ANNOUNCEMENTS - PMEX LAUNCHES ANDROID APPLICATION
(Pakistan & Gulf Economist Via Acquire Media NewsEdge) Pakistan Mercantile Exchange Limited (PMEX) has launched a free of cost Android application for its brokers. This has been developed by in-house IT Team of the Exchange by integrating two of its existing trading systems, namely Trader Account Management System (TAMS) and Clearing, Settlement and Reporting (CSR) system. Introduction of this application is part of PMEX strategy to innovate and provide user friendly services to the brokers.
With this application, brokers will be able to perform six critically important functions using their mobile device. These functions are: 1) Activation and suspension of traders, 2) Setting up auto liquidation thresholds, 3) Raising a fund request, 4) Providing fund approval, 5) Allocating funds and 6) Activation and suspension of users’ access rights.
Speaking at the launch of the application, Mr. Amjad Khan, Chief Operating Officer, PMEX, said "The aim of this application is to bring trading capabilities on the fingertips of the brokers. Moving ahead, new developments will be made to give users a comprehensive trading experience on their mobile phones."
This application is available for download from Exchange’s website (www.pmex.com.pk) free of cost for all brokers.
MOBILE INTERNET WITH THE NOKIA 225
Microsoft Devices Pakistan bolstered its line-up of high-quality mobile phones today with the launch of the Nokia 225, a device which underlines the company’s commitment to connect the next billion to the Internet. Slim, sleek and stylish, the Nokia 225 offers affordable Internet access through the cloud-powered Nokia Xpress Browser, all on a beautifully designed 2.8" display. Nokia’s slimmest data phone to date, and featuring Nokia’s inherent bold colouring, the Nokia 225 offers style and substance to first time mobile owners, upgraders and people who like to have a secondary phone.
The Nokia 225 features the cloud-powered Nokia Xpress Browser, which uses less data and delivers fast performance, even over slower networks. The preloaded Facebook and Twitter apps offer instant access to social networks direct on the homescreen, while people can explore the world from their device via Microsoft’s Bing search.
"The Nokia 225 is an affordable mobile phone designed to impress," said Arif Shafique, Country General Manager, Microsoft Devices Pakistan and Afghanistan. "We remain committed to connecting the next billion to the Internet, and this handset builds on this promise. Offering a rich media experience and simple functionality combined with Nokia trust and quality, the Nokia 225 enables us to bring the Internet to more people at a lower price point."
With a new slim design and 2.8" colour QVGA display, the Nokia 225 offers a rich media experience to consumers who prefer the classic keymat phone design. Crafted with Nokia’s renowned quality and attention to detail, the Nokia 225 comes in a range of bold colours, designed to stand out. At 10.4mm thin, the Nokia 225 is slim and elegant, making it an ideal fit for pockets and handbags. The Nokia 225 also features a splash- and dust-proof keymat which is durable and easy to clean, plus the seamless design ensures a smooth and tactile messaging experience.
The large display is ideal for quality entertainment on the go including gaming, taking photos, online browsing and downloading and playing video online. Helping to make the mobile gaming experience more enjoyable, the Gameloft store is preloaded on the Nokia 225 with five games ready to play, straight out-of-the-box. It also has an FM radio and is MP3 compatible, with a playback time of up to 51 hours and offers up to 32GB Micro SD card support.
The 2MP camera is perfect for capturing favourite moments and sharing them with friends and family via the preloaded Facebook and Twitter apps, or via Nokia’s SLAM technology, based on Bluetooth. With smart dual SIM technology, people can switch between SIM cards allowing a quick and convenient way of managing data costs. With battery standby time of up to 27 days for the dual SIM device, the Nokia 225 offers hours of enjoyment and exceptional value for first-time mobile phone buyers or for those who like to have a secondary phone.
