ISLAMABADAMER SIAL

Announcing that Kabul andnew Delhi have agreed on atransit fee of 49.49 uS centsper MMBTu for the proposedTurkmenistan Afghanistan

Pakistan and india (TAPi) gas pipeline proj-ect, the Petroleum Minister Dr. Asim Hussainsaid that after the signing of the final conclu-sive agreement, expected on May 24, will pavethe way for Pakistan to seek revision in gasprice for the other gas pipeline project withiran, resulting in a saving of $ 1 billion perannum. Addressing a news conference on Fri-day the minister said that the price agreementbetween india and Afghanistan was madepossible due to the Pakistan’s efforts. “Weplayed a major role in convincing both the

countries”. islamabad had said at the outsetthat she will be charging the same transit feefrom new Delhi as agreed with Kabul.

The minister said, all the downstream is-sues of the TAPi pipeline are settled and theupstream issues will be settled at the steeringcommittee of the project on May 24 whenfinal concluding agreement will be signed bythe four participating nations”. When askedabout the price of the imported gas he said itcould not be divulged but it is lower than theiran Pakistan (iP) gas pipeline. “We will beseeking a revision in gas sale price with iranas there is a price renewal clause in the agree-ment allowing revision in sale price if lowprice gas is available from other sources”, hesaid adding that it will result in a saving of $ 1billion. Denying the impression that Pakistanlacked financing to lay the iP pipeline he saidthat it’s financing was not a problem for Pak-

istan. He said the engineering, procurementand construction (EPc) contract will beawarded next week. A chinese led consortiumhas backed out from financing the projectwhile Russian giant gazprom has not repliedto the Pakistani offer to undertake the project.uS is severely opposing initiation of the proj-ect. However, the minister said, “Pakistan’sstance is very clear on the iP. it should work”.on the efforts for changing the fuel mix, theminister said that orders have been issued tothe Pakistan State oil for setting up 100 LPgauto stations across the country at its outletswithin next three months. The dealers will bebearing all the construction cost and the priceof LPg will be totally deregulated, meaningthat dealers will free to charge on their own,even though supplies will be ensured by thenational flag carrier. confident that LPg autofuel will soon take off as alternate auto fuel in

the country, he said that the motorists willenjoy the fuel contain more hi-octane thancng. He said there will be no significant dif-ference in LPg and cng prices as estimatedLPg mileage is Rs 6 per km , while that ofcng is Rs 5 per km as compared to petrol’sRs 9.50 per km. About ending of the energycrisis, the minister candidly admitted that itwould require at least three to five years over-coming the crisis. However, he said that thegovernment has take decision to put the en-ergy sector on the track again. “We have atleast put the energy sector in the right direc-tion”. on Lng, he said that it was a difficultissue as world over Lng is being sought toovercome energy shortages. He said the sup-pliers want long term agreements of upto 10to 15 years period instead 3 to 5 years dura-tion. The cost of short period supplies will bedouble than the long term supplies. He said

that he has already visited Algeria and talkswere held on Lng supply which they assuredcould be provided if an agreement on govern-ment to government basis was made. He saidthat a summary was being moved to Ecc forfinal decision. in reply to a question relatedto the violation of rules in the appointmentof chairman oil and gas Regulatory Au-thority (ogRA), the minister said that thequestion should be pu to the cabinet Divi-sion that made the appointment. PrimeMinister has approved appointment of a re-tired bureaucrat Saeed Ahmad Khan aschairman ogRA even though the post re-quired 20 years experience in oil and gassector. About the high unaccounted for gas(uFg) losses, he said the sui companieshave reduced it from 15 percent to less than10 percent but these should be furtherbrought down to below 5 percent.

