State Bank of Pakistan rates for conversion of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special United States Dollar Bonds and profit thereon March 24, 2015

Karachi, March 24, 2015 (PPI-OT): The following rates will be applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special U.S Dollar Bonds […]

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Karachi, March 24, 2015 (PPI-OT): The following rates will be applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special U.S Dollar Bonds and profit thereon by all banks and for providing Forward Cover on Foreign Currency Deposits (excluding F.E-25 deposits) by the State Bank on March 25, 2015.

Currency         Rate in Pak Rupee

U.S. Dollar         101.9831

Japanese Yen          0.8536

Pound Sterling      152.3016

Euro                111.9571

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563
Email: syed.wasimuddin@sbp.org.pk

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Pakistan Day observed with usual enthusiasm and fervour at Embassy of Pakistan Tokyo

Islamabad, March 24, 2015 (PPI-OT): Pakistan Day was observed with usual enthusiasm and fervor at Embassy of Pakistan in Tokyo. Flag hoisting ceremony was performed by Ambassador Farukh Amil in […]

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Islamabad, March 24, 2015 (PPI-OT): Pakistan Day was observed with usual enthusiasm and fervor at Embassy of Pakistan in Tokyo. Flag hoisting ceremony was performed by Ambassador Farukh Amil in the presence of Community members. Pakistan National anthem was played that was sung by the community altogether.

The Ambassador read out the messages of the President and the Prime Minister. Speaking on the occasion, he emphasized the need to transform the words into actions to achieve the highest goal of peace, tranquillity, tolerance and development in Pakistan.

Later in the evening a reception was held at a local hotel. A large number of Japanese belonging to all walks of life including businessmen, diplomats, and educationists and leading members of Japanese civil society attended the reception. The Ambassador welcoming the guests said that every 23rd March Pakistan Day is celebrated to commemorate the Lahore Resolution which is considered a major milestone in the vision and journey for Muslims to achieve an independent State. Seventy five years ago the democratic struggle for Pakistan started under the leadership of Quaid-e-Azam Muhammad Ali Jinnah. With democracy firmly in the minds of our Founding Fathers, it is again at centre stage, he added.

He highlighted the Pakistan- Japan relations in their politico historical, socio-cultural and economic perspective. He said for decades Japanese businessmen have remained engaged in major productive businesses in Pakistan. The dominating presence of the Japanese automobile sector is perhaps the most visible but many others are involved in energy and construction. JICA continues to play a valuable role in building critical infrastructure and JETRO is another key partner in its consistent efforts to promote trade and investment, he added. He also highlighted Pakistan’s positive contributions to world peace through UNPKO and other international forums.

Seishiro Eto, President of Japan Pakistan Parliamentarian Friendship League, Member of the House of Representatives speaking on the occasion said Japan and Pakistan have enjoyed cordial relations. He reiterated that he would continue to make efforts to further strengthen the bilateral relation and extend assistance to the people and government of Pakistan. He also acknowledged Pakistan’s contribution to peace keeping operations.

Antonio Inoki, Member of the House of Councillors and good will Ambassador of Pakistan for sports extended his sincere felicitations to the people and government of Pakistan and said he would continue to make efforts to further deepen friendship between the two countries through sports diplomacy.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +92-51-9252323 and +92-51-9252324
Fax: +92-51-9252325 and +92-51-9252326
Email: piopid@gmail.com

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First and second session of Financial Literacy Initiative held for students of Government Postgraduate College for women in collaboration with South Asian Federation of Exchange

Lahore, March 24, 2015 (PPI-OT): The first and second session of Financial Literacy Initiative under Campus Outreach Program held for the students of Government Postgraduate College for women Shad Bagh, […]

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Lahore, March 24, 2015 (PPI-OT): The first and second session of Financial Literacy Initiative under Campus Outreach Program held for the students of Government Postgraduate College for women Shad Bagh, Lahore, in collaboration with South Asian Federation of Exchange (SAFE).

At the event Corporate Communications Department-LSE gave a detailed presentation covering all spheres of capital and financial markets. The students were briefly informed about the regulatory framework, market indicators, investment products, financial services and opportunities accessible to investors in Pakistan. Ms. Gitee Bhatti-Deputy Secretary -IPF quoted practical examples about various investment avenues obtainable in the market and their role in the economic structure of the country. She also spoke on various operational matters of the Exchanges including listings, trading, corporate governance, sensitivity of Stock Market and investor protection.

