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JP Morgan CIO Drew retires aftergiant trading loss Page 02

Tuesday, 15 May, 2012

KARACHI

STAFF REPORT

MAJoR breakthrough inbilateral trade relationsbetween Pakistan andTajikistan is in the offing

as Tajik Airlines is starting its flightoperation from Dushanbe toIslamabad from next month, this wasstated by Tajikistan’s Ambassador toPakistan, Dr Zubaydullo N. Zubaydov.. Following a meeting along with hishonorary Consul General, Mr IrshadKassim held with high officials ofTrade Development Authority ofPakistan (TDAP), the other day,DrZubaydov announced to extend full-fledged status to Consulate General ofTajikistan in Karachi and start issuingvisas to the businessmen as well to thetourists very soon. “Initially a visacouncilor will be posted inKarachi and morestaff to be addedlate on dependingon the volume ofvisa applicationsflowing in at the

Consulate”, Tajik Envoy said. he saidthat honorary Consul General, MrIrshad Kassim is striving hard to boostbilateral trade and brotherly relationsbetween the two countries andspearheading the Karachi Consulate.he further announced to formPakistan-Tajikistan Business Forum(PTBF) very soon and he will visitKarachi by the end of this month inthis regard. “Tajik Air will operate twoflights a week from June in the firstplace and will add Karachi and Lahoreto its operation later on”, Zubaydovsaid adding that he is planning to setup a display center of Tajikistan inKarachi for introduction andpromotion of Tajik products inPakistan. he said that the displaycentre would be a one room tradingcentre that would be extended furtherin late stage. Moreover, tripartitenegotiations between Tajikistan,Pakistan and Afghanistan are going onfor Transit Trade Agreement andconstruction of road linking Pakistanwith Tajikistanthrough

Wakhan, Afghanistan. he said that as a follow up of a bigtrade delegation from Pakistan toTajikistan arranged by TDAP with thecoordination of Tajik Embassy inIslamabad last year, National Bank ofPakistan has already opened up itsbranch in Dushanbe and bankingchannel has been established. he saidthat President Asif Zardari andPresident Imam Ali Rehmon havejointly inaugurated the NBP’s branchin President Zardari’s visit toTajikistan in March this year. he saidthat President Zardari’s delegationhad visited Dushanbe to attendTajikistan’s 20th Independence Daycelebrations and Nauroze. Tajik Envoy said that Tajikistan afterKarachi has already appointedhonorary Consul General in Lahoreand Peshawar. he said that Tajikistanis in the state of rebuilding afterseven-year civil war but within 20years of independence by virtue ofgreat leadership of President ImamaliRehmon has become politically andeconomically very stable country. he

informed that big activities ofimprovement of road

network and infrastructure are goingon in Tajikistan and China has takenup construction of road network at acost of $500 million. he said that 80per cent of the work has already beenaccomplished. he invited Pakistanis tovisit Tajikistan for business, tourismas well as ziarat of famous Saint SyedAli hamadani (R.A) in Kulab. he saida number of five star and tourist hotelbesides famous international chains offast food restaurants are available inTajikistan whereas branded chains ofdepartmental stores are also beingopened up. he invited opening up aPakistani restaurant in Tajikistan andoffered business visa in this regard.Replying to questionhe said thatrepatriation ofmoney fromTajikistan to Pakistanis no problem as ifyou earn money youcould repatriate it toyour country. he saidthat cooperation in thefield of textilemanufacturing inTajikistan is yielding

visible results. Aworking group of

the Ministry of Industry of Pakistanhas traveled to Tajikistan in July 2011for deliberation on the allocation ofinvestment in cement plantconstruction. Minister ofCommunication of Pakistan ArbabAlamgir Khan visited Tajikistan lastAugust for negotiations upon a projectof Ishkashim – Chitral roadconnectivity. In a commemoration ofthe 20th anniversary of Independenceof the Republic of Tajikistan, theEmbassy has organized round-tablesin Karachi and Peshawar attended bynumerous guests and dignitaries fromamong the leadership of Pakistan,public figures, businessmen,scientists, writers and people fromother walks of the life. RegardingCASA 1000, hydropower project hesaid that it would be completed withinthree to four year’s time and willprovide 2000 mega watts electricityto Pakistan annually. “Thisenvironment friendly and green

energy will be supplied at acheap price to Pakistan

and other countries inthe region”, he added.

AND WE SHALL HAVE A RARE OLD TIME

gTajikistan to start visa service from Karachi gDisplay centre, business forum to be established – Dr Zubaydov gTajik Airlines to start flight operation to Pakistan from June

Tajikistan comes to the party!

