FPCCI has its fingers on the pulse of the economy
Zakaria Usman Vice President FPCCI, while talking to Business Monitor in especial interview
Mr. Zakaria Usman has a vast experience in the glittering world of Textile. He is a Textile Engineer from Germany and owns a Textile Industry. He is the owner of plastic industry additionally dealing in construction business. After reigning for long time in Textile industry, Plastic construction sector and construction, he rendered his services indispensably for Federation of Pakistan Chamber of Commerce & Industry as a Chairman Managing Committee, as a Chairman for standing Committee and now he is Vice Chairman of Federation of Pakistan Chamber of Commerce & Industry. He is willing to take serve to its apex, which depicts his keen dedication for his responsibilities. He, not only congregated an astonishing array of his responsibilities in FPCCI but he has also been a Senior Vice Chairman and the Chairman of KCCI, the Chairman of Site Association, the Chairman of consul of Karachi industry Industrial association, the chairman of direct income tax committee for FPCCI, custom committee chairman, chairman of Pak-American business council, justice of peace, the director of PIDC nominated by government, director in KESC, director in site limited and director in state Siemens cooperation, He is still young by his ambitions & courage and one can't stay unimpressed after meeting this amiable personality. All in all he punning spirits are still dominating the business community. The team of Business Monitor had the opportunity to have such a productive and innovative interview with glooming personality.  >>>>>

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We deal in most slightly used Pakistan assembled cars activities
Fazeel Ahmed, the CEO of Al-Rauf Motors
Mr. Fazeel Ahmed is the Chief Executive Officer of Al-Rauf Motors in Karachi. He born in Karachi in 1963 and started car dealing business in 1992. He did his graduation from National College. His father used to do business of Clearing Forward but it was latterly closed down then he initiated this business successfully. Last week, while sharing experts view over car dealing scenario in Karachi he told the Business Monitor that they deal in all types of cars, mostly in slightly used Pakistan Assembled CarsActivities: Accessories, Mechanical Works, Performance Parts, Used Spare Parts A/C Repairing, Car Showroom, CNG Installation/Service, Denting & Painting, Electric Works, Genuine Spare Parts, Mechanical Works, Performance Parts, Used Spare Parts A/C Repairing, Accessories, Car Showroom, Denting & Painting, Electric Works, Mechanical Works, Other Car Showroom Performance Parts Used Spare Parts Car Showroom Car Showroom Denting & Painting, Mechanical Works Car Showroom.  >>>>>

Emerging market is like a basket and Pakistan is automatically included in that
Hina ghazanfar, the CEO and MD of pak Oman Asset Management Company Limited
Hina Ghazanfar, the chief executive officer and managing director of Pak Oman Asset Management Company Limited (POAMCL). POAMCL is a non-banking finance company incorporated on July 28, 2006 as a public listed company with the principal objective of acting as an investment manager for mutual funds. Hina has a reputation that precedes her and a career history that excels. She completed her masters from Lahore University of Management Sciences (LUMS) with honours. Prior to her premiership at POAMCL in June 2007, Hina had not only worked internationally, managing equity portfolios worth $100 million to $200 million, and also large local equity portfolios for prime companies like Pak Kuwait Investment. Hina's previous performance reflects no less with posts such as head of International Sales at ING Barings, where she successfully built and expanded business relationships in the Far East, introducing valued clients such as Morgan Stanley to the business. Subsequent to this, she worked with the Hong Kong team at Smith New Court at a senior position and looked after large accounts. Hina was instrumental in attracting names like Credit Lyonnais, Fidelity Investments and Jardine Flemming to Pakistan, at a time when the secondary markets were opening to foreigners. Her client base included names like Templeton, Pictet, UBS and Montgomery. In addition, she has also worked at KASB's Institutional Sales and Trading Department where she raised standards, achieving sales targets that had never been reached before. Her career expanse at POAMCL shines no less with the significance rise of the latest POBOP Advantage Plus Fund, which has not only caused a stir in the market but has investors reaping in benefits with tremendous future expectations. In financial circles as well as business conglomerates, Hina is talked about as being a power broker to reckon with, and an outstanding achiever with significant contributions to her name  >>>>>