While addressing to the students, she requested the students to adopt saving behaviour in their life style in order to become the Chief Financial Officer of their own life. “Campus Outreach Program” under the broader Financial Literacy Initiative has been launched by the LSE in association with South Asian Federation of Exchange (SAFE).

The fundamental goal of the FLI – Campus Outreach Program is to heighten youngsters’ understanding of financial products and concepts, their capability and confidence to understand financial risks and opportunities to make knowledgeable choices, to know where to go for help, and to prepare today’s youth for improved understanding of the economic/financial associations affecting them. The LSE under this initiative will be conducting on-campus educational sessions, followed by practical exposure of students to the financial products/services through visits/exchanges with financial institutions and encouraging participation in the financial system through games and internship program.

The overall objective of the Financial Literacy Initiative (FLI) is to promote the financial skills and the knowledge of the common citizens, and to sustain the plan for the broader financial addition in societies.

For more information, contact:
Barkat Ali Anjum
Deputy Manager-Media and Public Relations Department
Lahore Stock Exchange (LSE)
Lahore Stock Exchange Building,
19, Khayaban-e-Aiwan-e-Iqbal, P. O. Box: 1315,
Lahore – 54000, Pakistan
Tel: +92-42-36368000
Fax: +92-42-36368484-85
Email: barkatali@lse.com.pk
Website: www.lse.com.pk

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Muzzamil Hussain Sabri for timely completion of ongoing energy projects to revive economy

Islamabad, March 24, 2015 (PPI-OT): Islamabad Chamber of Commerce and Industry has called upon the government to take all necessary measures to ensure timely completion of ongoing energy projects because […]

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Islamabad, March 24, 2015 (PPI-OT): Islamabad Chamber of Commerce and Industry has called upon the government to take all necessary measures to ensure timely completion of ongoing energy projects because any further delay in such projects would hamper all efforts aimed at economic revival of the country.

Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said that a major factor contributing to the widening energy demand and supply gap was the delay in the completion of various energy projects and this trend should be arrested forthwith to save the business and industry from further harmful consequences.

He said the cost of important Neelum-Jhelum hydropower project of 969MW has reportedly increased by four times since 2001 due to long delay in its completion. The initial cost of the project was estimated at Rs.84.55 billion which was now projected at Rs.416 billion. Similarly the 425MW Nandipur power project has caused a huge loss of Rs.113 billion due to long delay in its completion. He said the long delays in energy projects of national importance shows that huge amount of national exchequer was being wasted unnecessarily.

He said that the persistent energy crisis in Pakistan has already inflicted 2-3 percent per annum damage to the country’s GDP and failure of the authorities to complete ongoing energy projects on time would further expose the business and industry to further damage and the general public to more misery.

Muzzamil Hussain Sabri said that the government should ensure timely release of required funds to energy projects as the non-supply of needed funds was the major factor contributing to the delay in completion of these projects.

He said government has planned many initiatives to overcome the power shortage that include wind energy generation of 2000 MW by 2016, CASA project of 1000 MW by 2017 and import of 4000MW energy from China and emphasized that all such plans should be executed within stipulated time to yield good results for the country.

He said the interrupted energy supply to industry was essential requirement to promote industrialization and exports, create more jobs and attract new investment in the country, therefore, government should accord top priority to overcoming power shortfall and to make the country self-sufficient in energy sector.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

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AKD Securities Limited – Pakistan Economy: DR cut reiterates macroeconomic stability

Karachi, March 24, 2015 (PPI-OT): In line with AKD Securities Limited’s expectations, the SBP (State Bank of Pakistan) in its latest MPS (Monetary Policy Statement) has reduced the policy rate by 50bps to 8%. The SBP’s decision to continue with its on-going monetary easing stance received support from improving macro-economic indicators such as: 1) considerable …

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Karachi, March 24, 2015 (PPI-OT): In line with AKD Securities Limited’s expectations, the SBP (State Bank of Pakistan) in its latest MPS (Monetary Policy Statement) has reduced the policy rate by 50bps to 8%. The SBP’s decision to continue with its on-going monetary easing stance received support from improving macro-economic indicators such as: 1) considerable slowdown in headline inflation (8MFY15 avg. 5.47%YoY vs. 8MFY14), 2) sustained strength in the external a/c with 8MFY15 CAD shrinking 34.2%YoY to US$1.6bn and 3) Fx reserves lying comfortably at US$16.2bn. Resultantly, the SBP’s discount rate has now come to a multi-year low where the rates last time were seen this low in March FY05, during the same period the KSE-100 Index was trading at a P/E of 12.7x.