KARACHI

STAFF REPORT

ThE State Bank of Pakistan(SBP) on Monday amendedthe prudential regulationsfor commercial banking with

an aim to provide flexibility to thebanks and Development FinanceInstitutions (DFIs). According to the amendments madein paragraph 2 of Regulation R-7 ofthe prudential regulations, theexisting limit of $ 0.25 million, forissuance of unsecured guarantees bythe banks and DFIs in the countryagainst the back to back and/orcounter-guarantees of the bankssituated in foreign countries notmeeting the prescribed rating of atleast ‘A’, has been enhanced to $ 0.5million, if tenor of such guarantees isup to one year. Moreover, for the back to backand/or counter-guarantee issuingbanks situated in foreign countries,National Scale Rating (NSR) of at

least ‘A’ or equivalent shall also beacceptable provided the guaranteeissuing bank in Pakistan iscomfortable with it. Accordingly, the amended Paragraph2 of Regulation R-7 reads in full as:“The requirement of security can alsobe waived by the banks/DFIs in caseof guarantees issued to Pakistanifirms and companies functioning inPakistan against the back toback/counter guarantees of branchesof guarantee issuing bank/DFI orbanks/DFIs rated at least ‘A’ orequivalent by a credit rating agencyon the approved panel of State Bankof Pakistan or Standard & Poor,Moody’s, Fitch-Ibca or Japan CreditRating Agency (JCRA)”. Besides, incase the counter guarantee issuingbank is situated in a foreign country,NSR of at least ‘A’ or equivalent orthe rating of at least ‘A’ or equivalentby a local credit rating agency of therespective country shall also beacceptable, provided the guaranteeissuing bank in Pakistan is

comfortable with and accepts thecounter guarantee of such foreignbank. however, the prescribed ratingrequirement for banks situated inforeign countries may be relaxed fortransaction amount up to $ 0.25million irrespective of tenor and upto $ 0.5 million if tenor is up to oneyear, subject to internal creditcontrols and approvals of theconcerned bank/DFI in Pakistan. For transaction amounts greater than $0.25 million having tenor of more thanone year and for transaction amountsgreater than $ 0.5 million irrespectiveof tenor, banks and DFIs may approachthe State Bank for specific approvalsand exemption, on case by case basis,where the prescribed minimum ratingrequirement cannot be complied with. “The banks and DFIs are encouragedto set internal limits for acceptanceof guarantees issued by otherbanks/DFIs based on, interalia, theirown risk appetite and risk profile ofthe counter-guarantee issuing bank,”said the SBP circular.

PRUDENCE PERSONIFIED

Frankie says relax… no it’s actually the SBPgSBP relaxes rules to facilitate corporate banking

KARACHI: The State Bank ofPakistan (SBP) has invitedapplications from interested financialinstitutions for appointment asPrimary Dealers (PDs) of GovernmentSecurities i.e. Pakistan InvestmentBonds (PIBs) and Market TreasuryBills (TBs) for the year 2012-13. Applications, addressed to theDirector, Domestic Markets &Monetary Management Department,must reach the State Bank ofPakistan, Karachi latest by close ofbusiness on June 14, 2012. Applicants have been requested tofurnish the latest annual report,summary of month-wise secondary

market transactions in PIBs andMTBs from July 1, 2011 to June 08,2012, detail of Investor’s Portfolio ofSecurities (IPS) Accounts and thelatest schedule of charges forInvestor’s Portfolio of Securities (IPS)Account along with the application,says DMMD Circular No.08 of May14, 2012. Existing Primary Dealers (PDs)should provide month-wise summaryof secondary market transactions,with other PDs, in PIBs and MTBs,concluded on Electronic BondTrading System (EBND) duringJanuary 01, 2012 to June 08, 2012,the Circular added. STAFF REPORT

SBP invites applications for appointment of primary dealers

PRO 15-05-2012_Layout 1 5/15/2012 12:20 AM Page 1

news02Tuesday, 15 May, 2012

JP MoRGAN Chase & Co ChiefInvestment officer Ina Drew isretiring, the first casualty afterthe bank suffered trading

losses that could reach more than $3billion and that have sparked an inves-tigation by u.S. securities regulators.In Drew’s place, the bank on Mondaynamed Matt Zames, a trader by back-ground who is well versed in risky fi-nancial bets. he was at one timeemployed at Long-Term Capital Man-agement, whose 1998 collapse nearlycaused a global crisis.

The biggest u.S. bank by assetssaid on Monday that Mike Cavanagh,CEo of the Treasury & Securities Serv-ices group, will lead a team of execu-tives overseeing its response to thelosses. The bank’s statement made nomention of two of Drew’s subordinateswho were involved with the trades —London-based Achilles Macris andJavier Martin-Artajo — who sourceshad said were expected to leave. Nei-ther could be reached for comment.The departure of Drew after 30 years atJPMorgan comes after the unit she ran,known as the Chief Investment office(CIo), mismanaged a portfolio of de-rivatives tied to the creditworthiness ofbonds, according to bank executives.