Textile Policy 2009-2014
The government in response to an old demand announced a separate textile policy by Pakistan's most powerful industrial sector. From the sector problems addressed in it, one can see the hand of the economists working in tandem with Finance Minister Mr Shaukat Tarin, who often declares that he will do nothing without consulting the sector managers involved.
The idea is to boost textile exports from $17.8 billion to $25 billion. Critics tend to forget that the policy extends over four years and quietly counts on things getting better beyond 2009, when the power situation in the country gets better and the world economy gradually moves out of recession, creating demand for  >>>>>

Need for industry-centred policy
I HAD set up a medium-sized polyethylene bag manufacturing unit in Larkana with a total investment of Rs7 million in 2007. But, unfortunately it crumbled in two months due to power outages, poor infrastructure facilities and security situation. Eventually it made me a loan defaulter and wiped out my remaining assets," said a Larkana businessman Mohammad Yaseen. "I had to sell my house and the only shop at a throw away price to repay the bank loan," he said.  >>>>>

SAARC CCI Delegation calls on Sri Lankan Prime Minister
Prime Minister of Sri Lanka, Hon' ble Ratnasiri Wickremanayake has assured all possible cooperation to SAARC Chamber of Commerce & Industry to successfully organize the 3rd SAARC Business Leaders Conclave (SBLC), the most prestigious event of the business community in South Asia, stating that it will help image-building of the country and invite attention of global and regional players towards Sri Lanka as a favourable destination for Foreign Direct Investment. A 10- member delegation led by Mr. Tariq Sayeed, President SAARC CCI recently called on Prime Minister of  >>>>>

Ramp up stress-tests on banks, says IMF
THE International Monetary Fund has warned Australia's prudential regulator to increase the stress-testing of the major banks to ensure the sector could withstand deeper shocks caused by the global financial crisis. The Washington-based economics agency revealed in research on the Australian economy, that the national banks had escaped the worst of the financial system upheaval that has claimed some of the world's largest banks. However, it warned that deteriorating asset quality and growing arrears from both retail and business customers could lead to higher banking distress over the next two years.  >>>>>

MCB buys RBS Pakistan for $87 million
KARACHI: The MCB Bank on Wednesday signed a deal to acquire 99.37 per cent shares of the Royal Bank of Scotland operations in Pakistan for an amount of $87 million. The MCB announced the signing of the agreement while the RBS said it had reached an agreement, in principle, for sale of its 99.37 per cent holding. The shares of RBS got the lowest price as compared to previous deals made during the last six years in the country. The MCB will acquire 1.707 billion (1,707,107,891) ordinary shares for a cash price of Rs4.22 per share. The MCB succeeded to strike the deal at the lowest price. In the previous deals, the Union Bank was sold at a price  >>>>>

SBP amends Prudential Regulations for MFBs
KARACHI: The State Bank of Pakistan has amended the Prudential Regulations for Microfinance Bank (MFBs) which will allow MFBs to extend value added microfinance services to its clientele.
These revisions are intended to remove the regulatory bottlenecks, which were pointed out by the industry in interactions with SBP recently.
This will help strike a balance between prudence and growth and will also pave the way for upscaling microfinance services in a sustainable manner. Following these amendments, MFBs can now extend micro loans of up to Rs 150,000 for general purpose and Rs 500,000 for housing purpose.
Also, the borrower's annual income has been revised upwards from Rs 150,000 to Rs 300,000 for general loans and Rs 600,000 for housing loans to allow room for graduation of microfinance clients. Similarly, the loan classification criteria for MFBs have been rationalized to bring it in line with the international best practices and industry norms. Now loans overdue by 30 days or more but less than 60 days will be classified as 'Other Assets Especially Mentioned - OAEM', and will require no specific provisioning.

