof imports to a negative list. the Indian of-ficials claimed that it would result in a fivefold increase in bilateral trade, whichwould increase from the present $2.7 bil-lion to more than $10 billion between thetwo countries in next a few years.

STREAMLININGCUSTOMS PROCEDURES

India has a 'sensitive list' of about850 tariff lines for all non Least Devel-oped Countries members of SaFta, in-cluding Pakistan. trade under theseitems is allowed under mFn basis.

India claimed that in coming years,tariff rates would come down to theglobal levels. to improve infrastructurealong with streamlining and harmonisingcustoms procedures at land borders, theIndian government is setting up a mod-ern integrated check post at India Pak-istan border at attari for tradefacilitation, which was expected to beready by april 2011. Presently goods are

traded from Wagah post only. Pakistanallows import of about 110 items fromIndia through land route while it is ex-porting only one item, cement, to Indiathrough the same route.

according to the World trade Organ-isation (WtO), “mFn status means thatevery time a country lowers a trade bar-rier or opens up a market, it has to do sofor the same goods or services from all itstrading partners, whether rich or poor,weak or strong”.

mFn is one of the instruments in useby the WtO to make member countries’trade, more competitive and non discrim-inatory. India and Pakistan are the signa-tories of the WtO agreement; therefore,Pakistan is bound to grant mFn status toall member countries including India,without any discrimination.

HISTORY

In the early days of internationaltrade, most favoured nation status wasusually used on a dual party, state-to-state basis. a nation could enter into amost favoured nation treaty with anothernation under which the uS granted mostfavoured nation trading status to Britain.

the documents indicated that “gener-ally bilateral, in the late 19th and early20th century unilateral most favourednation clauses were imposed on asian na-tions by the more powerful Westerncountries. One particular example ofmFn status is the treaty of nanking aspart of the series of unequal treaties. It

was implemented in the aftermath of theFirst Opium War between Great Britainand Chinese Qing Dynasty involving theHong kong islands”.

after World War II, tariff and tradeagreements were negotiated simultane-ously by all interested parties through theGeneral agreement on tariffs and trade(Gatt), which ultimately resulted in theWorld trade Organisation in 1994. theWtO requires members to grant one an-other mFn status. a most favoured na-tion clause is also included in themajority of the numerous bilateral invest-ment treaties concluded between capitalexporting and capital importing countriesafter the Second World War.

the mFn also called normal trade re-lations, guarantee of trading opportunityequal to that accorded to the most-favourednation. It is a method of establishing equal-ity of trading opportunity among states bymaking originally bilateral agreementsmultilateral. as a principle of public inter-national law, it establishes the sovereignequality of states with respect to tradingpolicy. as an instrument of economic pol-icy, it provides a treaty basis for competi-tive international transactions, according toWtO documents.

NTBS A MAJOR HINDRANCE

India said if trade between the twocountries expands it would reduce freightcost, quick deliveries and short inventories.However, much depends on smooth politi-cal relations between the two countries.

the share of India in Pakistan’s totalexports remained about 1 to 2 per cent,whereas in total imports, it has been 1.24to 2.66 per cent. this decision would alsolegalise the ongoing illegal trade of In-dian goods to Pakistan via Dubai or anyother third country.

a SBP report indicated that allowingimport of items from India, i.e. expand-ing the current list of positive items, willgive Pakistan an average saving of $400to $900 million.

Out of the 100 countries with whichPakistan trades, India is Pakistan’s ninthlargest trading partner. this indicatedthat Pakistan’s trade with India is morethan its trade with France, Italy, thai-land, Iran, Canada, malaysia and Japanin 2007-08. In September, during ameeting between the two commerce min-isters, India and Pakistan, agreed to morethan double bilateral trade within threeyears, from the present level of $2.7 bil-lion per annum to about $6 billion. newDelhi had pointed out that trade could beenhanced in petroleum, energy and com-modities. main items of exports to Indiaare vegetables and fruits, textile yarn andfabrics, leather and leather manufactur-ing, petroleum crude, plants for perfume,pharmaceuticals, rice, sugar refined etc.

In 2008-09 Pakistan exported goodsworth $320 million that reduced to $268million in 2009-10. the trade betweenthe two countries was $1.4 billion in2009-10. Of which Indian exports to Pak-istan were $1.2 billion and exports toIndia were only $268 million. In 2010-11,

India Pakistan trade was $2.6 billion butin real terms it is actually one way trade.It also indicated that India has not liber-alised trade for Pakistani products.

tariff rates of India are significantlyhigh, especially for goods of particular in-terest to Pakistan, such as textiles, leatherand onyx. there are many factors hinder-ing trade between the two countries likepoor railway and road linkages, makingtrade more costly and difficult. Besides, in-adequate sea shipments facilities, issuinglimited number of visas, cumbersome pay-ments, customs procedures and bureau-cratic attitude are also restricting trade.

INDIAN INTRANSIGENCE It has been said that the trade liber-

alisation process is linked with the re-moval of non-tariff barriers (ntBs) bythe Indian government.

the commerce ministry said themFn is not a new issue as Pakistan andIndia had signed the General agreementon tariffs and trade (Gatt) underwhich all member states had enjoyedmFn status. From 1947 to 1965 both thecountries had signed four agreements.Pakistan has already assigned mFn sta-tus to over 100 countries.

Welcoming the decision Indian tradeSecretary said it would not only be goodfor commerce but it would increases con-fidence on the economic front that bothPakistan and India are committed tomoving the social and trade agenda. Indiawants Pakistan to grant it mFn statuswithout linking it to non-tariff barriers.

Shan Saeed is afinancial economist and

commodity expert with 12years of financial market

experience. He hasgraduated from Booth

School of Business,University of Chicago, USAand IBA Karachi. Blogs atwww.economistshan.blogs

pot.com

Layout Profit 7 pages_Layout 1 11/12/2011 10:11 PM Page 2

THE Government of Pakistan hasagreed in principle to accord themost Favoured nation (mFn)status to India. this decision hascreated debate in Pakistan –

some are favouring while others are express-ing concerns. Before I share my views on thesubject, it is pertinent to dispel some misun-derstanding about the mFn status.

What is mFn status? the mFn status isa clause in international trade treaty under

which the signatories promise to extend eachother any favourable terms offered in agree-ment with third parties. For example, ifcountry a negotiated a tariff cut with Coun-try B, and subsequently B negotiated an evenmore favourable cut with Country C, then thetariff rate applying in the second case willalso be extended to country a. Furthermore,if commodity a is imported and x-per centduty is charged then the same per cent ofduty must be charged irrespective of the ori-gin of imports of commodity a. in otherwords, mFn status simply means prohibitingdiscriminatory treatment among tradingpartners with respect to tariffs, bordercharges, as well as other taxes.

as a signatory to the WtO, Pakistan isobliged to extend mFn status to all WtOmember states including India. In otherwords, Pakistan cannot discriminate India ininternational trade. India has already pro-vided mFn status to Pakistan in 1996.

While India granted Pakistan the mFnstatus in 1996, one wonders why Pakistan didnot reciprocate the favour. the primary rea-son is that Pakistan believes in a fair traderegime. With India according us the mFn al-

most 15 years ago, trade volumes from Pak-istan to India have not improved. the balanceof trade remained in favour of the former,while exports from Pakistan were negligibleowing to a plethora of non tariff and Para-tariff Barriers. therefore, Pakistan’s point ofcontention has been the fact that there existsan unnerving dichotomy in Indian policy thaton the one hand presses for trade liberalisa-tion and on the other suppresses a fair traderegime through ntB’s.

In 2010, owing to the devastative floodsthat struck Pakistan, the European union(Eu) decided to extend special trade conces-sions that may enable Pakistan to earn extraforeign exchange for a limited period of twoyears. In particular, the Eu decided to offerunilateral trade concession on 75 items toPakistan allowing duty free access to the Eu-ropean markets. However, these trade conces-sions by the Eu required a waiver from theWtO before it could be implemented.