The portfolio included layers of in-struments used in hedging that becametoo complicated to work and too big toquickly unwind in the esoteric, thinlytraded market. Shares of JPMorgan fell2 percent to $36.19 at midday on theNew York Stock Exchange. The stockhas shed nearly 12 percent in valuesince the losses were disclosed, or some$18.12 billion in total. Ratings serviceMoody’s warned Monday the trading

losses were a “credit negative” forbondholders as well. one hedge fundmanager who previously ran a propri-etary (or prop) trading book at JPMor-gan said the bank’s publiccommitments to trim balance sheetrisk were at odds with its network oftrading silos, who were making bets in-dependently — with only a handful ofthe bank’s most senior executives noti-fied of their vast, complex exposures.

“This (CIo) group was completelyseparate, completely distinct from theprop trading unit. We had no clueabout their prop book and they wouldhave no clue about ours for that mat-ter,” the manager said. REGuLAToRYoVERSIGhT The mammoth losseshave marred JPMorgan’s reputationfor risk management and thrown anunflattering spotlight on Dimon, a criticof increased regulation. he is sched-uled to speak on Tuesday at the bank’sannual meeting in Tampa, Florida.Dimon has said he is open to regulatoryscrutiny of the losses, which the Whitehouse confirmed on Monday was un-derway. “There is an investigation intowhat happened at JPMorgan that theSEC is conducting,” White housespokesman Jay Carney told reportersaboard Air Force one, declining toelaborate. But even as u.S. officials diginto the losses, European regulatorshad sharp words for the oversight todate. “The issue does not only under-line the failure of good risk manage-ment ... but might also raise questionson external supervision,” MichelBarnier, European union commis-sioner in charge of financial regulation,said in a statement. “More internal andexternal controls and supervision are

needed. Supervisors need to be moreproactive on this front.”PAST PERFORMANCE: Drewhad repeatedly offered to resign in re-cent weeks after the magnitude of thedebacle became clear, according toone source, but the resignation wasnot immediately accepted because ofher past performance at the bank.until the loss was disclosed lateThursday, Drew was considered bysome market participants as one ofthe best managers of balance sheetrisks. She earned more than $15 mil-lion in each of the last two years.

According to JPMorgan’s last an-nual proxy statement, Drew was one ofthe four largest holders of companystock among directors and executiveofficers, with 1.36 million shares or im-minently exercisable options. Theproxy also indicated Drew would be en-titled to the continuation of almost$14.7 million in stock awards in case ofresignation, provided she was an em-ployee in good standing and had met“full-career eligibility” criteria.

“Ina is an amazing investor,” saida money manager who knows her butdeclined to be identified. “She’s done areally good job over a lot of years. Butthey only remember your last trade.”JPMorgan described her replacement,Zames, as a “world-class risk managerand executive.” Before joining JPMor-gan in 2004 he ran prop trading in theinterest rate group at Credit Suisse FirstBoston, having joined CSFB from atrading job at Morgan Stanley. he wasseen as one of the winners in 2009,when Jes Staley reorganized JPMor-gan’s investment bank, taking on thefixed income co-head role.

ISLAMABAD

NNI

ThE Securities and Exchange Commissionof Pakistan (SECP) and Capital MarketAuthority (CMA) Sultanate of oman,

recognizing the increasing international activity inthe financial markets and the corresponding needfor cooperation between the relevant nationalauthorities, signed a Memorandum ofunderstanding (Mou). The Mou will pave way tofurther enhance regulatory cooperation andinformation sharing between the two counterpartregulatory authorities of Pakistan and oman. TheMou has been inked in the backdrop of evolvingglobally integrated financial markets,necessitating for regulatory agencies of capitalmarkets to develop cooperative linkages to ensureinformation sharing for enforcement of securitieslaws and facilitate detection and combat cross-border violations. The SECP has been promotingco-operation with counterpart regulatoryauthorities of the capital market at the bilateral,regional and international level. The SECP hasalready established co-operative arrangementsthrough Mous with the regulatory agencies ofIndia, the Maldives, Australia, Bhutan, Srilanka,Iran, China and Turkey. Expanding the

cooperative linkages, the Mou, was signed inBeijing China at the sidelines of IoSCo AnnualMeeting by Mr. Muhammad Ali, Chairman SECPand Abdullah bin Salim Al-Salmi, ExecutivePresident of CMA. The Mou reiterated thecommitment of two of the leading securitiesregulators to work together in ensuring thatsecurities and commodities markets in thePakistan and oman are fair, transparent, efficientand regulated to world class standards. Both CMASultanate of oman and SEC Pakistan are signatoryto IoSCo Multilateral Memorandum ofunderstanding, the international standard forinformation sharing between the securitiesregulators and this bilateral Mou wouldsupplement the cooperation extended under theumbrella of Multilateral Mou. According to theSECP, the memorandum is a significant milestonein the development of the capital markets of twobrotherly countries. It cements an alreadyexcellent level of co-operation between the twoindependent agencies. Each regulator will be able to rely on the Mou toensure compliance with applicable legislation andto collaborate in regulating inter-jurisdictionaldealings as well as share technical know-how andjoint training in enhancing the credibility offinancial markets and protect investor rights.