NIB BANK EXPANDS INTO NEW TERRITORIES
Misys, the global leader in treasury and capital markets solutions, has announced today that NIB Bank in Pakistan has implemented Misys Opics Plus and Opics Risk Plus in its Treasury and Risk Department. NIB Bank needed to automate treasury processes for FX, money market, capital market and derivatives in its operations in Karachi, Pakistan.NIB Bank, headquartered in Karachi, is one of the largest banks inPakistan and also one of the largest corporate entities of the country with a paid up capital of Rs. 103 billion.
The advanced risk management and compliance tools from Misys will help NIB Bank to enhance the transparency of its operations. The solution gives a fully integrated treasury and capital markets solution with rich straight-through-processing, treasury and back-office functionality. Within the solution, an award-winning risk analytics engine enables risk managers to reduce the total cost of ownership of NIB Bank’s treasury and trading operations.
Khurram Agha, CIO at NIB Bank states, "Expanding our collaboration with Misys offers us a full-fledged treasury solution that meets NIB Bank’s requirements. Misys Opics Plus and Opics Risk Plus Solutions will be seamlessly integrated with our core banking back-office system. This will enhance our treasury operations and keep our commitments to our customers and continue to offer them the best experience."
Commenting on the agreement, Fady Fiani, Head of Sales Middle East and South East Asia for Misys, adds, "We are delighted that NIB Bank has turned to Misys to provide it with a comprehensive solution to help mitigate operational and financial risk. We are confident thatMisys Opics Plus and Opics Risk Plus solutions will help achieve NIB Bank’s goals, provide better customer engagement and increase profits. Misys solutions will help expand its asset coverage and reduce operational risk with better automation of regulatory reporting."
SHELL PAKISTAN AND McDONALD'S PAKISTAN JOIN HANDS
As part of its expansion plan an agreement between Shell Pakistan and McDonald's Pakistan was recently signed to open and operate Drive-Thru Restaurants on multiple Shell outlets nationwide. Drive Thru Restaurants at Gas Stations are a very common sight in mature markets. This initiative is sure to open up new venues of business and will add a new dimension to the Restaurant and Gas Station co-alliance in Pakistan.
MULTI CHANNEL CONTACT CENTER
In line with its vision to provide quality and innovative banking products and services to its customers, JS Bank has selected ‘Genesys’, the world's leading provider of Contact Center Solutions, which will be deployed by C-Square Consulting. The contract was signed by Group Head – Corporate and Retail Banking at JS Bank Limited, Kamran Jafar and Ahsan Mashkoor CEO of C-Square Consulting.
This will be the first implementation of Genesys SIP Solution in Pakistan. In addition JS Bank is also installing an enterprise-wide Customer Relationship Management solution named "Avantage" to provide its customers a superior service experience.
About JS Bank Limited
JS Bank is one of the fastest growing commercial banks with a long term rating of A+ by the Pakistan Credit Rating Agency (PACRA), with a focus to provide quality and innovative range of banking services and products. The bank is active within Retail and Consumer Banking, Treasury, Corporate and Commercial Banking and Investment Banking services. It has a large network of 211 branches across 112 cities with plans to expand its outreach with more branches nationwide serving a growing customer base across Pakistan.
FAUJI FERTILIZER COMPANY LIMITED (FFCL)
1.FFC’S PROFILE HISTORY:
FFCL is an associate company of Fauji Foundation (also known as Fauji Group) the group was incorporated under the Charitable Endowments Act 1890.
The history of Fauji Foundation dates back to 1945, when a Post War Services Reconstruction Fund (PWSRF) was established for Indian War Veterans during WW-II. At the time of partition (1947) when Pakistan came into being, the balance fund was transferred to Pakistan in the proportion of its post WW-II veterans.
Fauji Fertilizer Company Limited (FFCL), is a public listed company, incorporated in 1978 and it is run by a board of Director. It was a joint venture between Fauji Foundation Pakistan and M/S Haldor Topsoe A/S Denmark. Fauji Foundation holds the majority shares and leads the Board.
Fauji Fertilizer is the market leader in the fertilizer sector in Pakistan. Fauji Foundation decided to invest in to fertilizer sector when Pakistan was facing population growth and undergoing industrialization in 1970s. To overcome food crises through increasing per acre yield from decreasing cultivatable land. Resultantly FFC was born in 1978 to produce and fulfill the country’s requirement for fertilizer. Research suggests that Fertilizer industry is the most efficient in comparison to others in relation to theft of gas and losses.