What was most striking that India was theonly country who objected to the Eu offer toPakistan in the WtO, other than Bangladesh.Interestingly, India at no stage claimed that itwould be at a disadvantageous position bythis trade deal. the uncompromising stanceof our neighbour has resulted in the trade dealbeing delayed to date as the WtO works byconsensus and Eu required all WtO membersto consent to its proposal.

India linked the grant of the mFn sta-tus to removing objections from the Pak-istan – Eu trade deal. Such intransigencecompels one to wonder whether Pakistan isseeking trade liberalisation with Europe orIndia. Is Pakistan giving Europe the mFnstatus? Is this about seeking fair trade withthe Eurozone?

to deal with the Indian opposition toWtO, the Government of Pakistan hasagreed in principle to accord the mFn sta-tus to India. India will soon be granted themFn – its cherished goal, in return for sup-porting Eu trade concessions to Pakistan.Ironically, they have yet to address Pak-istan’s concern about the non-tariff barriers(ntBs) which have restricted trade betweenthe two countries thus far.

It has been the principle stand of Pak-istan that to strengthen SaaRC as a re-gional organisation, India and Pakistanshould pursue a fair trade regime. If Pak-istan and India expand their trade relationsit would encourage other member countriesof the SaaRC to enhance their trade withinthe region. Such a regime between Indiaand Pakistan can only be instituted if the

former removes all the ntBs and allow levelplaying field to Pakistani exporters. manycountries in the world including Pakistanhave expressed extreme reservations aboutIndia’s continued use of ntBs to trade. Pak-istani businessmen feel that there are somentBs which are Pakistan specific.

What the government of Pakistan needs toexplain to its people is how can trade betweenIndia and Pakistan flourish in the presence ofntBs? It is indeed intriguing that Pakistanmoved in haste without protecting its own in-terests and those of the SaaRC region.

In the recent meeting of WtO Commit-tee for trade in Goods, although India didnot object to the trade package but surpris-ingly Bangladesh who now raised objectionto the said deal which has delayed the con-cessions once again.

the Eu concession issue is not likely to beresolved soon even if Bangladesh raises no ob-jection at the WtO. there are other countries,namely Brazil and Peru who could oppose Euconcessions to Pakistan. their argument isthat like Pakistan they also suffered heavily onaccount of massive flooding and if the Euwants to assist Pakistan then they should beextended the same treatment. Who knows,some other countries might raise their con-cern in the next meeting of the WtO.

Pakistan has decided in principle to ac-cord mFn status to India in return to a tem-porary (two year) deal. It has compromisedon its principle stand that trade between thetwo countries must be enhanced in a fairtrade regime environment. By accordingmFn status to India, are we promoting tradebetween India and Pakistan or between Pak-istan and European union?

For meaningful progress that will resultin mutual trade and economic gains, Indiamust finally move beyond the dichotomythat has defined its posture towards Pak-istan for far too long. It can no longer maketrade advances while incorporating regres-sive non tariff Barriers at the same time,defeating the very purpose of the exercise.as the recent episode regarding the mFnstatus and Pakistan’s Eu concessions shows,there is an inherent insincerity in the Indianestablishment with regard to Pakistan. If itexpects Pakistan to open its trade borders tonew Delhi, India must first prove its com-mitment to progressive change that bothcapitals have been trumpeting.

The writer is a prominent economist andprincipal, NUST business school. He can be

reached at ahkhan@nbs.edu.pkbank.

WE must keep addressing the ureaissue so long as the govern-ment’s handling of it leaves a lit-tle something to be desired,especially since the commodity’s

shortfall has a direct bearing on food prices. and nowthat gas shortage has already bid up prices, translat-ing quickly into ag-flation, it behooves the govern-ment to ensure farmers’ complaints of miss-pricingthe subsidy and hoarding are addressed urgently.

already, despite the subsidy, the price per bag hasincreased a good 53 per cent. and to make mattersworse, there’s yet no mechanism to check hoardingtypical of the sector, pushing up prices unrealisticallyand burdening the end consumer. Since much of theperiphery already survives on mere subsistence,thanks to the long high-inflation trend, lack of properofficial attention might just push marginalised groupsinto revolt, by no means a novelty in the present in-ternational environment.

the official position is surprising since handlingsome of these issues is not very difficult. Once han-dling gas-shortage was mistimed, relevant authoritiesshould have moved quickly to ensure compliance withproper price structures to keep an already uncomfort-able situation from turning volatile. Should the situa-tion turn still worse, there will be no prizes forguessing where inefficiency is rooted.

Urea again

Are regressive Non TariffBarriers in return for MFNpromoting fair trade?

Indian dichotomy and MFN

Dr Ashfaque H Khan

Animal sacrifice

the dip in the practice of animal sacri-fice this Eid was pretty obvious, and itwas clearly because of the inflated pricesof the animals. It is a shame that wehaven’t even spared our religious cus-toms from becoming means of unethicalprofit making. I, for one, could not af-ford even one of the modestly pricedgoats and had to make do with sharingthe sacrifice to prevent a burning hole inmy pocket. although, we are used to es-calating prices, but it is my humble re-quest to the government that theyshould help an average man perform hisreligious duties; at the very least.

AnSAr KhAn

iSlAmAbAd

E D I T O R I A L

Giving quality education a chance

UnFORtunatELy, even inthe 21st century where ex-cessive media exposureand massive level of glob-alisation have entirely

metamorphosed the concept of changeand development for many of us; the gov-ernment of our country remains indiffer-ent with only a tiny bit of its budget beingallocated for the education sector. the fig-ures and literacy rate of Pakistan, however,show the brighter side of the picture. thisis mainly because the definition of a ‘liter-

ate person’ in Pakistan does not really de-scribe a literate person. Ironic, isn’t it?

according to the definition of literacythat has been drafted by the united nationsEducational, Scientific and Cultural Organ-isation (unESCO); literacy is the ability toidentify, understand, interpret, create, com-municate, compute and use printed andwritten materials associated with varyingcontexts. It involves a continuum of learn-ing in enabling individuals to achieve theirgoals, to develop their knowledge and po-tential, and to participate fully in their com-munity and wider society.

Surprisingly, someone who can readand write a simple letter, in any languagehappens to be a literate person in Pakistan!this definition is in stark contrast to manydeveloped as well as developing countrieswhere the definition is more qualitative.

So technically, what explains a ‘simple’letter? Does this refer to a written elementof an alphabet that represents a singlephoneme or ….? the definition also fails

to specify the language of the letter and thenewspaper. So that means if I am able toread a newspaper in Hebrew and alsowrite a simple letter in the same language;this would earn me the title of a literateperson, irrespective of the fact that I am apart of a South asian country whose na-tional language is urdu?

So are we blinded by ignorance orwhat? talking in the same context, if weskim through the pages of the past or evenconsider the current efforts being made bythe government for the improvement of theeducator sector, we analyse the lack of po-litical commitment, low quality education,lack of stress on primary education, im-proper checks and balance, etc.

I got a chance to teach at a local govern-ment school in Punjab and was baffled tosee the number of mistakes in the textbooks provided by the government underthe education promotion schemes. It wasindeed appalling because the studentswould not believe me over the book. ‘a book

is always true and au-thentic,’ they said.

Be it the ‘BenazirIncome Support’ pro-gramme or the ‘ParhaLikha Punjab’ pro-gramme; each hasproved yet another fu-tile effort that hasfailed to do any good; the major reasonbeing lack of stress on quality education.this makes us come to the conclusionthat even if a higher per cent of thebudget is allocated for this sector, therewould still not be enough of good newsbecause of the many loop holes and greyareas associated with the allocation.

the proper solution lies in the stan-dard and quality of education that need tobe focused upon. Efforts should be made toreplace the out-dated curriculum with in-ternational standards of quality education,which has little relevance to the presentday. In this way, standardisation in the ed-

ucation system can alsobe ensured, when boththe private and publicschools will be followingthe same system of edu-cation and text books.Similarly, proper qualitytraining should be givento the teachers.