Meezan Bank announces robust growth in earnings
KARACHI: Meezan Bank, the largest Islamic bank in Pakistan, has announced half-yearly results for 2009 after its board of directors' meeting.
A statement on Thursday said that despite difficult market conditions, the Meezan Bank has declared an increase in net profit after tax of 15 percent over the corresponding period last year. Profit increased from Rs 443 million to Rs 509 million.
It said that the bank has achieved growth in all business segments and consolidated its position as the leading Islamic bank in Pakistan.
Deposits increased by 16 percent to Rs 81.5 billion during the six-month ended June 30, 2009. Paid-up capital of the bank increased to Rs 6.6 billion during the period after taking into account proceeds from the rights issue of Rs 1.7 billion as a result of which the tier 1 capital adequacy ratio of the bank now stands at a very healthy 13.2 percent.
Earnings per share (EPS) increased to 96 paisas from 87 paisas in the corresponding period last year. This performance has been achieved in the backdrop of difficult political and economic conditions that have negatively impacted all segments of the business environment.
It is also encouraging to note that income from core banking business increased by 66 percent, clearly demonstrating the strong growth momentum that has been maintained.
The balance sheet has also shown a healthy growth of 17 percent over December 31, 2008 to Rs 99.7 billion from Rs 85.3 billion.
Meezan Bank's retail banking business is organised through a network of 166 branches and sub branches spread across Pakistan. All branches are online and are supported by a state-of-the-art 24/7 call centre and over 140 ATMs.
The bank also offers a comprehensive debit card that is accepted at over 3,000 outlets across Pakistan.

NBP to expand its int'l network, says Ali Raza
KARACHI: National Bank of Pakistan (NBP) plans to expand its international branch network president and chairman NBP, Syed Ali Raza said Tuesday. The bank is working to develop a unique franchise system in South Asia, Middle East and Central Asia, which will enhance the bank's reach significantly, he added.
The NBP has very strong capital assets base of Rs 880 billion with over 1244 branches across the country while it is planning to expand its branch network in and outside Pakistan. The NBP is serving in Afghanistan and Bangladesh besides direct presence in large economies like USA, Japan, France, Germany, Hong Kong etc and representation in Central Asia. The Bank has representative offices in Beijing, Tashkent, Chicago and Toronto. It has agency arrangements with more than 3000 correspondent banks worldwide.
He said NBP's subsidiaries including Taurus Securities Ltd, NBP Exchange Company Ltd, NBP Capital Ltd, NBP Modaraba Management Company Ltd and CJSC Bank, Almaty, Kazakhstan and joint ventures including United National Bank (UK), First Investment Bank and NAFA are also contributing a lot to the bank's performance over the years.

Atlas Bank gets extension to meet MCR
KARACHI: The State Bank of Pakistan granted Atlas Bank Ltd an extension till Nov 30 to meet the minimum capital requirement and capital adequacy ratio.
A number of small banks are facing the same situation despite revised minimum capital requirement mainly because the recession influenced the banking sector in Pakistan while poor economic growth slashed demand of liquidity by the private sector. Both income and deposits of entire banking sector fell last fiscal year.
Atlas Bank has been assigned a long-term rating of 'A-' (A minus) and a short-term rating of 'A2' (A Two) by the Pakistan Credit Rating Agency (PACRA). These ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.

President, FPCCI, hails textile policy 2009-14
Mr. Sultan Ahmed Chawla, President, Federation of Pakistan Chambers of Commerce and Industry has congratulated Mr. Rana Muhammad Farooq Saeed Khan, Federal Minister of Textile Industry for announcing a five Year Textile Policy 2009-14 providing incentives of export refinance at lower rates, relief on existing long-term loans, restructuring and reorganisation of the textile sector, drawback of local taxes, refund of past R&D claims and monetisation of PTA. He hailed the decision of the Ministry of Textile Industry for including the proposals of FPCCIin the Textile Policy related to zero rating of exports, market access, drawback of local taxes, reducing the mark-up rates on export finance to promote exports, long term financing for value added exports, diversification of exports, textile R & D subsidy and establishment of export houses.  >>>>>