KARACHI

NNI

ThE Karachi School for Business &Leadership (KSBL) is proud to announceits partnership with Pakistan International

Container Terminal Ltd. (PICT), who has verygenerously contributed to the development of oneof KSBL’s state-of-the-art Lecture Rooms. We are very grateful for PICT’s contribution andare confident that with their assistance, KSBL willtruly revolutionize higher education in Pakistan. A partnership ceremony was conducted by PICTat their office premises in which Capt. haleemSiqqidui invited the Board of Directors of theKarachi Education Initiative (KEI), thesponsoring entity of KSBL, and demonstrated hisand PICT’s commitment to Mr. hussain Dawood,Chairman KEI and Mr. Arif habib, Chair FR KEI,for furthering economic growth and developmentin Pakistan through higher education. Capt. Siddiqui also stated that PICT personallysupports education as a vital tool for the nation’sprosperity and has committed his contribution

towards KSBL’s scholarship programme. KSBL has invested significantly in ITinfrastructure and facilities at the campus, and asa result the lecture rooms will be equipped withstate-of-the-art videoconferencing facilitiesenabling students to engage in real-time learningand interactions with renowned professors andbusiness leaders from around the world duringlectures and web conferences raising the bar foreducation in Pakistan and the region. About KSBL: The Karachi School for Business &Leadership (KSBL) and Cambridge universityJudge Business School have a strategiccollaboration whereby Cambridge has taken a leadrole in setting up the graduate managementschool including; strategic guidance, facultyplanning, faculty recruitment and development,curriculum design and establishment of appliedresearch. KSBL is delivering leading edge ExecutiveEducation programmes since May 2010, and willstart a world-class MBA programme in September2012, for the many talented men and women inthe country as well as those accepted from abroad.

SECP hobnobs with the royalty

NEW YORK

REUTERS

GLoBAL stocks slid and the euro hit a four-month low on Monday on worries about apotential exit by Greece from the euro zone,while the outlook for slower world growth

worsened after China moved to prop up lending. Datapointing to a deeper European recession, along withgrowing skittishness about the Greek debt crisis, helpedpush European shares down nearly 2 percent to theirlowest levels in more than four months. Stocks on WallStreet touched a three-month low before recovering somelosses. Government debt gained, pushing German yieldsto record lows, as coalition talks in Greece on Sundayfaltered, increasing the chance of new election in mid-June. An inconclusive vote on May 6 left the country’spolitical leaders divided on its 130 billion euro bailout,with neither side able to form a government. “The growingpossibility of Greece saying ‘bye-bye’ has put the entireregion into the realm of the unknown in terms of theeconomic ripple effects,” Peter Boockvar, equity strategistand portfolio manager at Miller Tabak, said in a note.Safe-haven currencies, such as the dollar and theJapanese yen, rose. Expectations are for the euro tocontinue to fall, driven by speculation over theimplications of Greece’s possible exit from the euro zone.The Dow Jones industrial average .DJI was down 72.20points, or 0.56 percent, at 12,748.40. The Standard &Poor’s 500 Index .SPX was down 8.33 points, or 0.62percent, at 1,345.06. The Nasdaq Composite Index .IXICwas down 25.64 points, or 0.87 percent, at 2,908.18.Compounding the picture for investors was data thatshowed output at factories in the euro zone unexpectedly