Finally, economic and social changeshould be understood as a concept that hasto take place through the existing social sys-tem and the networks of social institutions.the need to realise the role of education, inthis respect, as an agent or instrument ofsocial change and economic developmenthas to be widely recognised. mainly becauseyouth is the backbone of any country and itis expected to play a constructive role to-wards change and a better tomorrow. Letthe change, and revolution, be throughquality education!

The writer is sub editor, Profit

Maheen Syed

For comments, queries and contributions, write to:

Email: profit@pakistantoday.com.pk Ph: 042-36298305-10 Fax: 042-36298302 website: www.pakistantoday.com.pk

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Change should beunderstood as a conceptthat has to take placethrough existing socialinstitutions

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Saturday,12 November,2011

Globalisation offersmarvellous potentialprofits to all nations ofthe world

04news

Govt must ensure uninterrupted powersupply to compete with Indian market: ICCIISLAMABAD: Pakistan is confronted with an acute energycrisis which is taking a heavy toll on economy. Grantingmost Favored nation (mFn) status to India could createdifficulties for Pakistan’s trembling economy. President,Chamber of Commerce and Industry (ICCI) Islamabad,yassar Sakhi Butt said in a statement that there is a direneed to provide business friendly environment to our localindustries by ensuring uninterrupted supply of electricityand gas. Otherwise, our domestic industry can not competewith Indian cost effective products. He said that beforegiving mFn status to India, the government should havemake sure that at least our industry is running in full swingso that we are in a position to take the benefit of a big Indianmarket. It is however, surprising that no chamber andassociation have highlighted this issue. President ICCI saidthat pharmaceutical industry would definitely suffer whichis one of the fastest growing industries in Pakistan and hasshown growth of 17 per cent in the last 5 years despite thedeplorable economic conditions. He said governmentshould also take notice of the fact that Pakistan could nottake any advantage of the mFn status given to it by Indiasome 15 years back. STAFF REPORT

sECP extends facilitationto the corporate sector ISLAMABAD: the Securities and ExchangeCommission of Pakistan (SECP) extends facilitation tothe corporate sector in collection of annual returns andaccounts for filing of annual statutory returns andaccounts. Last date of filing Form 29 for most of thecompanies is 14th november 2011. Companies are alsorequired to file annual returns on Forms a/ B within 45days, in case of listed companies and 30 days in case ofother companies, of holding of annual General meetings(aGms). annual audited accounts are also required to befiled within 30 days of holding of aGms. CROs shall alsoremain open on the coming Saturday during 8:30 am to5:30 pm and till late hours, i.e., 8:00 pm; on the 14th,29th and 30th november 2011, respectively. Specialfacilitation desks have been established at the CROs withdesignated staff to facilitate companies in submission ofannual returns and accounts. STAFF REPORT

aPCNGa demands revision in3 day load shedding plan for CNGISLAMABAD: all Pakistan Compress natural Gasassociation (aPCnGa) while rejecting government’sthree day gas load shedding plan, proposed a new gasload management formula; suggesting that it will enableevery one to get CnG and benefit the general public andgovernment. aPCnGa central executive committeemeeting has demanded to revise the load shedding planfor CnG in order to resist the immense pressure fromconsumers, public and transporters. “People go harsh onrefusal of CnG on CnG stations, which is harmful for ourbusiness” the Central Chairman, Ghiyas abdullahParacha said to the media after the meeting. this waythe hardships of public will be increased and ourbusiness will be ruined, he said. STAFF REPORT

PIaF asks withdrawalof electricity tariff increaseLAHORE: Sudden increase of Rs3.40 per unit inelectricity tariff ostensibly in the name of fueladjustment not only has its repercussions in industry,but is against the masses as well. It could be perceived asthe last straw on camel’s back, so to speak. Bulk increasewould also give a bad name to the government andtherefore, the government should withdraw itimmediately. these views were expressed by theChairman, Pakistan Industrial and traders associationsFront (PIaF), Sohail Lashari, Chairman, auto Partsmanufacturers and Exporters association, tahir Javedmalik and Chairman, Lahore township Industriesassociation (LtIa), Haroon Shafiq Chaudhry in a pressstatement. STAFF REPORT

all model Customs Collectoratesto remain open on saturdayISLAMABAD: the Federal Board of Revenue (FBR)directed all the model Customs Collectorates to remainopen on Saturday and consider it as a normal workingday in order to facilitate the trade and industry in gettingtheir cargo cleared for imports and exports. the FBRrequested State Bank of Pakistan (SBP) and nationalBank of Pakistan (nBP) to provide banking facility bythe designated branches in order to ensure the paymentof duty and taxes. FBR has also advised the portauthorities and port operators to synchronise theirworking, accordingly. STAFF REPORT

Bourse closes with 50 pointgain, technical error witnessed

KArAchI

STAFF REPORT

DuE to technical error themarket closed 15 minutesearlier from its official

closing, therefore, today’s tradinghas been merged in the comingmonday’s session.

according to the notice issuedby the Deputy General manager Op-erations karachi Stock Exchange itwas informed that due to technicalfault the kSE building terminal gotdisconnected that resulted in thesuspension of the Friday’s tradingsession earlier than closing time.

‘Consequently, it has been de-cided that trading of Friday no-vember 11, 2011 and mondaynovember 14, 2011 will be mergedand settlement for both days willtake place on Wednesday novem-

ber 16, 2011,’ the notice stated. market men informed this

scribe that by dint of this errorthey could not make clearance totheir stocks. the market usuallycloses at 4:30 pm on Fridays, butby dint of a technical error occur-ring in the It department theclearing of the day has beenmoved to coming monday.

Prior to close, the kSE 100index closed at 12019.32 levelswith the gain of 50.27 points,while kSE 30 index gained 73.08points to close at 11373.46 levels.all Share index closed at 8312.17levels after gaining 30.90 points.total 154 scrips advanced 77 de-clined and 2 remain unchangedout of total 260 scrips traded.

total volume stood at 35,040,710along with the value of2,781,764,718. the highest pointof the index was 12111.98 duringthe trading session and the lowestwas 11969.05, with the closingpercentage of positive 0.42 per-cent. top symbols included mCB,nishat mills, national Bank, DGkcement, and arif Habib.

LCCI president Irfan Qaiser sheikh

Swiss ambassador upbeatabout Pak investment climate

LAhore

STAFF REPORT

LaHORE Chamber ofCommerce and Indus-try, on Friday, invitedthe Swiss investors toavail marvellous op-

portunities available in livestock,dairy and agriculture sectors.

In a meeting with Swiss ambas-sador to Pakistan, Christoph Bubbwith LCCI president Irfan QaiserSheikh, senior vice president kashifyounis meher and vice presidentSaeeda nazar also sought Switzer-land’s help over GSP plus status toPakistan. LCCI president IrfanQaiser Sheikh informed the visitingambassador that Pakistan’s deci-sion to grant mFn status to India isan added attraction for the SwissInvestors to put their money inagriculture, Livestock, dairy and anumber of other sectors.

“Prices of agricultural land inIndia are three times higher thanthat of Pakistan and any investment

made in Pakistan would definitelyfind its way to India”.

LCCI president also stressed theneed for exchange of business dele-gations between the two countriesso the business community couldhave first hand knowledge aboutthe huge potential that exists.

“Globalisation offers marvel-lous potential profits to all nationsof the world and both Pakistan andSwitzerland have a great deal of op-portunities in this context to ex-pand their trade and economicrelations therefore sector-specificmeasures are needed to realise un-tapped areas of business.”