Member domestic operations South FBR visits FPCCI
Mr. Muhammad Ramzan Bhatti, Member Domestic Operations South, FBR along with Mr. Asrar Rauf, DG RTO, Karachi and Mr. Khalid Mehmood, Member FBR visited Federation House Karachi on Monday, August 3, 2009 to discuss the problems being faced across the country by Industrialist and business community on issues related to Tax collection system. Mr. Sultan Ahmed Chawla, President FPCCI welcomed Mr. Muhammad Ramzan Bhatti to FPCCI and congratulated him on assuming the responsibility of Member Domestic Operations South, FBR. Thereafter he pointed out various matters related to sales tax, income tax and custom duty. During the meeting various proposals for expanding Tax net were discussed at length. It was assured by President FPCCI that FPCCI will extend all  >>>>>

Afghanistan is a potential market For Pakistani tems says Pakistani ambassador
Businessmen to come forward to tap the potential market of Afghanistan . This was stated by Mr. Muhammad Sadiq, Ambassador of Pakistan to Afghanistan in a meeting with Mr. Sultan Ahmed Chawla, President FPCCI in his office at Federation House Karachi. He further said that Pakistan's exports to Afghanistan has significantly increased to more than 1 Billion dollar which can be made double if concrete steps and continious efforts are made. He said that food products, textiles, pharmacy, light engineering and electrical items are in great demand in Afghanistan , whereas the new items from Pakistan including electric fans, cutlery, rice have also captured Afghan market. Afghanistan has become the third largest trading partner of Pakistan after USA and UAE, he added.
The Pakistan Afghanistan Transit Trade also come under discussion and it was decided that FPCCI will forward its recommendation and send its representative to attend the PATT meeting to be held in Islamabad. Its was decided by Mr. Sultan Ahmed Chawla, President FPCCI that FPCCI will send a high level delegation to Afghanistan to hold first JBC meeting with its Afghan counterpart sometime in the month of October 2009. The delegation will explore the new avenues for further promotion of bilateral trade and joint venture in different fields.
Sultan Ahmed Chawla, President FPCCI appreciated the role of Pakistani Embassy in promotion of Trade activities in Afghanistan . Mr. Faiz Rasul, Commercial Counselor of Pakistan in Afghanistan was also present in the meeting.
The meeting was attended by Mr. Mansha Churra, Vice President FPCCI, Mr. Abdul Hadi Khan, Dr. Mushtaq Noorwala, Dr. Ayub Mehar DG R&D and Mr. Maher Alam Khan Acting Secretary General.

Pak-Japan economic zone will prove as milestone for bilateral trade enhancement
"Pakistan-Japan Economic Zone planned for establishing in Karachi will prove as a milestone for enhancement of bilateral trade", expressed by Anjum Nisar, President, Karachi Chamber of Commerce & Industry in the Joint Meeting of Diplomatic Affairs Sub-Committee-KCCI & Research & Development Sub-Committee-KCCI. H.E. Mr. Akinori Wada, Consul General of Japan was invited as the Chief Guest in the said meeting.  >>>>>

Tamgha-i-Imtiaz pride for KCCI's sitting managing committee member, Arif Balgamwala
President of Islamic Republic of Pakistan, Asif Ali Zardari conferred National Civil Award - Tamgha-i-Imtiaz to Muhammad Arif Balgamwala, sitting Managing Committee Member and Chairman Diplomatic Affairs Committee of Karachi Chamber of Commerce & Industry (KCCI). He is honoured National Civil Award on his outstanding and exceptional performance as Pakistan's first-ever Philatelist, who has brought recognition and fame  >>>>>

