One-sided decision can be the deathblow to the industrial
Jawed Ahmed Vohra Vice -President Karachi Chamber of Commerce & Industry
By: Mawaiz Khan Akash
Jawed Ahmed Vohra is the Vice President of Karachi chamber of Commerce & Industry and an eminent businessman and shared commendable contribution while rendering his services to business community. He begged his graduation degree from St. Patrick Government College. He is in business since 1974. He owns marvelous experience and extremely versatile in personality that led him to the zenith of success. He while talking to business monitor in his exclusive interview he anticipated that the Chamber's basic function is to protect and promote the interest of trade commerce and industry in Karachi and elsewhere. It strives hard to espouse the cause of private enterprise and to redouble its contribution in the socio-economic development to the country. When it was questioned to how he managed his responsibilities being a vice-president of the chamber he told that my responsibilities are to manage the accounts, provision of sub-committee and membership's certificates. While elaborating further he  >>>>>

CHAMBER CORNER

PHOTO GALLERY

Stakeholders should improve, protect and conserve the environment
Shaikh Mohammad Afzal Enviornnment Minister for Sindh
Shaikh Mohammad Afzal while tracing out his rich and noteworthy experience and moreover matchless political attachment with MQM led him to the grand ministry for environment of Sindh. He belongs to Korangi Karachi and played a leading role first as a unit and later on a sector incharge. He also played a front line role in APMSO. He has strong views regarding party and contested election for the candidateship of Provincial Minister from Korangi sector PS-123 in 2006 got a margin victory in the election. Similarly he took oath. As a result he was nominated Provincial Minister for Environment of Sindh after the resignation of Askari Taqvi in September 2009. Business Monitor interviewed Shaikh Mohammad Afzal on the sensitive subject of environment in his office and he answered the questions in his full level of perfectoion.   >>>>>

I really wanted to do a bit more than just Pakistan
Mr. Javed has years of experience in investment banking and is currently the director of IGI Investment Bank Limited. Prior to joining IGI Investment bank, he was the chief executive of IGI Insurance Limited responsible for the overall affairs of the organization. An MBA from the London Business School and BSc & MSc from the Imperial College of Science and Technology, Javed spent 12 years of his professional life in UK and Hong Kong where he worked in several prestigious organizations such  >>>>>

Alliance between PIA, PRI to boost remittance inflows
Strategic alliance between Pakistan Remittance Initiative (PRI) and Pakistan International Airlines (PIA) would contribute towards the enhancement of remittance flows through official channels and help the government to achieve the goal of formalizing the remittance market in the country. Federal Minister Finance, Shaukat Tareen said this while addressing a MoU signing ceremony between PRI and PIA held at State Bank of Pakistan here on Tuesday. Tareen urged the overseas Pakistanis to make sure that they are transferring their hard-earned income through official channels  >>>>>

2009 marks the start of the great divide
Mawaiz Khan Akash
The recession is opening up a big gap in output performance between the chemical industries of the developed and developing worlds, which will continue to widen over the next few years. While the chemical sectors of western Europe, North America and Japan struggle to make up the ground they lost after the financial crisis in late 2008, chemical producers in the emerging economies of countries such as China, India and Brazil are using expanding domestic demand to grab a larger share of the global chemicals market. In Europe chemicals output, excluding pharmaceuticals, fell by 12 per cent in 2009, according to the European Chemical Industry Council (Cefic). But by the last quarter it was already showing a slight increase, which Cefic believes will gather pace in early 2010 to provide an overall rise in production of around 5 per cent during the year. The American Chemistry Industry Council (ACC) expects US chemicals production, excluding pharmaceuticals, to grow by 3 per cent in 2010 after falling by 9.4 per cent in 2009. However, the predicted growth in 2010 in both Europe and the US will  >>>>>

