MCB receives Asian Banker Awards
Mr. Atif Bajwa is a nominee director of MCB Bank Ltd. He is a prominent banker, President and Chief Executive Officer of MCB Bank Ltd.

Before joining MCB Bank Ltd., he worked in various senior international positions including, Regional Head for Central Europe for Citibank, Asia Pacific Regional Consumer Banking Head for ABN AMRO Bank and Retail Banking Head for Mashreqbank.

At an impressive ceremony held in Singapore, President and CEO MCB Bank Atif Bajwa was awarded.

The Qatar Financial Centre (QFC) Asian Banker Leadership Achievement Award 2010 for Pakistan.

MCB Bank was also the recipient of The Strongest Bank award for being Pakistan s best-performing financial institution.  >>>>>

By: Nadeem Ahmed Jamal
Sindh Chief Minister Syed Qaim Ali Shah said here on Saturday that the Sindh Board of Investment (SBI) will facilitate investors through one-window in setting up industries to promote industrialisation.
The chief minister made this announcement at the conclusion of an investors' conference organised by the Sindh Board of Investment at a local hotel on Saturday, says an official handout.
Stressing the need for promoting local and foreign investment in the province, he said that Sindh is blessed with abundant natural resources, but to benefit from them, "we have to make strenuous efforts." The Sindh government, he said, wanted to promote investment in the province as there were vast opportunities for setting industries especially agro-based units.
He said that foreign investors were showing interest in investment in Karachi and rural areas of the province, and the government was also facilitating them by making the infrastructure available and providing basic facilities. However, prompt practical measures are needed to resolve the problems of people by providing them jobs.
He said that raw material, agriculture produce, fruits, meat and fish and its products are in abundance in Sindh. "Promoting agro-based industries, we can make Pakistan a modern industrial state".
He expressed the hope that the large presence of investors at the conference shows that they want to join hands with the government in development efforts so that its fruits reach the people.
Earlier, inaugurating the conference Governor Dr. Ishratul Ebad Khan said the high profile event would make a significant and worthwhile contribution in attracting investment, which would lead to economic prosperity of the people.

Implications of two-day bank closure
The government's controversial decision to observe five-day working week across the country as a part of its radical plan to fight off power outages through larger energy conservation strategy has understandably generated concern, particularly among business and industry circles, which have argued that it will cause further economic slowdown. For example, the Acting President of FPCCI has called upon the government to exempt sea, air and dry ports from mandatory two-day off, because it would not only delay handling of import/export consignments; it would also increase the cost of trading due to levy of demurrage, container retainer rent, etc. He has argued that  >>>>>

What Went Wrong 2008-2010?
The South Asia Investor Review published a report in which it is indicated those two years of economic performance of the present government. What it inherited, what it informed the IMF and the people of Pakistan, why it went to the IMF, and where we stand now - are the subject matter of this article. Pakistan positioned itself as one of the four fastest growing economies in the Asian region during 2000-07 with its growth averaging 7.0 per cent per year for most of this period. As a result of strong economic growth, Pakistan succeeded in reducing poverty by one-half, creating almost 13 million jobs  >>>>>

Rise in export finance rates harmful for Leather industry - Chairman, PTA
Mr. Gulzar Firoz, Chairman, Pakistan Tanners Association strongly criticized the decision of SBP to increase rates of refinance under the Export Finance Scheme (EFS) and Long-Term Financing Facility (LTFF) by 0.50 percent and 1.10 percent respectively from 1st April'2010. He said that there is no justification for the State Bank to increase Export Finance rates specially when the export of Leather & Leather Products is continuously declining, tariff rates of utilities like Electricity & Gas tariff, POL prices are increasing, cost of doing business has become exorbitant and we are facing great competition with the neighbouring countries. He appeals to SBP to review its decision and have immediate meeting with the representatives of the export oriented industries under the banner of FPCCI to discuss this matter.