COMPANY’S FINANCIAL PERFORMANCE AND TAXES:
FFC is amongst the highest contributories to the national economy; its tax contribution in the year of 2013 was Rs.43.5 billion, tax payed from 2009 to 2013 was Rs. 142 Billion whereas the aggregate tax contributions from its inception to the end of year 2013 were Rs.247.9 billion.
FFC is amongst the top 25 companies at the Karachi Stock Exchange (KSE) since 1994 and has been declared first in 1997, 2010, 2011 and 2012.
WIND POWER PROJECT:
FFC has pioneered the wind energy in Pakistan by setting up a 50MW Wind Power Project at Jhampir Sindh, which provides clean, green and sustainable energy to the National grid.
Achieved 100 GWH in Feb, 14 after being commissioned in May, 13.
The Project has been developed at a cost of 134 million US$.
With the impending food wastage in the country, FFC invested in Al-Hamd Foods by introducing the state-of-the-art Individually Quick Frozen (IQF) Fruits and Vegetables plant to preserve fresh and healthy food.
FFC is always looking to expand as an organization and diversifying its portfolio, hence it ventured into the banking sector by becoming largest share holder of Askari Bank, taking steps towards strengthening the economy of Pakistan.
Fauji consortium took over the charge of Askari Bank from the Army Welfare Trust – the previous owner – at a sale-purchase price of Rs24.32 per share.
3. CSR ACTIVITIES:
FFC has always been socially a responsible corporate entity. It spends more than 1% of its profit for the social well being and assisting government in this regard as well which reflects the commitment of firm towards country’s progress.
Operating 14 adopted schools from government in Lower Punjab and Upper Sindh
Imparting education to about 3000 students (over 1500 boys and 900 girls)
Millions spent on infrastructure development for adopted schools
Provisions of books and stationery annually
Sona Public School from KG to Matric
Imparting Education to about 400 Students
Imparting Education using State of the Art Technology/ Computers
FFC is also assisting more than 25 government schools in these districts for stationary, infrastructure and teaching aids. This adoption program is a milestone for FFC initiative of providing education to every child in the surrounding localities of FFC plant sites in Goth Macchi and Mirpur Mathelo.
More than 200 students are pursuing their higher education under wards of farmer scholarship program of FFC
Hundreds of scholarships has been awarded to brilliant and deserving students of LUMS, NUST, Wah University and FC College
Grant of 7.5 million annually for Sona welfare Hospital and Hazrat Bilal trust hospital
X-ray, ultrasound and hepatitis test facility with 50% subsidy
Provision of subsidized medicine package for TB patients
10 beds for emergency treatment of indoor patients
FFC has contributed Rs 25 million for the construction of Shaukat Khanum Cancer Hospital and Research Center, Peshawar till date and also assisted them for the construction of Radiation Department
5 eye camps were ear-marked for the calendar year 2013 in collaboration with Al-Shifa eye hospital with the aim to provide ophthalmological assistance to underprivileged Pakistanis belonging to remote and far flung areas treating over 3000 patients
DISASTER RELIEF AND REHABILITATION:
Project of 207 houses for flood victims of 2010 at District Ghotki and Rahim Yar Khan constructed with the help of Red Crescent Society worth Rs 102 million, with 50% contribution from FFC.
