Prime Minister to launch road map for SME Finance Policy on 22nd December at State Bank of Pakistan

Karachi, December 20, 2017 (PPI-OT):The Union of Small and Medium Enterprises (UNISAME) has applauded Tariq Bajwa the Governor of the State Bank of Pakistan (SBP) for preparing the Road Map (RM) for the SME sector financing with the consensus of all the stakeholders and inviting the prime minister to launch it at a ceremony at the Learning and Resource Centre (LRC) at the SBP.

The Prime Minister (PM) Shahid Khaqan Abbasi is scheduled to launch the Road Map for promotion of ‘Home Remittances through M-Wallet Accounts and Policy for Promotion of SME finance’ on the 22nd December 2017 at the State Bank of Pakistan and after that hopefully the SBP will adopt the recommendations for the benefit of the under privileged sector.

UNISAME president Zulfikar Thaver said the RM reflects the good homework of the SBP It is indeed very comprehensive and covers most of the aspects of SME financing and if the policy makers follow the RM it will bring about promotion in the real sense.

He added that “as far as we are concerned we are reiterating our demands as we firmly believe that besides finance the sector needs friendly policies for energy, raw material availability, filling of technological gap, marketing support, industrial estates, innovative and value addition guidelines and many other facilities, support, encouragement and motivation”.

UNISAME will also seek the opportunity to invite the kind attention of the PM to the turnover tax imposed on the rice traders who are liable to pay a tax of 0.2% if the turnover exceeds 10 million. This tax is not on other commodities but only on rice and the union will seek removal of this tax on rice. The Union will also urge the PM to enable the SME sector to meet the challenges of global competition by reduction in cost of doing business and ease of doing business.

For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Tel: +92-21-35884225-6
Fax: +92-21-35380642
Cell: +92-300-8245307, +92-321-8245307
Email: unisame@gmail.com

More reduction in exchange rate termed economic suicide

Karachi, December 20, 2017 (PPI-OT):The Businessmen Panel of the FPCCI on Wednesday said further erosion in the exchange rate on the directives of IMF will amount to economic suicide. The suggestion to upward revise the interest rate by the State Bank of Pakistan is against the national interest as it will result in the closure of businesses, unemployment and defaults by the businesses, it said.

Any hike in the interest rates will result in contraction of the economy which will lay waste to all the efforts of the government to revive the economy, said Naseem-ur-Rehman, a central leader of the BMP. Increased interest rates will push many businesses towards lack of competitiveness which will destabilise the balance sheets of the commercial banks, he added.

Naseem-ur-Rehman said that such a damaging move will not only waste efforts to stabilise the economy but also create problems for the government in the upcoming elections. He said that following IMF will also result in increased taxes and cut in developmental budgets which will have economic and political repercussions.

The business leader said that government has done a lot to put the economy back on track, improved the direction of the economy, upgraded infrastructure, ensured law and order and enhanced energy supplies which have boosted the confidence of the business community.

All these achievements should not be reversed at any cost as Pakistan remained under the IMF programme for many years but the problems could not be resolved. He said that government should immediately start improvement in the tax system, energy supplies, and sell bleeding state-run enterprises wasting trillions of rupees per annum. IMF should not be pleased at the cost of masses and the economy, he demanded.

For more information, contact:
Businessmen Panel of FPCCI
Tel: +92-333-589-9992
Email: busimessmen.panel@gmail.com

Pakistan Stock Exchange Limited Market Position on 20-12-2017

Karachi, December 20, 2017 (PPI-OT):


DAILY STOCK MARKET REPORT

Market Position Printed On DEC-20-2017

COMPANIES KSE KSE-30 KSE-100 KSE-ALLSHR KMI-30 BATi OGTi PSX-KMI
POSITION INDICES INDEX INDEX INDEX INDEX INDEX INDEX INDEX
Plus 131 Current 19069.69 38208.06 28367.24 64504.46 14688.69 19483.21 19430.10
Minus 187 Previous 18875.48 37919.42 28210.60 64491.29 14143.04 19309.73 19391.88
Unchanged 27 High 19151.33 38323.91 28452.57 65413.16 14745.43 19549.68 19588.62
Total 345 Low 18856.63 37841.87 28135.45 64128.93 14143.04 19309.73 19342.33
Net Change 194.21 288.64 156.64 13.17 545.65 173.48 38.22
Percentage 1.03 0.76 0.56 0.02 3.86 0.90 0.20