Karachi blast conspiracy gets deeper
AS details emerge in pieces in the aftermath of the Karachi tragedy, it is assumed that there was a bigger and deeper conspiracy to hit hard the commercial hub of the country besides creating sectarian divide. A TV footage shows that after the blast which killed and injured many mourners, anti-social elements went on a rampage breaking locks and shutters of goodowns and shops, looting and indulging in arson by using chemical accelerants. While Prime Minister Yousuf Raza Gilani has done well to announce a compensation package of one billion rupees, President Asif Zardari visited the victims in Liaquat National Hospital and spoke to MQM Chief Altaf Hussain assuring all-out help by the Government to the injured and affected business community. President Zardari and Chief Minister Qaim Ali Shah during meetings with business leaders told them that the Government was fully aware of the agony of the victims and the huge losses affecting the livelihood of thousands of retailers, wholesalers and other members of the community. How all this happened in a short span of time, the Karachi Police investigators are yet not sure that it was a suicide attack and have sought the services of Peshawar Police which has attained greater expertise to examine the available evidence and answer important questions. Though there was no crater after the blast which strengthens the theory of suicide bombing yet according to a senior police officer, there is also evidence of serious damage to the vehicles parked around the blast site and electricity poles badly damaged and that creates more doubt about the nature of the blast. The TV footage also shows that immediately after the blast, people broke the locks of shops in Boulton Market and indulged in looting and arson while the police was seen standing by as silent spectator. Though banned TTP has claimed responsibility for the bombing, yet there appears to be a much deeper conspiracy and those behind this heinous attack had planned a much wider mayhem and destruction to further destabilize Pakistan's economy and divide the nation. We expect the investigation teams and inquiry committee would be able to explore all angles of the tragedy and unmask the conspiracy and elements behind it.

Demands ban on yarn export
The value added textile sector has announced it will close all factories in the country from (January) if a ban on yarn export is not slapped. The decision came in a special meeting of the Pakistan Hosiery Manufacturers Association (PHMA) with all value added textile associations at the PHMA House on Monday. Chairmen of at least 14 value added textile associations attended the meeting which included Pakistan Apparel Forum (PAF), Towel Manufacturers Association, Council of Loom Owners Association, Pakistan Textile Exporters Association, Pakistan Cloth Merchants' Association, All Pakistan Sizing Industry Association, Pakistan Cotton Power Loom Association, All Pakistan Textile Processing Mills Association, Pakistan Knitwear and Sweater Exporters Association, Pakistan Hosiery Manufacturers Association (PHMA), Pakistan Denim Manufacturers and Exporters Association, All Pakistan Bed Sheet & Upholstery Manufacturers Association, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) and Pakistan Cotton Fashion Apparels  >>>>>

Continuation of dialogue must for resolution of political problems- Tariq Sayeed
A group of Indian Parliamentarians have strongly affirmed that continuation of dialogues between India and Pakistan is only solution to political problems between these two countries, which will positively affect the process of economic integration of South Asia. This was transpired during a dialogue  >>>>>

LDCs demands for greater Market Access and compensation for Revenue loss under SAFTA need to be fulfilled- VP-SAARC CCI
"The concerns of Least Developed countries regarding loss of revenues while implementing SAFTA and their demand for greater Market Access should be fulfilled if we desire to make SAFTA work and implemented in true spirit" This was stated by Mr. Iftikhar Ali Malik, Vice President, SAARC Chamber of Commerce & Industry (SAARCCCI) at session "Special and Differential Treatment to LDCs in South Asia"  >>>>>

We need to pool our limited resources - Vitarana
Speech made by Prof. Tissa Vitarana, Minister of Science and Technology at the Second Meeting of the SAARC Ministers of Science and Technology held in Colombo recently. It is my great pleasure to welcome warmly the ministers and delegates from the member countries who have come to Colombo for the Second Meeting of the SAARC Ministers of  >>>>>

KCCI urges Belgium to support Pakistan's entry into FTA with EU
"Belgium, being the Capital of Europe and centre of European Politics and policy making, should support Pakistan's entry into FTA with European Union", expressed President, Karachi Chamber of Commerce & Industry, Abdul Majid Haji Muhammad, while addressing the Belgian Companies' Catalogue Exhibition jointly organized by the Belgian Embassy and KCCI, wherein Ambassador of Belgium, H.E. Mr. Hans-Christian Kint was invited as the Chief Guest. Earlier, President, Karachi Chamber of Commerce & Industry, Abdul Majid welcomed the Belgian Ambassador  >>>>>

PTCL announced help desk and special packages for KCCI members
PTCL announced to open a Help Desk at KCCI and special packages would be offered to KCCI members, said Abdullah Yousef Abdulla, SEVP of PTCL at KCCI. Mr. Abdul Majid Haji Muhammad, President of KCCI briefed the role of KCCI and its importance and protecting and promoting the businesses of Mini Pakistan and how this affects economy of the country. While discussing the performance of PTCL staff, he revealed that CEO and Karachi based Management of PTCL are properly coordinating with KCCI  >>>>>

Pearl Dune offers beautiful landscaped gardens and a full range of leisure and shopping
Pearl Dune offers beautiful landscaped gardens and a full range of leisure and shopping facilities, catering to the discerning needs of today's middle-class family.