profit.com.pk

Global growth seen subdued, stillheavily reliant on Asia Page 2

Saturday, 21 April, 2012

RPP falloutThe RPP saga has reeked of all that is distastefulsince the beginning, and the stench has progres-sively worsened, all the way to the supreme courtand NAB. News reports of the bureau moving toarrest 33 people involved, including former fi-nance minister Shaukat Tareen, imply the investi-gation has clearly not been thorough. And thatthe charge relates to approving the project aschairman of the cabinet’s ECC means a miscar-riage of justice is imminent unless saner headsprevail.Word did rounds in Islamabad at the time of MrTareen’s stiff opposition to the plants, to the pointof roughing up a couple of cabinet meetings,threatening to resign if his demands regardingaudit were not met. It was his effort that broughtabout the project’s reassessment. These are factsthe investigation must have been aware of. Andno matter how strongly subsequent events havevindicated his apprehensions, the whole matter’sunraveling has cast him in ironic, unfair light.A far fairer way forward would have been givinghis concerns a more sincere look, especially sincehe has been the only high profile government of-ficial to look seriously enough into the matter topropose an Integrated Energy Plan. He was thefirst to raise alarm over the deteriorating positionof the existing energy mix. He constituted a high-level team to investigate the prospect of an effi-cient overhaul, pressuring the planningcommission to participate, eventually presentinga detailed energy plan. His position on hydro-power generation units, not to mention his ambi-tious nine-point agenda, deserve a serious officialrethink, as does the decision to apprehend himand parade his name across the ECL.

comment

Digging out a bargaing Pakistan to play hardball over IP gas price after Kabul, Delhi agree on TAPI transit free g Pakistan to save $ 1 billion by revising IP agreementg Kabul, New Delhi agree on US cents 49.49 MMBTU transit fee for TAPI g 100 LPG auto stations within next three months g Three to five years required to overcome energy crisis

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news02Saturday, 21 April, 2012

IRAn-PAKIStAn BARteR

LONDON/SINGAPOREREUTERS

THE global economy is set toexpand by a modest 3.3 per-cent this year as a still-smol-deringeuro zone debt crisisand a relatively slow u.S. re-

covery continue to leave Asia as the maindriver of growth, Reuters polls showed onThursday. Asian economies, as well asLatin America, are expected to pick upthe pace later this year, driven by mone-tary stimulus after a soft patch - a boostWestern policymakers are increasinglyunable to provide. The u.S. economy hasnot taken off in the way many had hopedand the outlook there remains relativelysubdued, although still much better thanmost of its Western peers.

"We think it is increasingly clear thatthe u.S. is on a fairly self-sustaining re-covery and is reasonably - but not com-pletely immune - from what is happeningin the euro zone," said Andrew Kenning-ham, senior global economist at capitalEconomics. "in Europe, it's really a verydifferent story. We expect recession thisyear, but we find it difficult to see why theeuro zone would recover next year."

The polls of more than 700 econo-mists across the world, taken in the pastfew days in the run up to this week'smeeting of g20 finance ministers, pre-dicted 3.3 percent global growth thisyear, unchanged from a poll taken threemonths ago. That would mark a slow-down from the international MonetaryFund's 3.9 percent estimate for 2011 andis slightly less optimistic than their fore-cast for 3.5 percent growth this year.

But 2013 is expected to see a slightlybetter 3.8 percent, based on expectationsthat the euro zone crisis fades, the unitedStates picks up steam and Asia finds itsstride again. A slowly improving u.S. jobmarket and reasonably solid expansion at

the start of the year brightened the out-look somewhat, and the world's biggesteconomy is now set to grow 2.3 percentthis year and 2.4 percent next year. u.S.recovery will help its southern neighborsand Brazil, after just 2.7 percent growthlast year, will gain strength from near fullemployment, expanding by 3.2 percent in2012 and by 4.3 percent in 2013.

in contrast, the euro zone is expectedto shrink 0.4 percent this year and willlinger in a mild recession until the thirdquarter - three months longer than fore-cast in March. However, those figures

mask a huge disparity between the re-gion's stronger economies, such as ger-many and France, and weaker ones likeitaly, Spain and greece. Asia's economicgrowth probably troughed in the firstquarter, the poll found. Respondents re-frained from slashing forecasts for thefirst time in a year, a positive sign al-though it may be too early to celebrate.