TURNOVER TRADING VALUE MARKET CAPITAL
Current 129,652,650 4,942,477,730 8,167,396,064,854
Previous 108,555,280 4,753,182,860 8,121,866,976,202

COMPANIES REFLECTING SIGNIFICANT TURNOVER

Company Name Prv.Rate Opening Rate Closing Rate Highest Rate Low Rate Turnover
TRG Pak Ltd 27.60 27.80 26.60 28.05 26.26 21,202,000
B.O.Punjab 7.44 7.68 7.81 7.85 7.55 11,789,500
WorldCall Telecom 2.90 2.99 2.82 3.00 2.79 9,186,500
K-Electric Ltd. 6.04 6.15 6.10 6.33 6.05 8,977,000
Lotte Chemical 6.18 6.25 6.00 6.30 5.91 5,035,000
Pervez Ahmed 1.10 1.15 .97 1.15 .90 4,011,500
Unity Foods Ltd 14.80 13.80 14.96 15.70 13.80 4,004,000
Pak Elektron 43.79 44.30 43.10 44.89 42.62 3,542,900
National Bank 43.03 43.43 43.59 44.00 43.39 3,352,500
Azgard Nine 14.04 14.30 14.01 14.70 13.90 3,192,500

COMPANIES REFLECTING HIGHEST INCREASE/DECREASE IN THEIR RATES

Company Name Increased By Closing Rate Company Name Decreased By Closing Rate
Island Textile 43.68 917.80 Khyber Tobacco 77.00 1513.00
Bhanero Tex. 34.72 729.30 Wyeth Pak Ltd 68.59 1303.21

FUTURE CONTRACT
TURNOVER Plus 108
Current 49,582,600 Minus 19
Previous 30,857,500 Unchanged 0

Company Name Prv. Rate Opening Rate Closing Rate Highest Rate Low Rate Turnover
TRG-DEC 27.66 27.70 26.73 28.10 26.35 31,950,000
PAEL-DEC 43.91 44.24 43.15 45.00 42.65 4,127,000
ATRL-DEC 219.15 219.49 213.71 224.21 210.50 3,669,500
ISL-DEC 88.61 89.98 88.35 91.40 86.01 2,436,000
KEL-DEC 6.09 6.20 6.14 6.33 6.07 1,350,000

For more information, contact:
Senior Manager
Public Relations
Pakistan Stock Exchange Limited
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@psx.com.pk
Web: www.psx.com.pk

LG’s New Gram Offers Enhanced Portability and All-Round Top Performance

Karachi, December 20, 2017 (PPI-OT):At CES 2018, LG Electronics (LG) will unveil its latest LG gram laptops that deliver superior portability, enhanced powerful performance and convenience features. Since the incredibly lightweight laptop line debuted in 2014, LG has consistently surprised consumers by maximizing portability without sacrificing performance. The impressive successor to its previous line-up, the LG 2018 gram laptops push the boundaries of portable computing with improved mobility and durability, as well as upgraded processors and more versatile functionality. Altogether, the gram series offers an excellent workstation for those wishing to work, study more effectively or enjoy media content for extended periods in any environment.

The new models continue to be the most easy-to-carry laptops available on the market today.1 Their ultra-thin bodies feature a highly efficient 72Wh battery which allows longer work time without plugging in, lasting up to almost a full day on a single charge.2 And the compact design allows the LG gram’s smaller form factor to feature wider screens. The 14-inch model 14Z980 is the same size as a conventional 13-inch laptop but still offers a wider display with a minimized bezel.