Both the sides also agreed to ex-pedite the process of sharing oftrade related information so thatbusinessmen could be able to dobusiness with each other.

the ambassador was of the viewthat Swiss business community wasquite impressed and they are readyto make further investments despitethe fact that Switzerland was thesixth largest investor in Pakistan.

He said the government wouldhave to focus on electricity short-age, security situation in the coun-try and rule of law to restore theconfidence of foreign investors.

He said there are quite a fewsectors wherein there is huge poten-tial for Swiss businessmen particu-larly transfer of technology fortextile sector has a lot of scope. Hesaid that several Swiss companieswere already operating in Pakistanand doing a successful business,which is enough to prove that Swissinvestment has a bright future inthis country. the ambassador ex-pressed the hope that Swiss invest-ment would see a boost in comingmonths due to liberal investmentpolicies. Speaking on the occasion,LCCI office-bearers said major bot-tleneck in promotion of trade andeconomic activities between the twocountries is lack of informationabout business opportunities avail-able. We need to undertake fre-quent activities like exchange ofbusiness delegations, organising

country exhibitions, participation infairs & exhibitions, seminars andworkshops etc to ensure a continu-ous liaison. Interaction between thechambers can be highly beneficial.

they said the country has abun-dant natural resources and skilledcheap manpower but lacks technol-ogy. It is a key market of 180 millionpeople. It is a gateway to Centralasian Republics, South asia and Gulfcountries. Population of SaFtaalone stands at 1.4 billion people.the market of these countries, in-cluding afghanistan, can be effec-tively and conveniently serviced fromPakistan. they said that Swiss econ-omy is one of the most developedeconomies of the world. It has highlyadvanced industries such as machin-ery, chemicals, watches, textiles andprecision instruments. they also in-formed the ambassador that thepresent government has adopted aliberal investment policy and there isno restriction on sending back theprincipal, dividends, profits and roy-alties. Hence, the Swiss businessmenshould come forward and seize uponthe unprecedented investment op-portunities in Pakistan. HonoraryConsul in Lahore Suleman n. khanwas also present in the meeting.

g Pakistan’s decision to grant mFN status to India an added attractionfor swiss Investors g switzerland currently sixth largest investor in Pakistan

MFN to India hailedLAhore

STAFF REPORT

tHE decision to grantmFn status to India is awelcome step; but before

signing any formal agreementboth the Pakistani and Indiangovernments would have to en-sure proper infrastructure atWagah Border with private sec-tor participation.

In a statement issued hereFriday, former LCCI Vice Presi-dent and Convener StandingCommittee on Pakistan-India,aftab ahmad Vohra has said thatthere was a dire need to establish

a container yard, expand loadingand unloading space, create full-fledged online banking facility,and establish Quarantine depart-ment and other labs.

aftab ahmad Vohra also al-leged that the nLC team atWagah is charging huge amountsunder the head of service charges.therefore, the governmentshould constitute a board or trustcomprising of members fromboth the public and private sec-tors to monitor the day-to-dayworking at Wagah border.

He said the governmentmust focus on solving the prob-lems being faced by business

community, especially by im-porters at Wagha Border. na-tional Logistic Cell (nLC) ishandling all cargo arrangementsat Wagha Border terminal andhas drastically increased loadingand unloading charges, scanningcharges, inward and outwardlocal truck gate pass charges, de-murrage charges, storagecharges and wharfage charges,without prior consultation withstake holders. In addition tothis, the coordination betweenthe departments including cus-toms, nLC and banks engaged atWagha Border terminal needs alot of improvement.

Swiss Ambassadorvisits APTMALAHORE: Swiss ambassador HisExcellency, Christoph Bubb visited, allPakistan textile mills association(aPtma) and discussed issues related tobilateral trade and investment prospectsin textile industry of Pakistan. ChairmanaPtma, Punjab ahsan Bashir welcomedthe Swiss ambassador and briefed him ofthe potential of textile industry ofPakistan. Vice Chairman aPtma,Punjab Shahid Faraz and memberCentral Executive Committee, ali ahsan,were also present on the occasion.Secretary aPtma, Punjab anis-ul-Haqmade a detailed presentation on aPtmaas a premier textile industry associationto the Swiss envoy. STAFF REPORT

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Saturday,12 November,2011

news

CORPORATE CORNERPtCL trains senior managersin new management concepts

ISLAMABAD: Pakistan telecommunicationsCompany Limited (PtCL) has successfullytrained 30 senior managers through its ongoingdynamic management Development Program. “Icongratulate our senior managers on thisachievement,” said PtCL Chief technicalOfficer, muhammad nasrullah while addressingparticipants at the certificate awards ceremonyheld at the program’s conclusion. PRESS RElEASE

Qatar airways launchesflights to Libyan city of Benghazi

BENGHAZI: Qatar airways has launchedscheduled flights to the Libyan port city of Benghaziin north africa. Operating four-times-a-week fromDoha, Libya’s second largest city is a leadingeconomic centre, ideally located on the

mediterranean for trade and export. Benghazi ishome to numerous industries, including oilrefining, food processing, cement production andfishing, which would benefit from the new flights toand from Doha and Qatar airways’ connectingpoints across the middle East, africa and asiaPacific. PRESS RElEASE

Digger by Borjanholds strength competition

ISLAMABAD: Borjan organised a fun filledcompetition, “are you the Digger strongman?” atnational university of modern Languages(numL) in Islamabad. the competition was heldto discover and promote the hidden talent ofsociety and also engage the young generation inhealthy activities. advertising manager, Diggershoes, mr Shahid Riaz was the chief guest at thethrilling event. PRESS RElEASE

the karachi chapter of DILshowcases, “karachi: Haar Na mano”KARACHI: the karachi chapter of DIL,Developments in Literacy, held a special showingof the acclaimed original musical, “karachi: Haarna mano” at the karachi arts Council. DILkarachi is part of DIL international, an nGOwhich is dedicated to educating and empowering

underprivileged children, especially girls. nidaButt, renowned for being one of the most dynamicand original choreographers working in theatre inPakistan, and Hamza Jafri, seasoned musiccomposer, have put together an original play witha completely original sound track. the co-producer for this production is Waqas Bukhari. “Itis the first time we are doing a play in urdu,” saidnida Butt, the driving force behind made for StageProductions. “and it is also the first time we aredoing a story which is so relevant to us, our cityand our times.” PRESS RElEASE

300 uBL branches to remainopen on saturdays nationwideKARACHI: For greater customerconvenience and facilitation, 300 uBLbranches will remain open between 9:00am to1:30pm on Saturdays, nationwide. to furtherfacilitate the valuable customers, 472 uBLatms will also offer cash withdrawal, intra-bank funds transfer, Inter Bank Fundstransfer (IBFt) between partner banks,utility Bills Payments Service (uBPS), balanceinquiry, mini statement and PIn changefacilities. also, over 5000 other banks’ 1 Linkand m net atms will also be facilitating alltype of uBL cards (debit, credit and wiz pre-paid). PRESS RElEASE

tCP awards tenderfor import of 440,000 mt ureaKARACHI: trading Corporation of Pakistan(tCP), in response to its international Galloptender notice, awarded import contracts fora total of 440,000 metric tonnes (mts) ofurea @ uS$ 540.75 per metric tonne (Pmt)C&F, on the lowest bid basis, to four (4)different responsive bidders. In all, 13

responsive bidders participated in the tenderand quoted prices ranged from uS$ 540.75to uS$578Pmt (C&F). m/s DreymoorFertilizers Overseas PtE Ltd. offered thelowest price of uS$540.75Pmt C&F initiallyfor 50,000mt. as the offer conformed to alltechnical specifications and evaluationcriteria given in the tender document, thebidder was awarded contract for import of100,000mt urea. three more bidders viz.m/s keytrade aG Switzerland, m/stransmonia, Switzerland and m/s Incitec PvtLtd., australia who had quoted higher ratesagreed to match the lowest price ofuS$540.75Pmt C&F for supply of100,000mt, 150,000mt, and 90,000mt,respectively. Hence, the contracts for theagreed quantities were awarded to them, aswell. PRESS RElEASE