"confidence is slowly crawling backin," said Frederic neumann, co-headAsian economics research at HSBc.

"We have seen in china much moreaggressive action has been taken to sup-

port growth, china clearly remains theregional engine, plus the financial riskswe saw emanating from Europe last yearhave also started to dissipate." Whilepowerhouses china and india will nothave the double-digit growth seen beforethe global financial crisis, botheconomies will rebound in 2013, sup-ported by policy easing, robust domesticdemand, reviving exports and a stabiliza-tion in the long-drawn out European debtcrisis. "The first quarter has seen the bot-tom in growth, things are stabilizing, andwill possibly re-accelerate over the next

few quarters with the region likely to hitits full stride in the second half of theyear," added neumann. china's economyis expected to grow by 8.4 percent thisyear and 8.6 percent in 2013 and analystsexpect growth in india to touch 7.1 per-cent this fiscal year, slightly lower thanthe 7.3 percent in the January poll.

Japan should see moderate economicgrowth of 2 percent this fiscal year, as re-building efforts on its quake-batterednortheast coast and signs of recovery inoverseas demand for Japanese goodscontribute to a brighter outlook.

Analysts trimmed their growth expec-tations for Australia, new Zealand,Philippines, South Korea, Taiwan andVietnam but the outlook for Singapore,Malaysia and Thailand had brightened,when compared to the last survey.

"The past two and a half years havetaught us that Asia does not need stronggrowth in the g3 to grow fast itself. AllAsia needs is the absence of negativegrowth and it will do just fine," saidDavid carbon at DBS in Singapore. cen-tral banks will continue to try and walkthe tightrope between supporting growthand controlling inflation. A swathe of bet-ter-than-expected data in the firstmonths of the year led economists to dialdown expectations for the Fed to launcha third round of quantitative easing, orQE. They put the odds of more bond pur-chases at 30 percent, down from the 33percent seen in a March poll.

The Fed and the European centralBank will hold interest rates through tothe end of next year at least to supportgrowth, as will the Bank of England -which has likely called a halt to its ownasset purchase program.

in india, which was the latest centralbank in Asia to ease rates, economistspredict another 50 basis point cut in therepo rate to 7.5 percent by December andto 7 percent by June 2013.

While the People's Bank of china mayleave lending rates untouched, it will easeliquidity and opt for selective easing tar-geted at smaller firms which require themost support.

"The big story for 2012 is not neces-sarily going to be the collapse of growthbut rather how quickly inflation comesback as these economies pick up steam,"said neumann.

Global growth seen subdued,still heavily reliant on Asia

Pakistan puts

tariff, trade barriers

on the EFTA table

ISLAMABADSTAFF REPORT

An official delegation of Pakistan ledby Secretary commerce has discussedtariff preferences and reduction of nontariff barriers with the officials of theEuropean Free Trade Association(EFTA) member in geneva.A statement issued by the commerceMinistry said that the in pursuance ofgovernment’s policy to seek bettermarket access for Pakistani productsthrough tariff preferences and reduc-tion of non tariff barriers in interna-tional markets a meeting wasconvened between the trade officialsof Pakistan and European Free TradeAssociation (EFTA) member states ingeneva. The EFTA comprises fournon-Eu member states namelySwitzerland, norway, iceland andLiechtenstein. Pakistan side washeaded by Zafar Mahmood, Secretarycommerce while EFTA side washeaded by Luzius Wasescha, Perma-nent Representative of Switzerland tothe WTo and EFTA in geneva. Thedelegation exchanged information onthe economic situation in their coun-tries. Both sides discussed the tradeand investment flows between EFTAand Pakistan and their respective ap-proaches to their preferential trade re-lations with third counties.Both sides have agreed that a recom-mendation to conclude a Joint Decla-ration on cooperation between EFTAstates and Pakistan will be submittedto EFTA Ministers at their next meet-ing on 28th June 2012, in view of apossible signing of such declarationat the following EFTA Ministerialmeeting on 26th november, 2012 ingeneva.