fell in March, the latest in a series of disappointingnumbers signaling the bloc’s recession may not be as mildas policymakers hope. Industrial production in the 17countries sharing the euro fell 0.3 percent from February,the Eu’s Eurostat statistics office said. Economists polledby Reuters had expected a 0.4 percent increase in March.Also weighing on investor sentiment were signs of astruggling Chinese economy. China cut bank reserverequirements on Sunday to free up an estimated 400billion yuan ($63.5 billion) for lending in a bid to avert asudden slowdown in the world’s second-largest economy.The pan-European FTSEurofirst 300 index .FTEu3 paredsome losses to trade 1.7 percent lower at 1,005.33, afterhitting its lowest point since late December at 998.93.MSCI’s measure of world stock markets.MIWDoooooPuS fell 1.2 percent to 311.20. The yieldon u.S. Treasury prices, which moves inversely to price,fell to their lowest levels since early october, breakingdecisively below 1.80 percent, which has been a keyresistance point. The benchmark 10-year u.S. Treasurynote was up 19/32 in price to yield 1.77 percent. GermanBund futures rose as much as 92 ticks on the day to an all-time high of 143.69, while German 10-year yields plumbeda record low of 1.434 percent. oil fell sharply to extendrecent heavy losses as the mounting political uncertaintyover Greece and the prospect for slower growth in Chinaweighed on the demand outlook for energy. Brent crudewas down by $1.26 to $111.00 a barrel. u.S. crude fell$1.59 to $94.54 a barrel. The euro fell 0.57 percent to$1.2841. The u.S. dollar index .DXY was up 0.42 percentat 80.601, and against the Japanese yen, the dollar wasdown 0.21 percent at 79.75 yen. Analysts said the eurocould hit the 2012 low of $1.2623 in coming weeks, withsome forecasting a break toward $1.20.

PICT joins hands with KSBL

LAHORE

STAFF REPORT

PRESIDENT American Business ForumSalim Ghauri has welcomed visarelaxation initiative by India andPakistan and expressed the hope that

this single step would trigger the process ofbilateral trade in positive direction. he wasreacting to the statement of Indian highCommissioner Sharat Shabarwal saying newIndo-Pak visa policy would be signed soon bythe two governments. It is a historic situationand business community should get united tocash the moment of growth and prosperity in theregion, he added. President ABF said finalizationof bilateral trade investment treaty, includingsigning of flexible visa policy, would hit the nailto the coffin of mistrust between two sides andbusiness community would be more open toeach other in the follow up situation. Accordingto him, encouraging the business community toreap the benefits of free market mechanism isthe need of the hour, especially when Pakistaneconomy has successfully absorbed the shocks ofChinese phenomenon. he said the businesscommunity should take the upcomingchallenges from the horn to lead the economy ofSouth Asia in changing international scenario.

Fear of Greece euro-zone exit sparks sell-off INDO-PAK TRADE TALESNEIGHBOURLY NARRATIONSEURO YIKES

g ABF president welcomesvisa relaxation initiative

REPERCUSSIONS ARABIAN NIGHTS

GIVE A HAND

JP Morgan CIO Drew retiresafter giant trading loss

g SECP, CMA Sultanate of Oman sign MoU for enhanced regulatory cooperation

Potential for Indo-Pak tradefantastic: President BFP

LAHORE

STAFF REPORT

BuSINESS Forum of Punjab (BFP)Ibrahim Qureshi said Tuesdaypotential for Indo-Pak trade is

fantastic and time has come to open traderelations between two neighbouring countries.he said the holding of Indo-Pak tradeconference in the city was a good omen and it isa step in the right direction to cater of thelarger interest of 1.6 billion people of twocountries. President BFP also appreciatedopening of an independent trade gate fewweeks back and stressed both the governmentsto consider further of opening of all traderoutes between Pakistan and India. We need toexpand trade to the benefit of common man onboth sides of the border, he said. he said thebusiness community should act as a pressuregroup to lobby for a congenial environment tobilateral trade between India and Pakistan.Ibrahim said the BFP has always beensupporter of trade relations between India andPakistan with a firm belief that only goodeconomics can ensure good politics. he saidIndia and Pakistan can benefit from eachothers’ agriculture, food processing, banking,pharmaceutical, textile products andmachinery, cement, oil and gas, automobile,information technology and tea by openingtheir economies to each other. According tohim, time has come to constitute sector-specificgroups and think tanks to assist and facilitaterespective governments on the subject.

PRO 15-05-2012_Layout 1 5/15/2012 12:20 AM Page 2

news

Tuesday, 15 May, 2012

03

ITU Secretary General visits PTCL Network Operations Centre

ISLAMABAD: Secretary General of the uN agency In-ternational Telecom union (ITu), Dr hamadounToure’, visited here today Pakistan TelecommunicationCompany Limited’s (PTCL) state of the art Network op-erations Centre to apprise himself of the country’slargest telecom company’s network operations. DrToure, who is undertaking his first official visit to Pak-istan in connection with the international WorldTelecommunication & Information Society Day 2012celebrations, toured PTCL NoC’s impressive premisesand was briefed about its vast and round the clock op-erations. “PTCL is playing a leading role in the provisionof quality and affordable ICT services to the people ofPakistan,” said Dr. Toure’ on the occasion. “By connect-ing the length and breadth of the country and reducingthe digital divide, PTCL it is truly honoring the globalobjectives and values espoused by ITu.” The ITu Secre-tary General is also accompanied by Regional DirectorITu Asia & Pacific, Dr. Eun-Ju Kim. The visiting digni-taries were particularly impressed by PTCL’s low turn-around time for problem resolutions. “PTCL is highlyhonored to receive the visiting dignitaries of ITu on theirhistoric visit to Pakistan,” said PTCL President & CEo,Mr. Walid Irshaid, who welcomed the dignitaries at theNoC premises. “We are proud to demonstrate Pak-istan’s best Network operations Centre, which is pro-viding secure data communication, while also ensuringa fault resilient and highly available network that is fullycapable of proactive identification.” PRESS RELEASE