President aBFsupports mFN status to IndiaLAHORE: President american Business Forum(aBF), Salim Ghauri has supported thegovernment’s decision to extend most Favourednation (mFn) status to India, saying Pakistan isstrong enough to compete with Indiaeconomically. also, he said, only aneconomically strong Pakistan would be in aposition to resolve political disputes in theregion. Salim said it is time for Pakistan to goout of way in developing trade relations foreconomic survival in fast changing globaleconomy. Regarding kashmir dispute withIndia, President aBF said this issue wouldremain unsettled for another 60 years if noimprovement on bilateral Indo-Pak traderelations takes place. He also said that thefederal government’s decision to extend mFnstatus to India is a step in right direction, and itwould not only benefit Pakistan and India butthe whole region as well in future. PRESS RElEASE

The most important element to overcomethis crisis is a very trusted and able newItalian government that can really fulfillthe structural changes that are needed

ECB Policymaker Ewald Nowotny

Italy pushes through austerityroMe

REUTERS

ItaLy'S Senate approved a newbudget law on Friday, clearingthe way for approval of thepackage in the lower house onSaturday and the formation of

an emergency government to replace thatof Prime minister Silvio Berlusconi.

Obama spoke with German Chancel-lor angela merkel and French Presidentnicolas Sarkozy late on thursday andalso called Italian President Giorgionapolitano, who in turn was due to speakto Sarkozy in a round of telephone diplo-macy. a German government official saidthere had been an "exchange of opinions"between merkel and Obama, while treas-ury Secretary timothy Geithner de-manded fast action from Europe.

"the crisis in Europe remains thecentral challenge to global growth. It iscrucial that Europe move quickly to putin place a strong plan to restore financialstability," Geithner said in a statementfollowing a meeting with finance minis-ters from the asia Pacific Economic Co-operation countries.

after months of dither and delay,Rome appears to have got the message asbond markets pushed it to the brink ofneeding a bailout that the euro zone can-not afford to give. If the votes passsmoothly, napolitano will accept Berlus-coni's resignation over the weekend andask veteran former European commis-sioner mario monti to form a govern-ment. Fellow technocrat andex-European Central Bank policymakerLucas Papademos will head a new unitygovernment in Greece.

Berlusconi, who lost his majority in avote on tuesday, has promised to resignafter the financial stability law is passedby both houses of parliament.

He had insisted on early elections but

then softened his stance. markets werecalmed by the prospect that there wouldbe an interim government, rather than athree-month vacuum before elections areheld. "the most important element toovercome this crisis is a very trusted andable new Italian government that can re-ally fulfill the structural changes that areneeded," ECB policymaker Ewaldnowotny told Reuters in Beijing.

the euro firmed but investorsdoubted whether it would climb far, giventhat even a technocrat Italian govern-ment might struggle to make progress onlong-promised, never-delivered fiscal re-forms. Italian 10-year borrowing costsfell sharply to 6.7 percent, having hit anunsustainable 7.5 percent earlier in theweek. "We can have maybe two or threedays of calm -- in inverted commas -- butnothing has really changed underneath,"one bond trader said.

Spain, the euro zone's fourth largesteconomy, which holds elections in ninedays' time, stopped growing in the thirdquarter, raising doubts about its ability tomeet deficit reduction targets.

RELUCTANT ECB

With European leaders ditheringover how to tackle the deepening crisis,pressure has mounted on the Euro-pean Central Bank to act more force-fully by becoming a full lender of lastresort, as the Federal Reserve andBank of England are. three senior ECBpolicymakers on thursday rebuffedarm-twisting from investors and worldleaders to intervene massively on bondmarkets to shield Italy and Spain fromfinancial contagion.

Germany Economy ministerPhilipp Roesler said on Friday the ECBdid not have "unlimited firepower,"adding that if it opened its floodgatesfully, they could never be closed again.

Germany strongly opposes the ECBtaking on a broader crisis-fighting role,arguing this would compromise the in-dependence of the bank.

the euro zone's plan for a morepowerful rescue fund may also be run-ning into trouble. klaus Regling, thehead of the 440 billion euro EuropeanFinancial Stability Facility, was re-ported by the Financial times as say-ing the recent market turmoil hadmade it more difficult to scale it up to1 trillion euros, as proposed by eurozone leaders who promise a definitiveplan by December.

Luring investors by offering insur-ance on losses, the centerpiece of aplan agreed in Brussels on October 26,would now probably use up more ofthe fund's resources, Regling said. "thepolitical turmoil that we saw in the last10 days probably reduces the potentialfor leverage. It was always ambitious tohave that number, but I'm not ruling itout," the Ft quoted him as saying.

NOWOTNY EXPRESSES CONCERN

"It is very important that these plans-- actually these decisions -- now reallyget operational, and I'm a bit concernedthat this takes a long time, perhaps toolong," he said.

PAPADEMOS IN POWER

In athens, Greece's prime minister-designate was set to name a new crisiscabinet to calm the political turmoil thathas threatened to bankrupt athens andforce it out of the euro zone.

Greece's two main partiesagreed on thursday to makePapademos head of a newunity government, ending achaotic search for a leaderto save the country from

default. He must now fulfillthe terms of a 130 billioneuro bailout plan agreedwith European partnersin October. the formerECB vice presidentfaces huge challengesafter a chaotic powerstruggle betweenGreece's two mainpolitical forces.Sources in the rul-ing Socialists andopposition newDemocracy said Evan-gelos Venizelos waslikely to remain financeminister when the newcabinet is sworn in at aceremony sched-uled for 1400Gmt. au-tomo-

tive giant Daim-ler spoke out

against keep-ing Greecein the eurozone at allcosts andsaid theeuro would

s u r v i v eeven if itw e r ef o r c e d

out. "Iw o u l d n ' t

consider onelink splitting off

from the rest as a'break-up' of the

euro zone," ChiefExecutive Dieter

Zetsche told Reuters inan interview.

Italy's parliament is rushing through austerity measures demanded by theEuropean union to avert a euro zonemeltdown, after President Barack Obamaratcheted up pressure for more dramaticaction from the currency bloc

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top 5 perForMers sector wisesymBOL OPEN HIGH LOw CurrENt CHaNGE vOLumE symBOL OPEN HIGH LOw CurrENt CHaNGE vOLumE

Food ProducersAbdullah Shah 8.00 8.00 7.00 8.00 0.00 53Colony Sugar Mills 1.75 1.75 1.70 1.74 -0.01 23,501Engro Foods Ltd. 23.52 23.90 22.50 22.54 -0.98 91,748Habib Sugar Mills 28.10 28.50 27.50 27.88 -0.22 70,820Habib-ADM Ltd.XD 11.58 11.70 11.50 11.50 -0.08 2,995

Household Goods(Colony) Thal 1.70 1.11 1.11 1.11 -0.59 1,000AL-Qadir Textile 11.25 11.25 11.25 11.25 0.00 500Amtex Limited 1.67 1.70 1.45 1.60 -0.07 132,822Annoor Textile 13.00 14.00 14.00 14.00 1.00 1,000Artistic Denim XD 18.50 18.50 18.25 18.49 -0.01 1,049

Personal GoodsAHCL-NOV 31.00 31.00 29.45 29.51 -1.49 376,500AHCL-OCT 30.82 30.82 29.28 29.32 -1.50 516,500ANL-OCT 4.01 4.25 3.90 3.95 -0.06 24,500ATRL-NOV 120.42 121.50 117.90 119.21 -1.21 201,000ATRL-OCT 119.16 120.30 116.50 117.71 -1.45 200,000