KARACHIISMAIL DILAWAR

The economic managers may be comforted by the present up-ward trend in worker remittances, but the deteriorating bal-ance of payment side of the dollar-hungry country might beringing alarm bells in the corridors of power. The centralbank’s data for first three quarters of FY12 show that the coun-try’s current account deficit widened by a massive $ 3.079 bil-lion to $ 3.089 billion against a negligible $ 10 million ofcorresponding period last year.

The fresh increase widened the current account deficit by1.7 percent as a percent of the gross Domestic Product com-pared to 0.0 percent of last year. During the period under re-view, July-March FY12, the country’s gDP rose to $ 178.317billion from FY11’s $ 158.076 billion. A huge gap in the tradebalance appears to be the major attributable factor as thetrade deficit in the review period increased by over 42 percentor $ 3.461 billion to $ 11.618 billion against $ 8.157 billion ofFY11. The foreign investment, both Foreign Direct investment(FDi) and Portfolio investment which have contracted to an

alarming level, stands another area of grave concern for theeconomic mangers. According to State Bank, the review pe-riod saw the investors abroad investing only $ 466 millioncompared to $ 1.393 billion of same months in FY11. Thismarks an absolute decrease of $ 926.6 million or 66.5 percent.The FDi shrank by 48 percent to $ 599 million from $ 1.157billion of last fiscal year. The flow of portfolio investment intothe violence-hit country depleted by 127 percent to $ 83 mil-lion compared to $ 305 million of the previous year. The in-flow of dollar on account of disbursements also remainedlower at $ 1.411 billion against $ 1.541 billion of FY11 and thattoo came under the head of long-term loans. of the totalloans, $ 1.333 billion came as a project loan and $ 78 millionas a program loan against last year’s $ 648 million and $ 893million. The inflows under short-term heads were zero.Worker remittances, an account the economic managers areexcessively counting on, is the sole indicator that ended up inthe green zone and accumulated to $ 9.736 billion. This showsan upsurge of $ 1.720 billion or 21.4 percent when comparedwith $ 8.016 billion of last corresponding three quarters.

However, the economic observers foresee no instant

knee jerks in view of the positive upsets like in the monthof February that the analyst believe provided space for abreather to the otherwise widening current account. Theeighth month of FY12 saw the current account balance slid-ing by 28.5 percent or $ 104 million to stand at $ 260 mil-lion against $ 364 million of the preceding month, January.The analysts attribute the bridging of the gap during themonth to a five percent decrease in imports and modestfour percent increase in exports. While the country’s foreignexchange reserves have contracted by over $ 2 billion dur-ing the current fiscal year, the economic observers say mas-sive debt repayments happen to be a major driving forcebehind the widening of the current account deficit this year.“The worst scenario may come ahead as the deficit couldwiden by $ 5.5 billion,” viewed the economist Asfar BinShahid. others like Farhan Bashir Khan of investcap opinethat the annual deficit was likely to increase by two percentof the gDP, accounting for $ 2.8 billion.

The State Bank, in its latest Monetary Policy Statement,said by June 2012 the country was likely to see a current ac-count deficit of $ 3.5 billion to $ 5.5 billion.

KARACHIGHULAM ABBAS

Though the traders, growers and manufac-tures of various products especially the agri-cultural goods have welcomed the tradethrough barter system between Pakistan andiran, the exporters are concerned with theinvolvement of government on both sides.

The trade and business between govern-ment run organizations of the two countriesthrough the barter system would affect thealready existing private business of the ex-porters and importers as in the entire

process they were being sidelined, sourcestold profit. “government should only facili-tate and let the private sectors of the coun-tries to start the trade through the underdiscussion system,” they said adding that thegovernment run organizations and their in-volvement in the trade would create prob-lems to the businessmen. “We only face thepayment issue in trade with iran due to thesanctions imposed by uS on Tehran, andthey government on both sides should onlyensure the timely payments to the exportersand importers”, they added.