Equipped with the latest 8th generation Intel CoreTM i7 and i5 processors and SSD storage, the newest LG gram devices are even more efficient and significantly faster. Users can boost work efficiency as high as 40 percent while booting time now comes in under 10 seconds. Unlike other compact laptops that achieve lower weight or smaller size by minimizing interior space, LG’s gram series offers a second SSD drive slot for even more internal storage for those large video files.

LG’s new gram models are durable enough to use even in the most extreme environments, passing seven stringent U.S. military MIL-STD 810G durability tests for resistance to impact, pressure and temperature. This improved build quality is achieved by the Nano Carbon Magnesium full metal alloy body, often used in the aerospace industry where high strength and light weight are required. The result is an increase in durability by 20 percent compared to traditional magnesium products.

The new LG gram series comes with a host of convenience-enhancing features. A user can work late into the night with the backlit keyboard, which also serves as delicate ambient lighting while highlighting the PC’s minimalist profile. The precision touchpad enhances fingertip control with a smoother and more accurate pointer system. The webcam is positioned on top of the display where it should be for flattering video calls and DTS Headphone X provides multi-channel sound of up to 11.1 channels for rich 1.5W hi-fi surround sound. The upgraded fan is even quieter and emits less heat than before.

The 2018 gram laptops carry on LG’s trend of incorporating advanced optional features into its computing products such as Touch Screen, Fingerprint Reader and ThunderboltTM 3. With LG’s new IPS In-cell Touch technology, the gram was able to maintain its compact size and the enhanced touch screen allows for more delicate, accurate onscreen haptic control without colour shift when touching the display. The Fingerprint Reader enables users to log in and power on at the same time with the press of a single button. What’s more, ThunderboltTM 3 allows for compatibility with Mac product, supports data transfer eight times faster than USB Type-C and enables seamless transmission of 4K/5K content to exterior displays.

“We’re very proud to introduce the new gram PCs, which have been designed in direct response to those wishing to get an all-round, high performance laptop with maximum portability,” said Chang Ikhwan, head of LG’s IT business division. “LG offer more powerful laptops that deliver greater work efficiency and durability while continuing the product’s original identity of offering lightest laptop in its category. The 2018 gram series can tick all the boxes for users who want versatile and lightweight laptops with faster processing capabilities.”

LG’s latest gram laptops will be available in the U.S. market starting next month with other markets to follow soon thereafter. Visitors to CES can see the new features of the 2018 LG gram for themselves at booth #11100 in Central Hall of the Las Vegas Convention Centre.

For more information, contact:
LG Electronics Pakistan
Corporate Office
ST-8, 4th Floor, Tower-A, Technology Park,
Main Shahrah-e-Faisal,
Karachi
Representative Phone Number: +92 (0) 21 32787452
FAX: +92 (0) 21 3278 7463
Web: http://www.lg.com/pk

Another bailout package, bonds auction seems imperative: Mian Zahid Hussain

Islamabad, December 20, 2017 (PPI-OT):President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Wednesday said the government will miss the target of six (06) percent growth in the GDP. The government will hardly achieve the growth rate of 5.6 percent while the target of fiscal deficit will also be missed, the former minister said.

He said that the target for fiscal deficit for the ongoing fiscal year was set at 4.1 percent which will be missed widely despite some betterment in tax collection, reduction in expenditures and discouraging imports, etc. Mian Zahid Hussain said that last year’s deficit target was set at 3.8 percent which jumped to 5.8 percent resulted in serious problems as FBR could not achieve the target of 20 percent tax collection despite the IMF’s claim that 22 percent tax collection should not be a problem.

FBR should not burden the existing taxpayers and try to find the new ones which are in million in the country, he said, adding that the state-run entities which are inflicting heavy losses on the exchequer should be sold without further delay. The veteran business leader warned that further delay in introducing reforms, curtailing imports, improving exports and controlling twin deficits will push the country towards another crisis which can be resolved through another bailout by IMF or costly borrowing from international debt market which will damage the economy.