Future ContractsAbbott Laboratories 102.49 103.00 101.00 102.10 -0.39 1,283Ferozsons (Lab) Ltd. 80.00 80.00 78.10 80.00 0.00 45GlaxoSmithKline Pak. 68.92 68.26 67.01 68.06 -0.86 1,557Highnoon (Lab) 28.09 28.09 27.65 28.09 0.00 100IBL HealthCare XD 10.92 11.92 10.99 11.92 1.00 25,154

Pharma and Bio TechP.T.C.L.A 10.89 10.98 10.65 10.71 -0.18 470,873Pak Datacom LtdXD 35.03 34.01 34.01 34.01 -1.02 500Telecard Limited 0.95 1.00 0.90 0.90 -0.05 68,502Wateen Telecom Ltd .68 1.70 1.52 1.65 -0.03 152,954WorldCall Telecom 1.13 1.19 1.00 1.06 -0.07 235,458

Fixed Line TelecommunicationP.T.C.L.A 11.47 11.77 11.42 11.64 0.17 4,752,418Pak Datacom Ltd. 31.65 32.66 31.65 32.66 1.01 1,430Telecard Limited 1.09 1.09 1.01 1.03 -0.06 194,249Wateen Telecom Ltd 1.51 1.68 1.47 1.50 -0.01 449,333WorldCall Telecom 1.32 1.35 1.15 1.28 -0.04 649,632

ElectricityGenertech 0.50 0.50 0.36 0.50 0.00 1Hub Power Co.XD 36.38 36.50 36.10 36.10 -0.28 1,022,035Japan Power 0.75 0.77 0.70 0.71 -0.04 38,682K.E.S.C. XR 1.70 1.70 1.56 1.60 -0.10 752,756Kot Addu PowerXD 41.36 41.80 41.25 41.53 0.17 220,355

BanksAllied Bank Ltd 63.16 64.00 62.50 62.69 -0.47 32,694Askari Bank 11.15 11.29 10.75 10.89 -0.26 944,906B.O.Punjab 5.94 6.08 5.79 5.83 -0.11 319,287Bank Al-Falah 11.15 11.35 10.70 10.89 -0.26 1,929,563Bank AL-Habib 29.95 30.20 29.55 29.91 -0.04 175,090

Non Life InsuranceAdamjee Ins XD 49.64 49.50 48.60 49.40 -0.24 6,785Ask.Gen.Insurance 8.50 8.50 8.10 8.47 -0.03 1,651Atlas Insurance 34.49 35.00 33.86 33.99 -0.50 1,110Central Ins Co. 48.67 50.00 48.00 49.79 1.12 3,909Century Insurance 7.16 7.50 7.06 7.50 0.34 1,500

Life InsuranceAmerican Life 14.50 14.50 13.50 14.50 0.00 2East West Life Assur 1.40 2.34 1.40 1.40 0.00 1EFU Life Assur 65.53 68.80 65.53 65.53 0.00 157

Financial ServicesAMZ Ventures A 0.32 0.35 0.22 0.30 -0.02 9,463Arif Habib InvesXD 15.89 15.50 14.89 14.89 -1.00 13,487Arif Habib Ltd. 17.96 18.34 17.20 17.71 -0.25 19,659Dawood Equities 0.88 1.09 0.86 0.86 -0.02 9,495Invest & Fin.Sec. 7.26 7.26 7.25 7.25 -0.01 2,100

Equity Investment Instruments1st.Fid.Leasing Mod 1.70 1.50 1.50 1.50 -0.20 15,000AL-Noor ModarXD 3.98 4.00 3.60 4.00 0.02 25,100Allied RentalModXDXB 19.90 19.90 19.88 19.90 0.00 3,700Atlas Fund of Fund 6.00 6.10 5.90 5.90 -0.10 414,000B.F.ModarabaXD 5.56 5.56 5.00 5.56 0.00 7

MiscellaneousCentury Paper 13.86 13.85 13.80 13.80 -0.06 2,700Pak Paper Prod. 32.07 32.99 32.98 32.98 0.91 110Security Paper 35.60 36.00 35.25 35.25 -0.35 447Dost Steels Ltd. 1.58 1.63 1.55 1.60 0.02 14,144Huffaz Seamless Pipe 9.15 9.50 9.25 9.25 0.10 1,600Int. Ind.Ltd. 31.50 31.70 31.70 31.70 0.20 150Inter.Steel Ltd. 11.00 11.00 11.00 11.00 0.00 500Johnson & Philips 7.00 7.00 7.00 7.00 0.00 11Pakistan Cables 31.00 30.50 30.50 30.50 -0.50 20P.N.S.C.XD 16.00 16.00 15.60 16.00 0.00 275Pak.Int.Con. SD 69.94 71.97 70.00 71.00 1.06 102TRG Pakistan Ltd. 1.70 1.72 1.68 1.70 0.00 27,597Murree BreweryXDXB 72.30 72.49 72.49 72.49 0.19 1Tariq GlassXD 8.72 8.61 8.60 8.60 -0.12 100Pak Tobacco Co. 62.59 65.60 59.47 59.47 -3.12 10,004Philip Morris Pak. 140.00 133.00 133.00 133.00 -7.00 7Shifa Int.Hospitals 29.28 29.50 29.50 29.50 0.22 2,000Hum Network XD 16.50 16.50 16.50 16.50 0.00 1,000P.I.A.C.(A) 2.22 2.30 2.01 2.15 -0.07 192Sui North GasXDXB 17.66 18.05 17.77 18.00 0.34 54,104Sui South GasXDXB 20.19 20.80 20.15 20.50 0.31 28,169AKD Capital Ltd.XD 26.06 27.35 27.20 27.20 1.14 319Pace (Pak) Ltd. 1.74 1.85 1.70 1.78 0.04 27,116Netsol Technologies 11.54 11.79 11.50 11.50 -0.04 30,876

symBOL OPEN HIGH LOw CurrENt CHaNGE vOLumE

Oil and GasAttock PetroleumXD 403.85 404.69 396.00 396.87 -6.98 61,485Attock Ref.XD 118.78 120.40 116.10 117.57 -1.21 833,559Byco Petroleum 6.89 6.98 6.75 6.77 -0.12 399,510Mari Gas Co.XB 91.01 93.80 89.30 92.03 1.02 91,674National Ref.XD 325.19 334.90 308.94 310.82 -14.37 314,938

ChemicalsAgritech Ltd. 15.00 15.00 14.00 15.00 0.00 1,500Arif Habib CoXDXB SD 30.83 31.05 29.29 29.30 -1.53 2,485,646Biafo IndustriesXD 68.59 71.99 65.17 70.64 2.05 855Clariant Pakistan 140.69 143.49 137.50 139.79 -0.90 4,017Dawood Hercules 38.96 40.80 37.06 37.39 -1.57 244,529

Industrial metals and MiningCrescent Steel 23.90 24.70 23.25 23.59 -0.31 40,885Dost Steels Ltd. 1.45 1.50 1.41 1.45 0.00 8,285Huffaz Seamless Pipe 8.93 9.00 8.60 9.00 0.07 3,035Int. Ind.Ltd. 34.98 35.00 34.00 34.50 -0.48 25,300Inter.Steel Ltd. 11.56 11.52 11.00 11.00 -0.56 63,850

Construction and MaterialsAl-Abbas Cement 2.00 2.00 1.90 1.92 -0.08 26,799Attock CementXD 51.11 51.99 50.81 51.02 -0.09 108,952Berger Paints 11.79 12.00 11.60 11.91 0.12 4,762Bestway Cement 8.11 9.11 8.11 8.11 0.00 100Cherat Cement 7.66 8.19 7.50 8.01 0.35 197,042

General IndustrialsCherat PackagingXD 29.62 30.40 28.14 28.14 -1.48 14,022ECOPACK Ltd 2.49 3.25 2.21 3.08 0.59 614,084Ghani Glass LtdXD 41.17 42.00 39.12 39.60 -1.57 16,802MACPAC Films 7.72 7.95 7.01 7.65 -0.07 993Merit Pack 22.00 22.00 20.95 22.00 0.00 70