Modern finishes using the best materials and large windows combine to provide a feeling of spaciousness, quality and tranquillity in every apartment.

Facilities and amenities* State of the art clubhouse* Prayer Area* Community Centre* Gymnasium* Children's Play area* Landscaped courtyard and jogging track* Internet café and Coffee Bar* Library and study area Features.

Features* Gated community with 24 hour security* Back-up power generators and 24 hour maintenance service* Spacious and well lit corridors and lobbies* Built-in home technology facilities including Cable TV, Broadband internet, Intercom and Telephone connections* Quality floor and wall tiling throughout.

Double glazed windows* 5 star standard kitchen and toilet fittings* Spacious apartments ideal for vacation home, buy-to-let or permanent residence Master planned community within a government backed regeneration zone.

The leading institution for housing finance in Pakistan
The House Building Finance Corporation Ltd. (HBFC Ltd.), over the last 55 years has gradually and steadily developed as the leading institution for housing finance in Pakistan.Starting with an initial paid-up capital of Rs.5 million, it expanded its activities necessitating enhancement of its paid-up capital and now paid-up capital is Rs.3.50 Billion. Today, it is the largest housing finance insititution providing investment facility for construction and purchase of house/flats through a large country-wide network of 3 Regional, 12 Zonal and 58 District Offices, 4 camp offices and 25 Representative Offices/Service Agents and 21 more such offices will be opened very soon. Where by adoption of market-going techniques services agents will be appointed.HBFC Ltd. has financed over one and half million units for Rs. 41.437 billions, provided housing finance facility to 28 corporate clients for Rs. 1.7 million, made recoveries of Rs. 51.368 billions and has an investment portfolio of Rs. 19.6 billion. HBFC Ltd.'s average annual disbursements and recoveries are around Rs. 2.5 to 3 billions. At present, it is handling over 103,736 operative accounts with work force comprising of 864 H&R officers and H&R support staff. The credit facilities of the company are available throughout Pakistan including Azad Kashmir and Northern Areas.

Pearl Dune Residency Towers a distinguished style, Karachi
Pearl Dune offers beautiful landscaped gardens and a full range of leisure and shopping facilities, catering to the discerning needs of today's middle-class family. Modern finishes using the best materials and large windows combine to provide a feeling of spaciousness, quality and tranquillity in every apartment.Facilities and amenities* State of the art clubhouse* Prayer Area* Community Centre* Gymnasium* Children's Play area* Landscaped courtyard and jogging track* Internet café and Coffee Bar* Library and study area FeaturesFeatures* Gated community with 24 hour security* Back-up power generators and 24 hour maintenance service* Spacious and well lit corridors and lobbies* Built-in home technology facilities including Cable TV, Broadband internet, Intercom and Telephone connections* Quality floor and wall tiling throughout* Double glazed windows* 5 star standard kitchen and toilet fittings* Spacious apartments ideal for vacation home, buy-to-let or permanent residence Master planned community within a government backed regeneration zone.

KCCI lauds Tareen, CMs for NFC Award
KARACHI: The Karachi Chamber of Commerce and Industry has lauded the hard work of National Finance Commission and especially of its chairman Federal Finance Minister Shaukat Tareen and the four chief ministers, which has resulted in accepting the NFC Award unanimously. In a press statement KCCI former president Siraj Kassam Teli said that it is for the first time in the history of Pakistan that democratically elected governments in all the four provinces and the centre have genuinely sorted out the issues regarding distribution of the national wealth according to their rights and contribution towards the national exchequer and by holding meetings and gatherings in all the four capitals of the provinces, which showed their intention to the people of Pakistan that 'justice was being done and could be seen' which was noticed in the speeches at Mohatta Palace in Karachi. Teli said, "He has always raised his point of view as a Karachiite on NFC for the last over 10 years at every level and platform possible and at this critical juncture, it was of utmost importance to maintain unity amongst all the provinces to save the federation." It was heartening to note the gesture of goodwill and accommodation shown by the elected representatives of the people, due to which a new era has begun, he added. He said that he has been watching the change in the political atmosphere of Punjab through its leadership of the Chief Minister.