For more information, contact:
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net

State Bank of Pakistan clarifies financing gap numbers

Karachi, December 20, 2017 (PPI-OT):This is to clarify that the estimate of financing gap for FY18, attributed to Governor SBP, appearing in today’s newspapers is misconstrued. It appears that the numbers have been confused with the gross external financing requirements of the country. Financing gap is the difference between country’s estimated gross financing need and available financing. SBP’s current estimates suggest that during FY18 the financing gap is likely to be around $2.5 billion, and NOT $ 12 billion as reported in the press.

Furthermore, it may be highlighted that the Government and SBP have recently taken several measures to contain the financing gap. These include: (i) imposition of regulatory duties on non-essential imports (ii) provision of un-interrupted energy to the export-oriented industries (iii) the export package worth Rs180 billion and, (iv) introduction of Asaan Remittance Account to support the inflow of worker remittances through official channels. These measures, together with the recent market-driven adjustment in the exchange rate would help in narrowing the current account deficit, thereby reducing the gross financing need.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk

Launching Ceremony of Business and Biodiversity Platform

Islamabad, December 20, 2017 (PPI-OT):IUCN (International Union for Conservation of Nature), the Port Qasim Authority (PQA) and leading private sector companies of Pakistan jointly launched Pakistan’s first Business and Biodiversity Platform (BBP) at a ceremony held at PQA. The Platform is a unique initiative focusing on nature conservation through the collective support of the private sector.

The launching ceremony was organised at PQA and presided over by the Chairman PQA Mr. Agha Jan Akhtar. Attending the ceremony were the members of IUCN, leading businesses, the initiating members of the platform, environmental experts and representatives from Sindh Forest Department.

Speaking on the occasion, the Chairman PQA Mr. Agha Jan Akhtar said, “There are environmental issues associated with the industrial developments which are required to be addressed in order to avoid long-term impacts on the coastal ecosystems and people.” Being a regulatory authority, he added, PQA is mandated to ensure that business operations are undertaken in environment friendly manner in the port area through mitigation of negative impacts such as pollution, cutting of mangroves, degradation of fisheries resources and displacement of local communities.

“The establishment of Business and Biodiversity platform is indeed a positive step and a good opportunity for the private sector to step ahead to improve their brand image both locally and internationally with the support of reputable conservation organisations like IUCN,” the Chairman concluded.

In his welcome address, Mr. Mahmood Akhtar Cheema, Country Representative, IUCN Pakistan, touched upon the environmental challenges Pakistan faces and shared IUCN’s work over the last 30 years. He appreciated the efforts being made by several businesses in Pakistan that are taking a strategic view of the environment they are operating in. “The corporate sector has come together to invest a significant amount in CSR activities –so there is a realization that exists. IUCN in this regard serves as a technical partner to assist in platform in identifying key environmental issues and potential interventions,” Mr. Cheema observed.

Mr. Aman Ul Haque Head of Engro Foundation elaborated that this is a very important first step towards a greener Karachi, partnering with other private sector companies the PQA and IUCN is a great model to achieve common goals towards mitigating the effects of Climate change.

Mr. Sharique A. Siddiqui, CEO of Pakistan International Bulk Terminal, underscored the need for such Platform, highlighting as extremely essential for addressing the chronic environmental issues along the Karachi coast. “We are fully on board, and we encourage more companies to join this initiative so that our collective efforts can lead to a greater impact,” he noted.

Finally, the official ceremony of the Platform concluded with the annual action plan to be implemented during the first year by IUCN. The action plan included the concrete steps to be undertaken such that seminars, capacity building trainings and workshops, biannual meetings, awareness sessions and addressing the key environmental issues at Port Qasim area.

For more information, contact:
Programme Officer
Education, Communication and Outreach
International Union for Conservation of Nature (IUCN)
Pakistan Country Office
1, Bath Island Road,
Karachi-75530
Pakistan
Tel: +92-21-35861540
Fax: +92-21-35835760, +92-21-35761448, +92-21-35870287
Cell: +92-301-2931184
Email: george.sadiq@iucn.org
Website: www.iucn.org