PTA delegation met Mr. Sohail ahmed, Chairman, Fbr to discuss leather industry proposals for federal budget
A delegation of Pakistan Tanners Association led by Mr.Gulzar Firoz, Chairman alongwith Mr. Shahid Mahmud and Shaikh Muhammad Naim, Vice Chairmen and Mr. Agha Saiddain, Former Chairman, PTA held a meeting with Mr. Sohail Ahmed, Chairman, Federal Board of Revenue (FBR) on 20th April'2010 at Islamabad to discuss proposals & suggestions of leather industry for Federal Budget 2010-11.
Mr. Gulzar Firoz appreciated and thanked the Chairman, FBR for giving patient hearing and listening to the Budget Proposals presented to him, some of the significant proposals are as under:
1. Present Zero Rating Policy with reference to Sales Tax should be continued to save export industry from serious damage i.e. No Payment of Sales Tax on inputs and No Refund. In any case VAT is impossible to levy on raw hides & skins since suppliers (like butchers, traders, commission agents etc.) are not registered with Sales Tax Department.
2. To reduce Custom Duty on various Chemicals, Spare parts and other items used in consumable leather products especially Formic Acid and Chrome Powder.
3. Present withholding tax on export of leather which is 1% may be reduced to 0.50% for at least two years which is a recession period.
4. To reduce presumptive Tax (Withholding Tax) on Import from 1% to 0.25%.
5. To suspend for atleast 3 years Export Development Surcharge being recovered at 0.25% from the exporters.
6. To exempt all spare parts of tanning industry from 16% sales tax.
Chairman, FBR, Mr. Sohail Ahmed welcomed PTA delegation and assured to consider the proposals of leather industry on merit for incorporation in the forthcoming Federal Budget.

Arif Habib Funds post attractive dividends, returns
Pakistan Income Enhancement Fund (PIEF) delivered Year-to-Date return of 14.08% against the industry average of 7.41% for same period in income funds category, translating into an out performance of 6.67% against its peer group (as of 30th April 2010). PIEF has announced an interim dividend of Re. 0.49/unit for April 2010 which amounts to a cumulative annualized dividend distribution of 12.92% for FY'10.
Investors with "CD Types" unit holding will receive cash dividend and other types unit holders will be entitled to 0.9686 units for every 100 units on the ex-bonus price of Rs. 50.59 per unit (as of 25th April 2010).
The highest rated money market fund, Pakistan Cash Management Fund (PCF) delivered Year-to-Date return of 11.22% against that of the industry average return of 10.35% for same period in money market category, translating into an out performance of 0.87% against its peer group (as of 30th April 2010).
PCF has announced an interim dividend of Re. 0.5200/unit for April 2010 which amounts to a cumulative annualized dividend distribution of 10.14% for FY'10. Investors with "CD Types" unit holding will receive cash dividend and other types unit holders will be entitled to 1.0361 units for every 100 units on the ex-bonus price of Rs. 50.1864 per unit (as of 25th April 2010).
Arif Habib Investments (AHI) is the only company whose funds, namely, PIEF and PCF, distribute monthly dividends. Arif Habib Investments Limited (AHI) is an asset management company managing 13 funds and is rated AM2 (Positive outlook) by PACRA, currently highest Asset Management Quality rating in the industry. The Company is currently managing Rs. 17.85 billion (as of 29th April 2010).

Business community dissatisfied with 2-weekly holidays for government
Chairman, Businessmen Group & former President-KCCI, Siraj Kassam Teli, President, Karachi Chamber of Commerce & Industry, Abdul Majid Haji Muhammad, Vice Chairmen Businessmen Group & former Presidents-KCCI, Tahir Khaliq, M. Zubair Motiwala, Haroon Farooki and Anjum Nisar, Senior Vice President-KCCI, Rasheeduddin Rashid, Vice President-KCCI, Javed Ahmed Vohra and Managing Committee Members of KCCI, in a press note, while expressing grave concern stated that 2-weekly holidays for government departments would cripple down the business activities owing to closure of banks, ports, customs, cargo facility at sea and airports, etc. Nowhere in the world Customs function is closed on the day when private sector is operating, they added.
They said that the business community is already dissatisfied with the mindset and performance of public sector institutions and five-day week will result in further delays for processing the matters of business community with concerned quarters.
They demanded the Government for allowing banks, ports, customs etc. to observe working six-days to accelerate the pace of economic activities.