Ali Habib takes the helm of PakistanBusiness CouncilKARACHI: The Board of Directors of the PakistanBusiness Council (PBC), in its May 11th meeting,elected Ali S. habib and Sikander Mustafa Khan, re-spectively, as its new chairman and vice chairman. Alihabib, who is the chairman of Indus Motor CompanyLimited, has been elected following the early retire-ment of PBC chairman Asad umar. A graduate of theuniversity of Minnesota, Ali heads the operations ofthe house of habib (hoh) companies and is a found-

ing director of the PBC. he was the vice chairman ofthe PBC before his election as the PBC chairman.Sikander Mustafa Khan is currently the chairman ofthe Millat Group of Companies. STAFF REPORT

SECP organises awareness session for journalistsLAHORE: The Securities and Exchange Commission ofPakistan organized an awareness session at a local hotelon Monday to provide the journalists an overview of itsworking. It covered investment banks, leasing compa-nies, Demutualization, housing finance, modarabas,asset management companies, mutual funds, corporati-zation, reforms introduced in company registration &compliance such as amendments in the relevant legalframework, public facilitation reforms especially forcomplete transition from manual to an automated envi-ronment, recently launched Fast Track RegistrationServices (FTRS), once online forever online and other ef-forts to ensure corporate compliance and maximum pub-lic facilitation along with a brief regarding future plansin this area, fundamentals of the capital market, stockand commodity exchanges, the National Clearing Com-pany of Pakistan (NCCPL) and Central Depository Com-pany (CDC). The participants were also briefed on thereforms undertaken by the SECP over the past years andthe future SECP market reform agenda. STAFF REPORT

The Centaurus - An iconic mixed use developmentISLAMABAD: The character of a city is judged by itspeople; how they live, what they do, where they work,where they dine out and how they shop. At the sametime, it is judged by the city’s architecture, its buildingsand structures, roads and markets, hotels and shoppingmalls, gardens and parks, its monuments and land-marks. however at a juncture not far from now, Islam-abad’s demeanor will be judged by only one name.Welcome to The Centaurus - a unique mixed use devel-opment project which is spread over an area of six acresand is situated at the most prime location right in theheart of Islamabad. State of the art, The Centaurus con-sists of two residential towers, a corporate tower, one ofthe most modern shopping malls and a world class 5 starhotel. An iconic landmark, The Centaurus has redefinedthe definition of contemporary modern lifestyle with itsdesign and features. offering 360 degrees picturesqueand lush views of Islamabad by day and night, the Res-idencia will be offering one of the finest living experi-ences with it facilities. Its two towers each consisting of23 floor levels of sheer luxury house Studio, 1, 2, 3, 4bedroom apartment homes and Penthouses, each de-signed to cater to your personal taste and requirements.Destined to become a new business and commercialhub, The Centaurus Corporate tower will provide an

ideal environment and infrastructure for business.These modern flexible office spaces boast facilities suchas signature address, central air conditioning, expresselevators, state of the art security, uninterrupted powersupply and exclusive parking facilities. Quality and in-novation have come together to create a pleasant workenvironment at The Centaurus Corporate. PRESS RELEASE

DIBPL, WU collaborate

KARACHI: Dubai Islamic Bank Pakistan Limited(DIBPL), a leading Islamic Bank in Pakistan and West-ern union, (NYSE: Wu), a leader in money transfer andglobal payment services have entered into a collabora-tion, whereby DIBPL will provide Western union in-bound money transfer services through its 76 branchesacross 30 major cities in Pakistan. This service will caterto the needs of people in Pakistan who wish to receivemoney promptly from abroad. Speaking on the occa-sion, Mr. Junaid Ahmed CEo of DIBPL said, “ourstrategic relationship with Western union provides usan opportunity to expand our current array of services.under this arrangement, Pakistanis living around theworld can send money to their families at home. Evenif their families do not have an account with DIBPL theywill still be able to receive money from any of ourbranches with complete ease.” Sobia Rahman, VicePresident for the Gulf, Pakistan and Afghanistan ofWestern union said: “There are many Pakistanis whohave made sacrifices to work outside of their homecountry to support their loved ones back home. Theirremittances are not only contributing towards a betterway of life, but are crucial to the Pakistani economy.our agreement with DIBPL will not only allow Westernunion to strengthen its presence in Pakistan, but alsocontributes towards the global 500,000 locations weare proud of today” she added. PRESS RELEASE