Besides, the trade through new mecha-

nism, they claimed, would somewhere affectthe existing trade/business between the pri-vate companies of the countries. it is worthmentioning here that islamabad was yet tofinalise its plan to export one million tons ofwheat and 0.2 million tons of rice to iran inlieu of oil and other goods under barter sys-tem. A committee was constituted compris-ing Minister for Water and Power, Ministerfor national Food Security and Research,Deputy chairman Planning commission,Secretary commerce, Secretary Finance,Secretary national Food Security and Re-search and Managing Director Passco.

According to a report the committee wasassigned the task to devise a plan with regardto barter trade with iran with the followingTerms of Reference: (i) to explore the possi-bility of barter arrangements between Pak-istan and iran; (ii) to accelerate process ofnegotiations between the two countries forconfirmation of the transaction; (iii) to struc-ture barter arrangements between Pakistanand iran; (iv) to identify the institutions/lo-cations from where stocks will be picked up;(v) to identify the items to be imported fromiran; and (vi) to formulate delegation to visitiran for finalisation of negotiations.

It’s none of your business!g Private sector wants the respective govts to stay out of Pak-Iran trade g exporters are of the opinion that

government-to-government level trade would hamper private business on both sides

g negative trade widens current account deficit by over $3b g FDI shrinks by 48pc to $ 599m from $ 1.157b last FY

Seeping with negativity

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news

Saturday, 21 April, 2012

03

PSo to establish fuel supply andoperational facilities at new BenazirBhutto International Airport KARACHI: Pakistan State oil (PSo) announcedtoday that the country’s leading energy companyhas been awarded the contract for the establish-ment of a fuel farm, maintenance of hydrant refu-eling system and refueling operations at the newBenazir Bhutto international Airport (islam-abad).This contract was awarded to the state-owned en-ergy giant after a transparent, competitive andopen bidding process that took place at the infra-structure Project Development Facility (iPDF)headquarters in islamabad on 28th March 2012.The entire procedure was carried out under thesupervision of civil Aviation Authority (cAA)representatives and was conducted between thethree pre-qualified parties namely Shell Pakistan,Attock Petroleum and Pakistan State oil. TheiPDF had defined the criteria for the successfulbidder as being pre-qualified in the initial stageand submitting the highest proposal amongst allbidding parties. in the process, PSo was declaredas the highest bidder for the project. PRESS RELEASE

BoK Islamic Banking startsoperations in metroville, S.I.t.e

KARACHI: Mr. Bilal Mustafa, Managing Direc-tor Bank of Khyber (BoK) said BoK is committedto cater the Banking requirements of islamicBanking alongwith conventional Banking facili-ties in a befitting manner in order to encouragethe economic developmental activities. He wasspeaking at the formal inauguration of BoK Raastislamic Banking branch at Metroville S.i.T.E areain Karachi this morning in a graceful ceremony.

The inaugural ceremony was also attended by no-tables of the area & business community. The for-mal inauguration ceremony of BoK Raast islamicBanking branch was also attended by BoK’s Ex-ecutive Director Mir Javed Hashmat, group Headislamic Banking Mr. Kamran Masood, Head is-lamic Banking Business Development Mr. SohailKhan, Head Business Development Mr. Lalnawaz Khattak, Divisional Head Training DanishShaheryar and Head Marketing Syed Ali nawazgilani, where as Mr. inayatullah Khan Managerof the Branch coordinate the inauguration cere-mony. PRESS RELEASE

engro, ASF agree to improveagri practices in countryKARACHI: The Engro Foundation and Agribusi-ness Support Fund (ASF) signed a Memorandumof understanding (Mou) to provide technical andfinancial assistance to stakeholders in the coun-try’s rural and urban areas. According to Engro,the agreement is to improve agricultural and live-stock practices, product quality, increase produc-tivity and enhance value addition. The Mousinging ceremony was attended among others byKhan Mohammad Bozdar, Regional Managernorthern Sindh, ASF; Asad Zahoor, Deputy chiefof Party, ASF; Tahir Jawaid, Senior Vice Presi-dent, Engro corp; Jiwan Das, Director, EngroFoundation. STAFF REPORT