Bolton market's victims to start their business before Ramzan"
Governor Sindh Dr. Ishrat-ul-Ibad and Chief Minister Sindh Syed Qiam Ali Shah on Wednesday laid foundation stone to construct 19 markets for December 28 victims of Bolton market tragedy. Addressing on the occasion, Governor Sindh Dr. Ishrat-ul-Ibad said that the situation got deteriorated after the incident of Bolton market but the role which was played by the affectees is laudable. Today we are standing here because of the cooperation of affectees with Provincial Government, he said.  >>>>>

Trade was allowed only for items produced & manufactured in Kashmir: KCCI
"Intra-Kashmir Trade enroute to Pakistan is severely hampering the lawful imports, Pak-Government must take necessary measures to protect the legal imports and to enhance revenue generation", urged by Abdul Majid Haji Muhammad, President, Karachi Chamber of Commerce & Industry (KCCI). It has been observed intra-Kashmir trade from Line of Control and smuggling of Coconut (Khopra), spices, zeera from Pak-Kashmir border which is entering to Pakistani  >>>>>

Standard Chartered profits skyrocket
Standard Chartered Bank's profits soared to Rs835 million ($10 million) for the first quarter of 2010, exceeding the bank's net income for the full year 2009. The bank's profits rose largely due to a sharp decline in provisions for non-performing loans. Loan loss provisions declined 42 per cent during the first quarter of 2010 compared to the same period last year, in part as a result of a change in regulations by the State Bank of Pakistan, which lowered the amount that banks have to set aside as provisions against non-performing loans. The central bank had raised the "  >>>>>

Citibank extends POS network partnership with ORIX
Citibank NA Pakistan and ORIX leasing Pakistan signed an agreement on Tuesday for renewing the provision of the POS terminal facility to Visa and MasterCard Credit Card holders in Pakistan. The initiative maximises benefits and convenience to Visa and MasterCard customers, by providing them a facility of using their credit cards at various Citibank Merchant touch points across the country. Citibank and ORIX enjoy a long-standing partnership and this initiative  >>>>>

NBP enters branchless banking
President National Bank of Pakistan Syed Ali Raza has said that the banking and financial industry in Pakistan is passing through a technological transformation therefore, NBP will continue to invest on product innovation and technological upgradation with a view to improve its financial services to the customers and also to standardise banking operations across the country. He expressed these views while talking to newsmen at the project launching ceremony titled "Online Connectivity Services for Network Expansion"  >>>>>

PNSC plans to buy five cargo vessels: chairman
The Pakistan National Shipping Corporation (PNSC), which recently bought three oil tankers, plans to add another five cargo vessels to its fleet in coming months at a total cost of $130 million, top official of the national flag carrier Rashid Siddiqi said on Friday. "The PNSC is in talks with international and local banks for arranging loans for the purpose," he told The News in an interview. "This is the right time to buy ships because prices have come down. We have to move  >>>>>

CNG stations' closure affects ambulance services
The decision of closure of Compressed Natural Gas (CNG) stations across Sindh from Friday noon to Saturday noon has put an increasing burden on the working of emergency ambulances in the city, said Abdul Sattar Edhi. Sitting in his head office in Meethadar, Edhi said that frequent loadshedding had already left them flustered and now the closure of CNG stations has put tremendous pressure on their working. "Our work solely depends on donations and now because of persisting economic crisis people do not give as much money as they used to," said Edhi, seemingly frustrated.
The CNG, sold at Rs53.73, is cheaper than petrol and used by most ambulance operators in Karachi.
An ambulance driver at the Chhipa Welfare Association said that they did not have to work in a particular area or within a time frame rather they were available and needed 24 hours in different areas. "We opt for CNG as it is affordable and workable for organisations like us but now (after the one day closure) it will keep us in a mental fix, as we sometimes have to pay from our own in case we do not get money from the office."
Edhi said that now they will have to use their petrol ambulances for which they do not have enough finances but added that it was not a trouble for him. "I have always resorted to beggary whenever I am at cross roads financially, so this time too if I have no money left I'll stand on the street corners and ask people for it." CNG Station Owners' Association held a meeting last week with officials of the Sui Southern Gas Company (SSGC) and agreed to close shops for a day every week. Though the government claimed that the one day closure will help conserve energy.