My Karachi - Oasis of HarmonyKARACHI: Chairman, Business Man Group (BMG)Siraj Kassam Teli, added that the vision of “My Karachi-oasis of harmony” Exhibition is to rebuild the imageof Karachi and to give positive signals to the foreign en-trepreneurs that the industrial and commercial activi-ties are going on smoothly in Pakistan particularly inKarachi. he said “My Karachi-oasis of harmony” Ex-hibition has become the vital part of annual activities ofKarachi. This exhibition projects metropolis image as a

‘city of peace’ and ‘city of lights, as a vibrant meetingpoint and as the hub of industrial, financial and com-mercial activities going on smoothly thus drawing apositive and prosperous impact of country on the world.While talking to media teli said that the parallel ensurethat corporate entities meet and strengthen relation-ships with the foreign counterparts and image and pres-tige of Pakistan and Karachi is enhanced and projected.Moreover, this annual event is co-hosted by the, SindhGovernment, and City District Government Karachi.Acting President, KCCI, Younus Bashir said that the“My Karachi-oasis of harmony” Exhibition proved tobe the main and colorful event of the year and Karachities turned up in large numbers to witness the exhibi-tion since last five years. PRESS RELEASE

BOK Raast Islamic Banking Branchstarts operations in Mansehra

MANSEHRA: Bank of Khyber (BoK) Managing Direc-tor Bilal Mustafa has said that BoK is committed to caterthe banking requirements of Islamic Banking as well asconventional in a befitting manner in order to encouragethe economic developmental activities in the region. hewas speaking at the formal inauguration of BoK Raast Is-lamic Banking branch at Shahrah-e-Resham, Mansehrain a simple but graceful ceremony. The inaugural cere-mony was also attended by notables of the area & businesscommunity apart from Former Chairman & Managing Di-rector BoK’s Mr. Bhashir Ahmed Khan, BoK’s ExecutiveDirector Mir Javed hashmat, BoK’s Group head CreditsImran Samad, BoK Islamic Banking Group head Mr.Kamran Masud Khan, head Islamic Business Develop-ment Mr. Sohail Khan, head Special Assets ManagementMuhammad Yasin Chaudhry and head Marketing SyedAli Nawaz Gilani. Mr. Bilal Mustafa said that Raast IslamicBanking of BoK has trader friendly network in all majorcities of the country and we are increasing this net-workby establishing more branches by December 2012 and itwill further enhance in 2013. BoK has also been servingIslamic Banking clients by providing them all Bankingservices through its net-work across the country success-fully since 2003. PRESS RELEASE

CORPORATE CORNER

Major Gainers

Company Open High Low Close Change Turnover

Unilever FoodSPOT 3183.00 3316.85 3183.00 3316.85 133.85 34Mithchells Fruit 194.75 204.48 195.00 204.35 9.60 9,207Sanofi-AventisXD 180.82 189.86 185.00 189.86 9.04 3,384Shezan Inter. 167.62 176.00 171.19 175.43 7.81 2,470Clariant Pak 153.56 161.23 156.80 161.23 7.67 45,428

Major Losers

Nestle Pakistan Ltd. 4160.49 4159.99 3952.47 3954.68 -205.81 289Rafhan MaizeXD 2979.75 2900.00 2835.00 2900.00 -79.75 23Colgate Palmolive 964.21 975.00 925.00 925.00 -39.21 112Indus Dyeing 409.82 399.98 389.33 390.17 -19.65 171Engro Foods Ltd. 69.78 68.00 66.30 66.30 -3.48 4,667,946

Volume Leaders

P.T.C.L.A 16.08 16.50 15.91 16.36 0.28 11,272,986Jah.Sidd. Co. 15.78 16.50 15.88 16.19 0.41 9,144,765D.G.K.Cement 44.51 45.20 43.32 44.95 0.44 7,897,848Lotte PakPTA 9.53 9.89 9.48 9.54 0.01 6,474,313Engro Corporation 107.99 109.44 105.25 108.37 0.38 4,781,495

Interbank RatesuS Dollar 90.8437uK Pound 145.9495Japanese Yen 1.1340Euro 116.8977

Dollar EastBuy Sell

US Dollar 91.50 92.10Euro 117.02 117.97Great Britain Pound 146.88 148.03Japanese Yen 1.1369 1.1457Canadian Dollar 90.71 91.93Hong Kong Dollar 11.64 11.80UAE Dirham 24.86 25.03Saudi Riyal 24.38 24.51Australian Dollar 90.70 92.88