Waseela Bank gets SBP’s nodfor nationwide operationKARACHI: The central bank Friday allowedWaseela Microfinance Bank to commence busi-ness as a microfinance bank in the country. Ear-lier, the State Bank had issued a license to thebank, said the regulator in a statement on Friday.Waseela Microfinance Bank, a subsidiary of M/sorascom Telecom Holdings (oTH) Egypt, nowbecomes the 7th microfinance bank to operate onnationwide basis whereas two MFBs are operat-ing at district level. The commencement of busi-ness of Waseela Microfinance Bank will result ina significant increase in the market share of regu-lated microfinance banks (MFBs) within the over-all microfinance sector. This will also lead to theincreased provision of inclusive financial servicesin the rural and remote areas of the country.other microfinance banks operating in Pakistanare Khushhali Bank, First Microfinance Bank,Tameer Microfinance Bank, Pak oman Microfi-nance Bank, nRSP Microfinance Bank, Kashf Mi-crofinance Bank, Apna Microfinance Bank andRozgar Microfinance Bank. STAFF REPORT

CORPORATE CORNER

Major Gainers

Company Open High Low Close Change Turnover

UniLever Pak Ltd 5930.00 6215.00 5900.00 5971.83 41.83 49Bata (Pak) XD 649.17 681.62 650.00 678.19 29.02 96Indus Motor Company 270.65 283.75 262.10 280.17 9.52 1,739Shezan Inter. 129.49 135.96 124.10 135.89 6.40 1,208National Foods 122.58 128.70 121.00 128.37 5.79 18,837

Major Losers

Rafhan MaizeXD 2717.88 2750.00 2582.00 2590.31 -127.57 306Indus Dyeing 384.61 365.50 365.38 365.40 -19.21 121Nestle PakXD 4318.45 4530.00 4252.00 4301.05 -17.40 225Colgate Palmolive 791.00 805.00 776.00 781.00 -10.00 60Packages Ltd.XD 102.74 105.00 97.61 98.35 -4.39 43,739

Volume Leaders

Engro Polymer 12.82 13.82 12.88 13.09 0.27 27,867,103P.T.C.L.A 13.27 14.27 13.20 13.92 0.65 22,743,410Jah.Sidd. Co. 18.83 18.98 18.00 18.09 -0.74 18,563,518Lafarge Pakistan 5.41 5.53 4.85 5.15 -0.26 14,894,981Fauji Cement 6.88 7.02 6.68 6.77 -0.11 12,882,622

Interbank RatesuS Dollar 90.7126uK Pound 146.0110Japanese Yen 1.1096Euro 119.4504

Dollar EastBuy Sell

US Dollar 91.00 91.60Euro 119.48 120.60Great Britain Pound 145.88 147.21Japanese Yen 1.1033 1.1133Canadian Dollar 90.98 92.32Hong Kong Dollar 11.57 11.74UAE Dirham 24.70 24.90Saudi Riyal 24.20 24.39Australian Dollar 93.24 95.55

KARACHISTAFF REPORT

THE bulls kept dominatingKarachi stocks market onlast working day of the weekFriday with benchmark, KSE