Spot rate maintains stability at KCA
KARACHI: Cotton prices remained on the higher side on back of increasing demand while the spinning sector remained eager for fine lint, traders at Karachi Cotton Association (KCA) said That Trading remained moderate amid stable spot rate with strong physical prices as the KCA fixed the spot rate at Rs 4,375 per maund with increasing demand of fine lint during the trading session. A senior trader at KCA Shakeel Ahmad said, "Exporters are on the front foot as Pakistan's produce is still cheaper in the international market besides having edge over quality also against competitors." He said private sector commercial exporters were eyeing quality lint as the world market needs quality for value addition. He said leading buyers in Sindh and Punjab bought lint of all grades, while spinners in Sindh remained busy in consolidating their long positions in order to meet the domestic and export targets of yarn. Ahmad said Sindh dominated in the quality while Punjab's lint was traded in higher volumes ranged between Rs 4,350 to Rs 4,375 per maund during the trading session. In the domestic market around 200 bales of upper Sindh changed hands at Rs 4,365 per maund, 200 bales of southern Punjab at Rs 4,350 per maund, 200 bales of Mirpurkhas at Rs 4,350 per maund and 200 bales of upper Sindh changed hands at Rs 4,375 per maund.

PFA, PBIF sign MoU to promote food industry
KARACHI: The Pakistan Food Association (PFA) and Pakistan Businessmen and Intellectuals Forum (PBIF) have signed a Memorandum of Understanding (MoU) for the promotion of food industry in the country. PFA President Rafiq Rangoonwala while talking to PBIF members said that to develop the future managerial entrepreneurship in Pakistan with close consultation and assistance of PBIF, PFA also plans to establish a most modern research centre to cater to the food industry. "PFA will offer a special subsidy to its members for this event and all PFA members would invite their local as well as international customers, partners and collaborators in this event," Rangoonwala added.

Meezan Bank and BASF Paksitan sign MoU
KARACHI: Pakistan's first and largest Islamic bank, Meezqan Bank Limited (MBL) and BASF Pakistan Pvt Ltd have signed MoU whereby Meezan bank would provide Islamic Housong Finance facility to the employees of BASF Pakistan. The agreement was signed by Arif ul Islam, Chief Operating Officer of Meezan Bank Ltd and Mr Qazi Sajid, Managing Director BASF Pakistan at BASF head office in Karachi today. Dr Imran Usmani, Shariah Advisor of MBL and Mr Muhammad Raza, head of consumer banking, MBL, were also present on the occasion.


Pak, German firms sign MoU for solar project
KARACHI: A well-reputed German solar company Azur Solar GmbH has signed a Memorandum of Understanding (MoU) with Raza Impex Pvt Ltd Pakistan during the visit of the Prime Minister Yousuf Raza Gilani to Germany. According to the Board of Investment (BoI) on Monday, the signing ceremony was attended by the officials of German Ministry of Economics and BoI officials.

The two companies have agreed to enter a joint venture for installation of a 50 megawatts solar power plant in Pakistan. CEO Bernd Sauter signed the MoU on behalf of Azur Solar whereas CEO Zafar Hussain and Managing Finance Partner Khurram Bilal signed it on behalf of Rafza Impex Pakistan.

Pakistan, Maldives for boosting investment
KARACHI: Pakistan and Maldives should necessitate increasing trade to strengthen bilateral and socio-economic relations. A meeting between president Karachi Chamber of Commerce and Industry (KCCI), Abdul Majid Haji Muhammad and High Commissioner of Maldives, Dr Aishath Shehenaz Adam was of the view to fortify trade and boost up the investment opportunities besides tourism. Abdul Majid said Maldives, a country comprising of chain of 1190 islands, imports an array of items worldwide. He outlined the great potential of Pakistani exports to Maldives in many areas as Maldives imports from Pakistan were $5.6 million last year that could be further improved by increasing bilateral trade and exploring different trade areas. Maldives imports iron, steel, construction and building materials, cement, rice, wheat, fruits and daily households to meet its country requirements, he added. He said Pakistan could export rice, pharmaceutical and textile products at cheaper rates and could offer wide range of machineries and technological support to Maldives. He focused on government-to-government contacts to enter into Preferential Trade Agreement later to be materialised as Free Trade Agreement. He extended invitation to Maldivian companies through High Commissioner to participate in the KCCI's upcoming major trade event My Karachi, Oasis of Harmony 2010 Exhibition. Dr Aishath Shehenaz Adam underscored the importance of bilateral trade and the need for regular exchange of visits at different levels while exploring new investment opportunities to bond trade ties of Pakistan and Maldives to the new heights.