Aid of 10 million for earthquake victims in Baluchistan
22 tons of dry ration for Thar affectees
Till date Rs. 280 million has been allocated towards disaster Relief and Rehabilitation
Agri service has imparted awareness to more than 1.5 million farmers through Farm Advisory Centers
Technical training centre impart training to the staff and young matriculate students
FFC collaboration to Agriculture research globally
FFC is training community to build peace and eradicate terrorism
4. AWARDS AND RECOGNITIONS:
In recognition of FFC withstanding commitment to social responsibility and sustainable business initiatives, following prestigious forums have been awarded to FFC,
National Excellence Award 2011 by CSR Association of Pakistan
CSR Business Excellence Award 2012 by National Forum for Environment and Health
Annual Environmental Excellence Award 2012 by NFEH
Best CSR Practice Award by UN Global Compact Pakistan Local Network
Pakistan Center for Philanthropy Award (2012)
ICAP/ICMAP Award for Best Sustainability Reporting (3rd Prize)
Annual Environmental Excellence Award by UN Global Compact (Pakistan Chapter)
5. PLANTS PRODUCTION:
GOTH MACHHI PLANT I and II
1,578,000 tons as of Dec 31, 2013
4.3 million Man hours of safe operation
MIRPUR MATHELO PLANT III
830,000 tons as of Dec 31, 2013
2.0 million Man hours of safe operation achieved as of Dec, 2013
6. HEALTH, SAFETY AND ENVIRONMENT:
The effectiveness of the safety program is reflected by the various awards won from National Safety Council (USA) since 1982. The company has received 15 awards of honor. Two special safety awards on outstanding performance were given to FFC in 1989/ 1993 by the council for constantly achieving outstanding performance in the field of safety.
FFC also has the honor of achieving all time best 16.49 Million man-hours without lost time injury as of 31 December 2001, which is the all time best field of safety.
NAUMAN ANSARI APPOINTED PRESIDENT and CEO OF FAYSAL BANK
The Board of Directors of Faysal Bank Limited (KSE: FABL) has appointed Nauman Ansari as President and CEO of FBL, subject to all regulatory approvals.
Commenting on the appointment Farooq Rahmatullah, Chairman, Faysal bank said, "We are extremely pleased to appoint Nauman Ansari as President and CEO of Faysal Bank. Nauman brings with him the right mix of experience and energy to lead the bank at this time when we are aiming to take the bank into a new phase of consolidation and growth".
Commenting on his new role,Nauman Ansari, President and CEO, Faysal Bank said, "I am honoured to be leading a bank which is already in the top ten banks in the country. Faysal Bank has strong brand equity and as we emerge from the integration process after the acquisition of RBS Pakistan, it is an exciting time to further grow the bank and enhance value for all stakeholders of Faysal Bank".
Nauman brings with him more than twenty years of extensive and diversified experience in the areas of wholesale and retail banking in Standard Chartered, Bank of America, ABN AMRO Pakistan and International, Fortis Bank Middle East and Crescent Commercial Bank Pakistan. He joined Faysal Bank Limited in 2008 as Head Corporate and Investment Banking as an SEVP. Nauman holds a Bachelor’s degree from Miami University USA.
AFFECTIVE SUPPLY CHAIN MANAGEMENT
‘Supply chain is the at the core of corporate success and profit maximization for concerned companies is best possible by implementing an affective supply chain management process’ – stated by Mr. Qayser Alam, President Supply Chain Association of Pakistan (SCAP) at a 2-days mega supply chain conference [SCC2014], exhibition and training session at the Movenpick Hotel in Karachi on May 13-14, 2014, organized by SCAP.
The theme of the Conference was "Supply Chain – A True Business Partner A Real Game Changer" and the event provided players of the industry the opportunity to share knowledge, gather insights and set a vision for the industry’s future, and included keynote addresses from industry stalwarts like Sarfaraz A. Rehman, CEO, Engro Foods;, Jehanzeb Khan, CEO, AkzoNobel Pakistan and Torsten Katzor, Global Director, Hellman Fashion Logistics.
Mr. Qayser expressed his views on the core competence of local industries in Pakistan who are achieving their goals by a continuous improvement in the supply chain process.
This conference also attempted to bridge the gap between Supply Chain professionals and academia by conducting a panel discussion on this subject and at the end presenting two best case studies selected from the numerous submissions by university students from all across the country at the this prestigious forum. The panel discussion and the university project was both spearheaded by Noman Lutfi, Director Manufacturing, Unilever Pakistan.