Industrial EngineeringAdos Pakistan 6.93 7.90 6.93 6.93 0.00 10AL-Ghazi Tractors 184.30 184.30 184.30 184.30 0.00 90Bolan CastingXD 28.50 28.50 28.25 28.26 -0.24 5,055Ghandhara Ind. 7.00 6.90 6.25 6.70 -0.30 5,004Hinopak Motor 108.00 108.00 102.60 108.00 0.00 2

Automobile and PartsAgriautos Indus.XD 58.00 58.00 58.00 58.00 0.00 2,000Atlas Battery Ltd. 169.52 170.00 168.50 168.94 -0.58 240Atlas Honda Ltd. 117.00 118.00 117.00 117.94 0.94 302Dewan Motors 2.63 2.79 2.43 2.51 -0.12 39,802Exide (PAK) 168.53 169.99 168.53 168.53 0.00 31

BeveragesMurree Brewery Co. 110.49 111.43 109.00 111.18 0.69 1,170Shezan Int’l 150.02 150.00 145.05 145.58 -4.44 203

Mutual Funds

Fund Offer repurchase NavAlfalah GHP Cash Fund 501.2900 501.2900 501.2900 Askari Islamic Asset Allocation Fund 114.7196 111.8516 111.8516Askari Islamic Income Fund 103.6501 102.6136 102.6136 Askari Sovereign Cash Fund 100.6900 100.6900 100.6900 Atlas Income Fund 519.3500 514.2100 514.2100 Atlas Islamic Income Fund 519.0900 513.9500 513.9500Atlas Money Market Fund 516.9700 516.9700 516.9700 Atlas Stock Market Fund 453.1500 444.2600 444.2600 Crosby Dragon Fund 82.9800 81.3500 81.3500

Fund Offer repurchase NavHBL Money Market Fund 100.2768 100.2768 100.2768 HBL Multi Asset Fund 87.0103 85.3042 85.3042 HBL Stock Fund 97.6745 95.2922 95.2922 IGI Income Fund 101.8987 100.8898 100.8898IGI Stock Fund 112.3545 109.6141 109.6141 JS Principal Secure Fund I 121.5000 111.5200 117.3900 JS Principal Secure Fund II 104.1200 96.5000 101.5800 KASB Cash Fund 0.0000 0.0000 100.1087Lakson Equity Fund 106.3763 103.2779 103.2779

Markets

Saturday, 12 November, 2011

06

top 10 sectors

59% 01%Construction & Materials

Chemicals Industrial Transportation

04%Electricity

01%04%

Fixed Line Telecommunication

02%Equity Investment Instruments

Financial Services

09%Banks09%Oil & Gas04%Personal Goods07%

International Oil PriceWTICrude Oil

$98.19

BrentCrude Oil

$113.71

STOCK MARKET HIGHLIGHTS

Index Change Volume Market ValueKSE-100 12019.3 + 50.27 35,040,710 2,781,764,718 LSE-25 3171.09 -4.87 943,455 35,963,687ISE-10 2690.5 +34.5 50,261 1,585,776

Major Gainers

Company Open High Low Close Change TurnoverBata (Pak) Ltd. 812.31 852.92 795.00 852.92 40.61 19Colgate Palmolive 561.00 588.00 588.00 588.00 27.00 1Siemens Pak 924.75 949.00 878.55 949.00 24.25 100Attock Petroleum 415.68 423.89 416.60 421.00 5.32 11,994Sanofi-Aventis 145.27 149.99 149.99 149.99 4.72 1

Major Losers

Nestle PakistanSPOT 3161.93 3185.00 3080.00 3080.00 -81.93 88UniLever Pak Ltd. 5624.93 5599.00 5589.98 5599.00 -25.93 21Philip Morris Pak. 140.00 133.00 133.00 133.00 -7.00 7Agriautos Indus.XD 65.23 63.15 62.00 62.00 -3.23 2,510Pak Tobacco Co. 62.59 65.60 59.47 59.47 -3.12 10,004

Volume Leaders

MCB Bank Ltd 160.41 167.50 160.00 164.50 4.09 3,130,808Nishat Mills XD 45.56 46.65 44.40 45.56 0.00 1,863,755National Bank 44.89 45.99 44.90 45.75 0.86 1,848,206D.G.K.Cement 21.38 21.58 21.25 21.42 0.04 1,395,850Arif Habib 31.10 31.65 31.12 31.31 0.21 1,187,889

Bullion MarketPer Tola (PKR) Per 10 Gm (PKR) Per Ounce US$

Gold 24K 57,322.00 49,196.00 1,764.00Gold 22K 51,608.00 44,245.00 –Silver (Tezabi) 1,102.00 945.00 35.05Silver (Thobi) 1025.00 880.00 –

Interbank RatesUS Dollar 86.6114UK Pound 137.7988Japanese Yen 1.1192Euro 118.1207

Buy SellUS Dollar 86.40 87.00Euro 116.87 118.78Great Britain Pound 136.35 138.47Japanese Yen 1.1028 1.1225Canadian Dollar 84.03 87.83Hong Kong Dollar 10.85 11.18UAE Dirham 23.33 23.62Saudi Riyal 22.85 23.12

Layout Profit 7 pages_Layout 1 11/12/2011 10:11 PM Page 6

Saturday,12 November,2011

PNsC is not planning to get the loanof $40m from ECO because of therecent decline in the internationalshipping industry, and buying a vesselat this time would be a bad decision

news

07 Official sources

ISLAMABAD

JAlAlUddiN RUmi

FInanCE minister Dr abdulHafeez Shaikh would leadPakistan’s delegation atabu-Dhabi in Pakistan-

united arab Emirates (uaE) 10thround of Joint ministerialConference (JmC) starting fromtuesday next week. Delegates ofboth countries would reviewcooperation in areas of bilateraltrade, banking and finance,investment, agriculture andlivestock, energy and water,petroleum and natural resources,health, education,telecommunication and It, civil

aviation, sports and media.Both countries would also reviewthe status of the $270 million grantannounced by uaE in the tokyodonor Conference. Pakistan willalso raise the issue of financing ofDiamer-Bhasha hydropower projectand kurram tangi Dam project withthe counterparts of uaE. Pakistanwould also discuss ratification ofInternational Renewable Energyagency (IREna) agreement in thetwo-day JmC talks. Intelecommunication and It sectors,transfer of 147 properties in thename of Etisalat and exemption ofPakistan InternationalCommunications from taxes worth10 per cent on annual profits would

also be discussed. Both countrieswould discuss cooperation in thematters relating to visas, transfer ofoffenders, cooperation in the fieldof metrological and seismic,humanitarian and charitableassistance would also be reviewed inthe 10th JmC meeting.uaE is at thetop with $ 62.7 million in July-august, the first quarter of currentfinancial year while last year itinvested $284.2 million in varioussectors of Pakistan. uaE has alsobecome the largest single source offoreign remittances throughbanking channels.uaE’s sustained official and privatesector interest and growing FDIinflows, make it the 4th biggest

investor in Pakistan in severalsectors; including telecom, airlines,banking, financial services,construction and real state. tradebetween the two countries isincreasing and uaE has emerged assecond largest destination ofPakistani exports. there is asignificant increase since thebeginning of 2006 andapproximately a rise of eight per centon average in exports in value termson average is seen.Statistics show that from 2000-2001to 2004-2005 bilateral trade grew atan annual average of $200-300million. Exports experienced aconstant growth during the last eightyears and they rose from $626

million to over $2 billion (2000-2001 to 2007-08). Pakistan’s mainexport products to uaE are rice,textiles, petroleum products, goldand jewellery, fruits and vegetables,meat and meat products, fish andfish products. united arab Emiratesand Pakistan have signed fiveagreements in last JmC meeting in2009 that includes establishment ofa joint uaE-Pakistan BusinessCouncil, protocol on cooperation inmedia, cooperation in terrorism andorganized crime, and cooperation inthe field of culture. uaE has agreedto provide a $265 million soft loanfor building mega dams in Pakistan.uaE is also organizing 7th Expo atkarachi Expo Centre from 30thnovember to 2nd December the firstever uaE Expo in Pakistan. anagreement for the display centre inSharjah will also be signed duringuaE Expo in presence of commerceministers of both countries.Investment and trade between thetwo countries are rapidly increasingsince to boost official and privateinvestment in Pakistan, includingfinancing mega projects. these megaprojects are estimated to cost $36billion— a part of the financing forwhich Pakistan expects to come fromuaE. uaE is now one of Pakistan’sbiggest trading partners in the world.the two sides would also review thestate of bilateral economic relationsand agreed to further intensify theirties as there was a great potential tofurther enhance their trade relations.uaE wants to invest in agricultureespecially in corporate farmingfrom which it could secure its foodneeds and for this uaE is willing toinvest in the building of mega damsin Pakistan.