Aptma rejects demand to ban yarn export
The All Pakistan Textile Mills Association (Aptma) has rejected the value-added textile sector's demand to ban yarn export. It also refuted its claim that there is any shortage of cotton yarn in the domestic market. In support of the argument the Aptma chairman (Sindh-Balochistan) Yasin Siddik said that the statistics for the last five years show production of yarn stands at around 240,000 tons per month,  >>>>>

Govt, traders reach conditional agreement on 8pm
The Sindh government and the business community of Karachi, following marathon meetings on Tuesday at the Governor House and Chief Minister's House, reached at a conditional agreement to shut shops at 8pm. The agreement comes into force with immediate effect, but is premised on the Karachi Electric Supply Company (KESC) not resorting to power loadshedding during trading hours. During both meetings, the KESC extended assurances to not resort to loadshedding during from 10.00 am to 3:00 pm, and from 5.00 pm to 8.00 pm, said Zubair Motiwala, the chief minister's (CM) advisor on investment.  >>>>>

usinessmen oppose decision of 2-weekly holidays
The trade and industry has rejected the federal government's decision to close businesses after sunset, saying it would not yield any results and deprive millions of small traders of means to earn a living. They declared the measures taken by the government to tackle the grim situation due to power crisis as "short-term" and will give it a brief period to finally cope up the situation instead of sitting idle as it done for the last two years. Razzak Hashim Paracha, chairman Korangi Association of Trade and Industry said the business community has cautiously accepted short-term measures to handle power crisis based on assurances  >>>>>

KISMA demands unified duty for steel sector
Karachi Iron and Steel Merchants Association (KISMA) has strongly recommended that a unified rate of duty be charged for all the flat rolled products of iron and steel.
In its budget proposals sent to the government, KISMA drew government's attention towards a major hurdle being faced by genuine commercial importers of iron & steel products (flat rolled items).
Shamoon Bakir Alil, president KISMA in proposals said that presently there are different rates of duty for almost similar items of flat rolled products such as 10 percent on prime products and 20 percent on secondary products.
He said apparently all these products are identical as the base metal for all these items are hot rolled and the rest are all processed. This discrimination is grossly misused by some black sheep of the trade with the help of the related government machinery, which obviously results in negative aspect to the national, he said.
He said KISMA strongly suggests and recommends that a unified rate of duty be charged for all the flat rolled products, either falling under CHAPTER 7208-7209-7210-7225 with any further subheading.
This would definitely plug in the government revenue leakages and would give a fair chance to the genuine commercial importers who are being slowly and gradually driven out of business.

70pc spinning mills face closure
Karachi-If the government did not over come shortage of cotton yarn in the country, it will compel spinning mills to close by May 30, All Pakistan Textile Mills Association (APTMA) has said.
Sources close to APTMA said the government had failed to introduce Free Market Mechanism in the country that is why the mills were going in loss.
They warned that 70 percent spinning mills would stop working if the situation remained unturned.
Due to current turbulence, a large number of mills' workers were losing their jobs.
It further said the mills were facing shortage 30 lacs cotton bales in the beginning of this year which is raised up to 40 lacs bales. Sources said it was expected to import cotton from the US in order to fill this gape but it will cost Rs 7300 per 40 kg.

MCB AMC earns profit of 30 to 35 percent: CEO
Chief Executive Officer of MCB Asset Management Company (AMC), Yasir Qadri has informed business community that despite a worst economic slow-down in 2008, the MCB AMC has earned a profit of 30 to 35 percent and its assets under AMC reached to well over Rs 14 billion. Speaking at a meeting of Korangi Association of Trade and Industry (KATI), Qadri said that this showed the confidence of clients on MCB AMC which was considered among the top-100 in the country. He said that investment in mutual funds is almost tax free as well as exempted from withholding tax due to which its investment is more  >>>>>

Former KATI chairman appointed SESSI member
The Sindh government has appointed Mian Zahid Husain, prominent industrialist and former chairman of the Korangi Association of Trade & Industry (KATI), a member of the governing body of the Sindh Employees Social Security Institution (SESSI). Husain, who is also the chairman of the Federation of Pakistan Chambers of Commerce and Industry's Standing Committee on Sales Tax, will represent KATI and industrialists in the SESSI's  >>>>>