FBR scrunity alarms businessmen
KARACHI: The Federal Board of Revenue's move to conduct scrutiny of 855 companies for audit purpose has rung alarm bells among the business community, which has called for a meeting with the FBR chairman to discuss matters pertaining to revenue collection. "Such an act amounts to harassment of the business community, harming the business of the country," said Federation of Pakistan Chambers of Commerce and Industry President Sultan Ahmed Chawla at the Federation House on Saturday.  >>>>>

Textile sector hails govt's support amid crises
KARACHI: The representatives of the textile sectors have praised the government for announcing the textile policy, which envisages $25 billion textile export in the next five years. However, there were some voices disagreeing with the government and termed the said targed 'ambitious'. By and large, the textile sector is happy over the textile policy as in a statement Chairman of Council of All Pakistan Textile  >>>>>

Seminar on SAARC Governments' Commitment to Economic Freedom in South Asia
ISLAMABAD SAARC Chamber of Commerce and Industry (SAARC CCI) in collaboration with Economic Freedom Network Pakistan will organize a two-day seminar on " SAARC Governments' Commitment to Economic Freedom in South Asia" on August 11.  >>>>>

TMA urges govt to ban coarse yarn export
KARACHI: The government should impose a ban on coarse yarn export in order to save the value added towel sector. Chairman Pakistan Towel Manufacturers Association (TMA), Feroze Azam said due to export of coarse yarn, our competitiveness and cost of doing business has been enhanced. He said, "We export quality towel by using our coarse yarn and due to shortage of raw material the towel sector  >>>>>

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Auto sector faces unprecedented decline in sale
KARACHI - Indus Motor Company Chief Executive Officer Parvez Ghias said the auto industry was experiencing an unprecedented decline in sale of automobiles. He was speaking at second National Auto-Journalists Awards (NAJA) organised in Karachi on Thursday. "We are meeting amidst a world economic recession and like most countries Pakistan is also passing through a challenging period and the auto industry specifically has faced an unprecedented decline in sales," he said.  >>>>>

IMC for arresting decline in auto sales By By our correspondent
KARACHI: Indus Motor Company (IMC) held its 18th Annual Dealer Conference here. Toyota Motor Asia Pacific Senior Vice President Michinobu Sugata was the chief guest. The conference, which had the theme 'Challenge the Change', was attended by the company's dealers, guests from Japan, senior management from the House of Habib, business partners and the Indus team. Speaking on the occasion, Michinobu Sugata stated that the global automobile  >>>>>

Second Auto Journalist Awards
KARACHI: Indus Motor Company (IMC) is to host Pakistan's 2nd National Auto Journalists Awards (NAJA) 2009 on August 6, 2009 at a local hotel. This year's awards follow the success and popularity of the 1st NAJA held last year. Minister for Information, Government of Sindh Shazia Marri will grace the occasion as the chief guest.

Nominations for 2nd NAJA 2009 have been shortlisted from publications over the course of last year, and have been judged, on a number of criteria, by an independent jury comprising of senior journalists, auto industry professionals and mass media academics.

Auto sales rebound, highest
KARACHI: Expected reduction in interest rates by leasing companies and commercial banks have pumped in much-needed breathing space for the ailing auto sector, experts and analysts of the industry said. "Only in the month of July 2009 the auto sales have risen by 33 percent (year-on-year) to 9,825 units, compared with 7,207 units sold in July 2008," they said. However, according to the figures released by Pakistan Automotive Manufacturers Association (PAMA), car sales recorded an increase of 51 percent YoY to 8560 units which is the highest since October 2008, as compared with 5,669 units in the same period last year." Except Dewan Farooque Motors  >>>>>

Pakistan's IT exports in hot waters, up 19 percent only
KARACHI: The country's exports of Information Technology (IT) and its related services have registered a modest growth of 19 percent compared with last fiscal year. This is the lowest exports growth rate since 2004 because the exports have been witnessing 50 percent growth consecutively for the last five years. As per statistics obtained from Pakistan Software Export Board (PSEB), the country's IT and IT-enabled services exports have touched $201 million despite its plunging demand in the international markets as compared with $169 million exports in 2007-08.  >>>>>