kinnow exportbegins

KArAchI

GHUlAm AbbAS

PakIStan, which has fixedalmost 0.3 million tonnesexport of kinnow this year,

has started exports as firstconsignment of 56 tonnes has beenshipped to Dubai on Friday. thecountry is also ready to exportalmost 30,000 tonnes of kinnowto India if the non-tariff Barriers(ntBs) are removed in theneighbouring country under theclaimed liberalised trade betweenthe two South asian states.according to Waheed ahmed, CoChairman, all Pakistan Fruit andVegetable Exporters Importers andmerchant association (PFVa) toldProfit that two containers withalmost 56 tonnes of kinnow wereexported as the first consignment ofexport this year. this season’stargeted export is 0.3 million tonnes.though Iran, Indonesia, Russia, andmiddle Eastern countries are themain markets for Pakistanifruits, India could also become ahuge market after the mFn grantto Delhi. Islamabad will also exportalmost 90000 tonnes of small sizedkinnow to Russia where the fruit hasa huge demand as the Russians havea fondness for the same brand ofkinnow. Indonesia was also likely tobe another important market forPakistani kinnow as due to ahealthier valuation of Pakistanikinnow. Even so, only 200 to 250containers have been exported to thefar-eastern country during last fewyears. But with the reduced value theexport of fruit was expected to bearound 56,000 tonnes with 2,000fruit during the current season. Forthe enhanced export, Pakistaniexporters are already negotiating with Indonesian buyers,Waheed claimed.

KArAchI

STAFF REPORT

aLL Pakistan Cement manufacturers associa-tion (aPCma) has strongly urged the govern-ment to clear payments of long-awaitedinland freight subsidy claims and facilitate

the industry in exporting cement as local consumptionis stagnant and the industry is working under capacityleaving 12.796 million tonnes of installed productioncapacity unutilised.ADDRESSING CONCERNS: In a letter written toministry of Finance, Chairman aPCma, aizaz mansoorSheikh, recalled that cement makers had approached thegovernment in 2009 to allow 50 per cent inland freightsubsidy for export of cement by sea to boost cement ex-ports as high inland freight cost of the units, located inthe north, makes it impossible for them to compete in theinternational market for export of cement by sea. Chair-man aPCma added that after a lapse of six months, Eco-nomic Coordination Committee (ECC) and tradeDevelopment authority Pakistan (tDaP) allowed inlandfreight subsidy at the rate of 35 per cent for cement ex-ports by sea only for the period from march 26, 2010 toJune 30, 2010.

He said that cement industry after fulfilling all con-ditions, started filing claims for inland freight subsidyto tDaP and as of date, cement makers have filedclaims to the tune of Rs269.293 million.

unfortunately, he said, neither any cement makerhas received claimed amount from the State Bankof Pakistan nor any intimation has been received fromtDaP regarding approval of the said claims. It was alsolearnt that ministry of Finance has not released anyfunds yet for the claims, he added.UNUtILISED pRODUCtION CApACIty: aizazfurther mentioned that cement production capacityin Pakistan is 44.217 million tonnes per annum, 80 percent of this capacity is situated in the north and 20 percent in the South of the country. During the year 2010-

2011, domestic demand for cement was a mere 22.002million tonnes and exports were 9.419 million tonnes,thus leaving substantial production capacity unutilised,he added. He said that the reason behind allowing in-land freight subsidy was to maximise cement exportsvia sea and facilitate the cement units located in thenorth zone in particular. keeping in view the inlandfreight subsidy facility, the cement makers had ac-cepted export orders on the assumption that the freightclaims would be honoured, he added.

Chairman aPCma requested the Finance Secretaryto intervene in the matter and issue instructions to en-sure immediate clearance of long-awaited inlandfreight subsidy claims by the cement manufacturers.Delay in clearing legitimate claims of the cement indus-try is leading to colossal losses, he added.ExpORtS Of CEMENt: He pointed out that Pak-istani cement is being exportedto afghanistan and Central asian States at very com-petitive rates. However, he said, there is ample scopeto increase exports through sea. Cement manufacturerscould get export orders by sea, provided the issue ofhigh inland freight cost from upcountry is addressed.

He also requested the authorities that in order toencourage exports by sea, inland freight subsidy shouldalso be extended to the current financial year as thiswill not only help to bring in precious foreign exchangebut also assist the cement industry to overcome itspresent financial crisis. aPCma spokesman feared thatthe loss-making mills situated in the northern part ofthe country would not survive for long if they are notfacilitated in increasing their exports.NON-RELEASE Of RS7 BILLION fUND fROMMOf: according to sources, despite the public an-nouncement of various kinds of subsidies on the exportof different items, the government has failed to pay bil-lions of rupees to exporters due to non-release of fundsfrom ministry of Finance (moF).

though a large number of exporters have appliedfor the announced subsidies, aimed to promote the

country’s exports under ‘new trade Initiatives’ oftDaP, the authority has not paid a penny to the appli-cants for the last one year, sources told Profit.

as the authority is yet to receive around Rs7 billionunder export development fund from moF, it was notonly unable to pay the subsidies under different headsto the exporters but also many projects like establish-ing warehouses and retail outlets abroad were also notbeing completed for lack of money, they added.

Exporters from various sectors especially frompharmaceutical and cement industry have claimed mil-lions of rupees worth subsidy from tDaP but the au-thority was yet to clear the declared dues to therespective sectors.NON-pAyMENt Of SUBSIDy: Despite the an-nouncement of around 35 per cent of inland costfrom the government, the payment of over Rs350million was yet to be made as subsidy to the cementexporters for the last one year for unavailability offunds, they said.

the authority had earlier announced 50 per centsubsidy to leather apparel exporters for on the floorexpert advisory/ consultancy services, in February lastyear, while 25 per cent share in the cost of designstudies in tanneries, announced in november 2009.through another category of subsidy, tDaP had alsoannounced the 25 per cent freight subsidy on the ex-port of live seafood, and markup subsidy for CoolChain Projects, in October 2009. tDaP had also an-nounced the 50 per cent sharing of cost on each HalalCertification and uL certification last year beside the6 per cent support on the export of processed food in2009. Besides, the authority has also announced in-land freight subsidy a range of developmental prod-ucts including Cement, Light Engineering, Leathergarments, Furniture, Soda ash, Hydrogen Peroxide,Caustic Soda, Sanitary Wares including tiles, finishedmarble/cut to size marble blocks/ granite/onyx prod-ucts. the authority had also announced one per centadhoc Relief in June 2010.

Pak-uaE JmCON OCt 15 ataBu DHaBI

Cement manufacturers urgegovernment to clear paymentsg Government fails to give rs269.293 million claimed subsidy g Local consumption of cement remains stagnant

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