Trade and industry reject unjustified raise in POL prices
The trade and industry has rejected the unjustified increase in POL prices terming it without any justification.
The Patron In-Chief and Chairman, Korangi Association of Trade and Industry (KATI), S M Muneer and Hashim Razzak Paracha along with Vice Chairmen, Amjandullah Khan and Najmul Arfeen said in a statement that government has once again taken  >>>>>

Industrialists and traders reject two holidays
Industrialists and traders have expressed serious concern over the government decision to observe two weekly holidays in government offices and banks, saying that it would cripple business activities. They said the two weekly holidays in government offices and banks would slowdown the pace of business and industrial activities in the country as matters concerning with banks and government offices would be delayed.  >>>>>

Gas rationing begins in Sindh, Balochistan
The energy crisis is now more visible in the largest city of Karachi with the introduction of gas rationing by Sui Southern Gas introduced in all major industrial areas and CNG stations from today with the view of energy conservation under the guidelines of Prime Minister Gilani.
In the light of the recent Energy Summit chaired by Prime Minister Syed Yousuf Raza Gilani in which it was decided to take major conservation steps  >>>>>

Environment conducive for investment in textile sector - Baig
Recently, the seventh 'Textile Asia 2010', the International textile and garment machinery show was organized at the Expo Centre at Pakistan. Dr. Mirza Ikhtiar Baig, Federal Advisor on Textile, graced the occasion with his presence.
Delivering his speech as Chief Guest at the inaugural session of the event, he said that, the Pakistani government, in its new five year Textile Policy 2009-2014 has set an ambitious export target of US $25 billion with twice the value addition achievable by 2014.
He stated that, the new Textile Policy, with a view to boost up capital investment in the value added textile sector, provides for various incentives like concessional financing (LTF).
Dr. Baig informed that, as the present government has recognized textile as a key priority area, it is putting in all its efforts to devise accurate policies and incentives, aimed to achieve increased private sector investment in value addition and development, so as to gain wider access to markets worldwide.
The government has done away with the customs duty on manufacturing industries for importing plant and machinery and is also endeavouring to gain duty free access for its textile goods in EU and US markets, he said and added that the country's textile industry has invested around US $6 billion during 1999 to 2003.
He further said that, as they endeavour to broaden their share of value added textiles in overseas markets, and that he finds pleasure in inviting the participants at the event to explore and undertake joint ventures, so as to gain from the investment- friendly environment in Pakistan, thus unleashing the unexploited potential of the textile sector.
He assured that their government will spare no effort to provide an environment conducive to development.

Foreign remittances
Tax managers have suggested the Finance Ministry to eliminate exemption allowed on foreign remittances from the next fiscal year, sources said on Friday. Several revenue-collecting units of the Federal Board of Revenue (FBR) have advised the authorities engaged in budget making the exemption should be withdrawn because it is encouraging the unorganised sector to grow, an official of the revenue body said.  >>>>>

Is the LNG deal move good for investors?
A Pakistani Supreme Court scrapping of a murky government gas deal with a French company over irregularities is pro-business, but the court's stand could stoke concerns of fresh political instability. the court said the petroleum ministry had not taken awarding procedures seriously, and a decision by the government's economic decision-making body to award the contract to France's GDF Suez "shall be of no consequence".  >>>>>

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Housing projects get delayed as inflation sparks
Advertisements of upcoming housing projects frequently flash on media but few have questioned their feasibility.
Owing to a economic downturn, record high inflation and low home financing in the past year, the construction industry has suffered badly. This has led to a delay in completion of housing projects and the backlog has become a source of worry for builders. "The demand and supply gap in the construction sector is  >>>>>

CBC chief's exit 'influenced' by DHA, allege residents
The transfer of Cantonment Board Clifton (CBC) Cantonment Executive Officer (CEO) Zeenat Ahmed to Cantonment Board Faisal (CBF) has been unduly influenced by the Defence Housing Authority (DHA), alleged various residents associations of Clifton and Defence. Many associations feels that Ahmed's "transgression" has been to ensure that the SHC's orders regarding unauthorised constructions in Defence are upheld.  >>>>>