Anwaar Nizami, General Secretary SCAP said that after organizing the successful conferences in past, SCAP is proud to have organized this mega conference, which is the first of its kind, largest supply chain gathering in Pakistan. SCAP is an established forum of supply chain professionals and aims to continue engaging professionals to share knowledge and gain useful insight on the emerging supply chain trends and best practices, they further added
Over 300 delegates including CEO’s, Heads and Executives of Supply Chain, Procurement, Production, Logistics, Strategic Planning, Finance, Distribution, Material Management professionals from various industries including FMCG, Pharmaceutical, Retail, Automotive, Telecom, Oil and Gas, etc. attended the day long conference.
CHENONE FOUNDATION OPENED A NEW HOSPITAL BURNALA ROAD DISTRICT CHINIOT.
Guncha E Noor Trust Hospital at chak no. 126 JB Burnala Road Tehsile and District Chiniot by ChenOne Foundation. After Successful operations of two hospital in Toba Tek Singh this is the third hospital in District Chiniot.
This hospital will serve quality treatment to poor patient free of cost.
This hospital has following Facilities:
1. 24 Hrs Emergency Facility
2. Liver Centre Facility
3. CCU Facility
4. General Hospital
6. 24 Hrs Medical Store facility
7. Air condisitioned private rooms
8. Lab for tests
FINANCE PROFESSIONALS LOOK TO ELECTRIFYING NEW PROSPECTS
Business confidence in Pakistan has been on the rise almost steadily for a year and a half and is now higher than at any point in the last three years, reveal new findings from ACCA’s (the Association of Chartered Certified Accountants) and the Institute of Management Accountants (IMA) Global Economic Conditions Survey (GECS).
GECS, the largest regular economic survey of accountants in the world, gauges the views of ACCA and IMA finance professionals globally, using the hands-on experiences of accountants in industry and practice to provide a truly global perspective of the economic recovery. Worldwide, the first GECS edition for 2014 saw business confidence nearly cross over into positive territory for the first time in five years, but comes with a warning that the global recovery is ‘flawed’ and ‘fragile.’
PAKISTAN SEES CONFIDENCE GAINS
Q1 results for Pakistan show that 43% of respondents reported confidence gains, up from 36% in late 2013, while only 30% reported losses, down from 41% previously.
However, for the time being, the fundamentals do not fully support such confidence levels, although they do point to a recovery from the uncertainties of the electoral cycle. The macro-economic outlook is positive, but perceptions of the recovery appear to have reached a ceiling in late 2013.
In Q1, a majority of respondents (55%, unchanged from Q4 2013) were optimistic about the state of the economy while 39% were pessimistic (up from 34% in late 2013).
Emmanouil Schizas, ACCA’s Senior Economic Analyst, said: "Cashflow and demand conditions, as well as access to growth capital, tightened marginally in the first quarter of 2014, while maintaining the gains made in late 2013 and concluding the recovery from last year’s temporary crunch. Respondents’ outlook for business opportunities was unchanged since late 2013, and is still down year-on-year, while opportunities for non-organic growth soared, continuing an upward medium-term trend that has persisted for the last two years.
"Finally, respondents also reported falling inflation and foreign exchange rate volatility in early 2014. While this is a positive development, the medium-term trend still appears to be towards deterioration in this area."
Arif Mirza, head of ACCA Pakistan, added: "That said, three quarters into the post-election period, respondents have reported improved energy supply for industry and now expect more prudent fiscal policy in the medium-term. As a result, they have revised their views on government policies dramatically upwards in early 2014, marking a third consecutive quarter of rising approval.
"Partly as a result of this, business capacity building in Pakistanstrengthened significantly for a second consecutive quarter and is now stronger than at any point over the last three years."
Thirty per cent of respondents around the world were now more confident about the prospects of their organisations than they had been three months earlier, a figure unchanged since late 2013. On the other hand, 31% reported a loss of confidence, down from 34% in late 2013.
Additionally, more than half of the global GECS sample (58%, up from 55% in late 2013) were optimistic about the state of their national economies, reporting that recovery was underway or about to begin. The pessimists only made up 38% of the sample, down from 42% in the previous quarter.