100-share index gained 7.01 points.The day saw the index closing up by0.05 percent at 13936.48 pointsagainst 13,929.47 points of Thursday. Higher global commodities, risinglocal and export cement prices,expectations for stronger quarter-endresults played a catalyst role in bullishsentiments at KSE, said Abdul Azeem,an analyst at investcap.on Friday, the trading volumes at theready-counter were recorded lower at244.205 million shares against307.931 million shares of the previousday. The trading value too decreasedto Rs 6.485 billion compared to Rs7.481 billion of the previous session.The intraday high and low,respectively, stood at 14,059.87 and13,925.45 points. He added that thePakistan Stocks closed higher amidrenewed institutional & foreigninterest lead by third tier stocks.The market capitalization decreasedto Rs 3.568trillion from Rs 3.572

trillion a day earlier. of the total 345traded scrips, 127 gained, 151 lost and67 finished as unchanged. The free-float KSE-30 index also gained 43.27points to close at 12,223.05 pointsagainst the previous 12,179.78 points.Engro Polymer was the day’s volumeleader counting its traded shares at27.867 million with the opening andclosing rates standing at Rs 12.82 andRs 13.92, followed by P.T.c.L.A,Jahangir Siddiqui company Limited,Lafarge Pakistan and Fauji cementwith turnover of 22.743 million,18.563 million, 14.894 million and12.882 million shares respectively.According to analyst the indexremained over a narrow range amidinvestor interest in selected oil,cement and banking stocks ahead ofkey quarter end earningannouncements due next week. onthe future market, the turnoverplunged by over 7 million shares to11.236 million against 18.485 millionshares of Thursday.The uniLever Pakistan Limited XDand Bata Pakistan XD, up Rs 41.83and Rs 29.02, led highest pricegainers while, Rafhan Maize XD andindus Dyeing, down Rs 127.57 and Rs19.21 respectively, led the losers.

HonoURS eVen:Another bull-beardeadlock

State Bank of Pakistanrevises criteria for renewal oflicences of exchange firms

KARACHISTAFF REPORT

THE central bank has decided to amend its instructionsrelating to renewal of licences of Exchange companies(Ecs), said the State Bank of Pakistan (SBP) Friday.

Under the revised instructions, it said the licences of theECs would be renewed as per the following criteria:

n Licences of Ecs who have been assessed as ‘Fully compliant’and ‘Satisfactorily compliant’ in SBP’s inspection reports willbe renewed for a period of three years.

n Licences of Ecs assessed as ‘Fairly compliant’ will be renewedfor a period of two years.

n Licences of Ecs assessed as ‘Marginally compliant’ will be re-newed for a period of one year only, during which the com-pany will be required to improve upon its performance,corporate governance and compliance status.

n Licences of Ecs assessed as ‘non compliant’ may be consid-ered for renewal for six months only along with a warning ad-vising them to address the concerns mentioned in the SBP’sinspection report. in case the Ec fails to address the observa-tions contained in the inspection report, its licence will auto-matically stand expired without any possibility of renewal.

n The request for renewal of the licence must reach the StateBank at least 60 days before expiry of the said licence, said theSBP circular issued to the exchange firms.

it may be pointed out that as per previous instructions, the li-cences of the Ecs were renewed by the regulator for a period ofthree years.

Further, Ecs were required to approach Exchange Policy Depart-ment (EPD) of the State Bank for renewal of licences within a pe-riod of not less than three months before the expiry of the licence.

KARACHI: Zong will be sending 32 young boys to Manchester United Soccer School, Abu Dhabi for a week’straining camp. Picture shows ZONG’s Regional Director Sales & Distribution Syed Hassan Imam along withkids after the inauguration of dome at Rahat Park, D.H.A, Phase-VI, Karachi. PRESS RELEASE

LAHORE: Mr. Naimul Abd (GM Marketing, Service Sales Corporation) presenting cheque from CSR Program toDr. Faisal Sultan (CEO, Shaukat Khanum Cancer Hospital & Research Center). PRESS RELEASE

KARACHI: L to R: Mr Nasir Munshi, Business & Channel Development Manager, SAP Pakistan receiving a shieldfrom Mr. Raza Haroon, Minister for Information Technology, Sindh at the 10th E-Banking InternationalConference and Exhibition 2012. PRESS RELEASE

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