KARACHI

STAFF REPORT

SToCKS closed bearish amid thintrade on cautious note ahead offederal budget announcementdue next month. Investor con-

cerns over new restrictions on uS aid anduncertainty over resumption of NATo sup-plies affected the sentiments despite hopesfor early resolutions. Viewed by AhsanMehanti, Director at Arif habib Invest-ments Limited. The Karachi Stock Ex-change (KSE) 100-share index declined1.72 points or 0.01 percent to close at14,228.77 points as compared to 14,230.28points of the previous session. The KSE 30-share index shed 37.02 points to close at12,410.41 points as compared with12,373.39 points. The market turnover re-mains negative and traded 101.423 millionshares after opening at 236.945 millionshares. The overall market capitalizationdeclined 0.02 percent and traded Rs 3.635trillion as against Rs 3.634.60 trillion. Los-ers outnumbered gainers 153 to 128, while93 stocks were unchanged. Mehanti added“Market continued its downward trend onback of fears over PAK-uS relationship andboiling temperature at political front. Asper latest news sources on weekend re-garding expectations over resumption inNATo supply by end of current weekwould strengthen PAK-uS relationship.We recommend cautious stance beforetaking new entry as budget related rumorswould keep the market in volatile mood.”

The KMI 30-share was down by 39.40points to close at 24,558.99 points from itsopening at 24,519.59 points. The KSE all-share index closed with a loss of 2.19 pointsto 9,985.47 points as against 9,983.28points. The P.T.C.L.A was the volumeleader in the share market with 11.272 mil-lion shares as it closed at Rs 16.36 afteropening at Rs 16.08, down by 28 paisa. Ja-hangir Siddiqui Company Limited traded9.144 million shares as it closed at Rs 16.19after opening Rs 15.78 gaining 41 paisa.D.G.K Cement traded 7.897 million sharesas it closed at Rs 44.95 from its opening atRs 44.51, increasing Rs 44 paisas. LottePakistan PTA traded 6.474 million sharesand closed at Rs 9.54 as against its openingat Rs 9.54, rising one paisa. Engro Corpo-ration traded 4.781 million shares as itclosed at Rs 108.37 as compared to itsopening at Rs 107.99, increasing Rs 36paisas. Ismail Iqbal an analyst at IsmailIqbal Securities Private Limited said thatthe security concerns in the city, limitedforeign interest, fall in global stocks andcommodities on Euro zone debt crises,power outrages to industrial sector andoutstanding circular debt issues in Pak-istan energy sector played catalyst role inbearish sentiments. on the future market,the turnover plunged by 12.647 millionagainst 22.155 million shares of last week.The unilever Food SPoT and Mithchellsand, up Rs 133.85 and Rs 9.60, led highestprice gainers while, Nestle Pakistan Lim-ited and Rafhan Maize XD down Rs 205.81and Rs 79.75 respectively, led the losers.

Bulls had a cross to bearGovt throws caution to the wind

ISLAMABAD: The government has offered various incentives toachieve five percent wind energy target of the total power generationby the year 2030. According to the government policy for Develop-ment of Renewable Energy for Power Generation‚ there would aguarantee for electricity purchase and protection against politicalrisk. An official of the Alternative Development Energy Board saidthat the wind projects are in advanced stages of implementation toproduce five hundred fifty six mega watt electricity. The wind mapdeveloped by National Renewable Energy Laboratory uSA in col-laboration with uSAID‚ has indicated a potential of three hundredforty-six thousand megawatt in Pakistan. The Gharo Keti Bandarwind corridor alone has a potential of approximately‚ fifty thousandmegawatt electricity. Meanwhile‚ more than thirty alternate energyprojects including wind‚ solar and micro hydropower are in thepipeline to generate over one thousand five hundred megawatt elec-tricity by next year. An official said the Alternate Development En-ergy Board has successfully completed a Rural ElectrificationProject under which three thousand Solar home Systems were pro-vided in forty-nine villages of district Tharparker‚ Sindh. NNI

Oh blimey!

KARACHI: A framework for investment has been signed with theBritish Government during the recent visit of Prime Minister YousufRaza Gilani to London in which the bilateral trade volume wouldbe increased to 2.5 billion sterling by 2015. This was stated by thechairman Board of Investment (BoI) Saleem h. Mandviwalla whiletalking to media during a visit to M/s Maxco (Pvt) Ltd, Karachi onMonday. Saleem stated that Prime Minister’s visit to London wasbilateral in which various issues including the investment prospectswere discussed and its aim was to enhance the economic activitiesbetween the both countries. NNI

HONOURS EVENPOWER PLAY

BOI OH BOI

g KSE index ends flat amid budget apprehensions g Wind power generation target to be achieved by 2030

g Pak-UK trade to reach 2.5b Sterling by 2015: BOI chief

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