However, a closer look revealed a worrying picture for the economic recovery.
Emmanouil Schizas, ACCA’s Senior Economic Analyst, said: "Despite the best business confidence readings since the GECS began in 2009, ACCA and IMA’s analysis of the influence of fundamentals on business confidence suggests that the economic recovery is flawed and has now become much more fragile.
"Since early 2013, global business confidence has become increasingly dependent on price and exchange rate stability. This trend is a sign of building financial turbulence, and has accelerated dramatically in early 2014. Financial stability is now a more significant contributor to business confidence than cash-flow and demand. Expectations of government spending and ratings of government policy also became more significant contributors in early 2014, suggesting that the recovery has been hollowed-out in early 2014 and is now over-dependent on policy."
The ACCA and IMA survey has revealed a continued divergence of fortunes between developed markets and emerging markets.
Raef Lawson, Ph.D., CMA, CPA, IMA vice president of research, said: "The announcement of the Federal Reserve’s intention to ‘taper’ its programme of asset purchases sent shockwaves through the world’s financial markets in late 2013. Three quarters into the post-Taper-announcement period, the change of fortunes throughout ACCA and IMA’s emerging markets is becoming ever more evident. The performance gap between emerging and developed markets has widened dramatically from Q3 2013 onwards, and while business revenues and hiring appear to have resisted the general trend in early 2014, overall the gap between developed and emerging economies has widened.
"This is despite business opportunities being no less forthcoming in emerging markets than in developed ones. ACCA and IMA members are telling us that it is business conditions on the ground, and particularly the lack of growth capital and financial instability, that has held emerging economies back."
CATHAY PACIFIC TRAFFIC FIGURES
Cathay Pacific Airways today released combined Cathay Pacific and Dragonair traffic figures for April 2014 that show an increase in both passenger numbers and cargo and mail tonnage compared to the same month last year.
Cathay Pacific and Dragonair carried a total of 2,704,741 passengers in April – an increase of 10.1% compared to the same month in 2013. The passenger load factor climbed by 3.5 percentage points to 84.7%, while capacity, measured in available seat kilometres (ASKs), increased by 6.8%. For the year to the end of April, the passenger volume rose by 5.8% compared to a 4.7% increase in capacity.
The two airlines carried 137,444 tonnes of cargo and mail in April, an increase of 11.0% compared to the same month last year. The cargo and mail load factor rose by 2.3 percentage points to 63.1%. Capacity, measured in available cargo/mail tonne kilometres, rose by 12.8% while cargo and mail revenue tonne kilometres (RTKs) flown were up by 17.0%, mainly as a result of more transpacific flying and the impact of operating larger Boeing 747-8F freighters. For the year to the end of April, tonnage rose by 5.7% while capacity was up by 10.1% and RTKs increased by 9.7%.
Cathay Pacific General Manager Revenue Management James Tong said: "The increase in passenger numbers in April was mainly due to the shift in the Easter holidays – in 2013 the main departure period for Easter fell in the last week of March. Demand in the Economy cabin was generally satisfactory throughout April, particularly on long-haul routes, though the increase in passenger numbers was at the expense of yield. Yield in the premium cabins was also under pressure and we didn’t see the increase in demand expected from the Canton Fair."
Cathay Pacific General Manager Cargo Sales and Marketing Mark Sutch said: "We saw an increase in demand across our freighter network in March and some of that momentum carried through into April. Traffic was also boosted by a pre-Easter rush. But while more long-haul flying and the use of bigger aircraft led to an increase in RTKs, yield continued to be on a downward trend. The general weakness of the world’s airfreight markets coupled with over-capacity in the industry is putting enormous pressure on rates."
Commenting on the Cathay Pacific Group’s performance over the first four months of 2014, the airline’s Chief Executive, Ivan Chu, said: "Our revenue performance over the first four months of 2014 has been below expectations. Passenger numbers and load factors have increased, but yield declines have offset this to some degree. The cargo business, despite a temporary improvement in March, has continued to be weak."
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