Dubai crisis not to affect Pak banks
Pakistan's banking sector is very sound and has shown its resilience during the global financial crisis. "We have well regulated financial system and Dubai debt crisis should have hardly no direct impact on our banking system", renowned economists and Vice Chancellor of Pakistan Institute of Development Economics (PIDE), Dr.Rashid Amjad told APP here on Wednesday. However, he said that the two economies are closely linked through trade and investment but "we are hopeful that given improved physical and financial infrastructures Pakistan banking system will be able to weather the current economic downturn". "There is no reason for any bad impact of Dubai crash on Pakistani banks", a senior banker also observed. He added that only a few Pakistani banks have little exposure in Dubai. He said that United Bank Limited and Habib Bank Limited have little exposures in Dubai as UBL was involved in doing business there but the bank has already announced that its business would not hurt with this crash. The UBL in a statement has announced that its UAE balance sheet and operations were healthy and robust and were no challenged by the current financial crisis in the Emirates. The Banker further said that the HBL has also exposure in Dubai but is much less than UBL, which would be ignore if size of the bank is considered.

SBP transfers 100pc foreign exchange burden to banks
The State Bank of Pakistan (SBP) has shifted 100 percent burden of foreign exchange to banks for payment against oil imports to comply with the IMF condition. The SBP on Saturday announced that all purchases of foreign exchange related to import of crude oil will be made by banks from the interbank market with effect from December 14, 2009.  >>>>>

NAB chief grilled on Swiss bank account
A Supreme Court bench hearing petitions against the National Reconciliation Ordinance (NRO) questioned the chairman of the National Accountability Bureau (NAB) on Wednesday about alleged laundered money lying frozen in a Swiss bank and the amount spent by the state on the case, but was disappointed by the answers. 'Not a single confidence-inspiring answer has been given,'  >>>>>

Traders for business friendly Islamic banking products
ISLAMABAD: Banks should develop innovative, cost effective and business friendly Islamic Banking products to facilitate the smooth growth of business activities in the country. President, Islamabad Chamber of Commerce & Industry (ICCI) Zahid Maqbool expressed these views while addressing a seminar on Islamic Banking jointly organized by Meezan Bank Limited and Islamabad Chamber of Commerce at ICCI.  >>>>>

Silkbank to issue Rs7bn right shares
Silkbank announced that it would inject Rs7 billion to raise the paid-up capital through issuance of right shares, but one of the leading partners in the consortium which bought the bank, once again refused to purchase the right shares. The board of directors of the Silkbank approved to issue 2.8 billion right shares at the rate of Rs3.11 per share to  >>>>>

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the country's achievements wouldn't have been possible if God hadn't set for us a tryst with history. In an address to the nation given in the Dira Al Watan (Nation Shield) magazine on the occasion of the 38th National Day of the UAE, Sheikh Mohammed said the march of glory is setting foot into the era of empowerment and is building the road into the solid future.
Following is the text of the speech:
The federation's last year recorded several shining achievements in our march of empowerment that culminated with the re-election of His Highness Sheikh Khalifa bin Zayed Al Nahyan as the country's President in a reaffirmation of the confidence of the UAE Supreme Council in its Head. It was also another expression of the loyalty of the people, the honesty of their nationality and the sincerity of their love for their leader, behind whom they rally.
With this precious testimonial the march of empowerment is heading towards wider horizons relying upon the achievements accumulated over the years in all areas. Today our economy is one of the largest in the world in terms of power and stability due to its diversity, its vast potential, its reliance on strategic planning, its adoption of the language and tools of the knowledge age.  >>>>>

38th National Day of UAE: United Arab Emirates Celebrates Independence Day
The UAE has spared no effort to make sure its National Day on December 2 is marked with appropriate pomp and grandeur. The hearts of every Emirati are filled with the overwhelming memories of 2nd December 1971 when the UAE made history by acquiring independence from the British Colonial rulers. The Al-Eid Al Watani (in Arabic) is celebrated with great zeal all over UAE with a splendid aura of triumph.As the nation celebrates this anniversary, it cannot but pay tribute to its founding father , the late Sheikh Zayed bin Sultan Al Nahyan, under whose visionary leadership many remarkable strides were made.Sheikh Zayed left behind an impressive legacy, a huge legacy that speaks of itself in various fields of human development. Today, the UAE has gained a conspicuous place among the comity of nations, thanks to its socio-economic achievements. With major economic development projects achieved within  >>>>>