This reduction in the policy rate is likely to act is a catalyst for the market which has been going through a correction phase (since Feb 3’15) where the market’s P/E came down from 9.1x to current 8.5x. In addition to this, the KSE-100’s discount to its regional and MSCI Asia (Ex-JP) peers has gone up to 31% from recent 27%. Within the backdrop of expansionary monetary policy AKD Securities Limited continues to favour leveraged players within the AKD Universe and flag MLCF, ENGRO, PSO, HUBC, FFBL and POL as AKD Securities Limited’s preferred plays.

Low Prices Lead DR Cut: In an expected move, the SBP announced a 50bps cut in the policy rate to 8.0% in the Mar’15 MPS, maintaining the rate at 10yr lows, a third sequential DR cut since the onset of monetary easing cycle in Nov’14.

The SBP’s aforementioned move was backed by recent macroeconomic stability with key themes being: 1) considerable slowdown in headline inflation (8MFY15 avg. 5.47%YoY vs. 8MFY14 avg. 8.65%YoY) as well as NFNE core inflation (7.3%YoY in 8MFY15 vs. 8.3%YoY in 8MFY14), 2) sustained strength in the external a/c with 8MFY15 CAD shrinking 34.2%YoY to US$1.6bn (mainly on receipt of US$717 under CSF) and 3) Fx reserves lying comfortably at US$16.2bn.

In addition to this, with expected slump in global commodity prices to continue, the SBP also revised its forecast for FY15 CPI inflation to 4.0-5.0%YoY from 4.5%-5.5%YoY earlier (AKD Securities Limited forecasts Mar’15 inflation at 2.5%YoY). Furthermore, real interest rates still lying above +2.5% (based on 8MFY15 CPI) vs. 5yr avg. of +1.5%, point towards room for further monetary expansion in the next MPS.

Impetus for growth: SBP’s dovish action is expected to prove beneficial in reviving the private-sector credit cycle, which has failed to pick pace so far. Credit growth as of Jan’15 stood at 7.3%YoY, much lower than 11%YoY increase witnessed at end FY14, as banks continued to put money in govt. bonds (banks holding of PIBs as of Feb’15: 69.6%). The lagged effect of the last MPS as well as the current rate slash can re-trigger credit off-take over the medium term, as banks shift from PIBs as yields are expected to decline further in upcoming auctions.

Investment perspective: With the latest 50bps reduction in the policy rate, interest cost saving of AKD Universe companies will translate into annualized earnings growth ranging from 0.6% to 3.1%. While at the same time with reduction in the discounting factor TPs of AKD Securities Limited’s universe companies would augment by 1.5% to 7.4%.

By way of numbers, financial impact of the aforementioned rate cut does look marginal, however, AKD Securities Limited believes this will provide a much needed boost the overall investors’ sentiment and will lead to increase participation at the bourse. Trading at FY15E P/E of 8.5x, the market looks impressive where AKD Securities Limited remains bullish against AKD Securities Limited’s Jun’15 index target of 37,000. AKD Securities Limited reiterates AKD Securities Limited’s liking for leveraged plays within the AKD Universe (MLCF, ENGRO and PSO) as well as high D/Y stocks (HUBC, POL and FFBL).

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Pakistan Telecommunication Company Limited brings mobility for landline customers’ through SmartLink application

Islamabad, March 24, 2015 (PPI-OT): Pakistan Telecommunication Company Limited (PTCL), the largest ICT services provider in the country, now brings for the first time in Pakistan, mobility for landline customers’ through its SmartLink application. The application empowers PTCL customers to dial and receive landline calls through mobile phones on-the-go, anywhere and anytime. The internet based …

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Islamabad, March 24, 2015 (PPI-OT): Pakistan Telecommunication Company Limited (PTCL), the largest ICT services provider in the country, now brings for the first time in Pakistan, mobility for landline customers’ through its SmartLink application.

The application empowers PTCL customers to dial and receive landline calls through mobile phones on-the-go, anywhere and anytime. The internet based application extends the crystal clear landline calling experience to mobile phones in a simple, smart way at the same affordable landline tariffs. Customers also get high quality and seamless video calling options regardless of location.

The application, available at no subscription fee or monthly charges, comes equipped with various additional features including instant messaging, access to Smartphone’s contact directory for calls and PIA flight schedule inquiry for on-the-go travelers. SmartLink also enables users to watch 150 PTCL Smart TV Channels.

Adnan Shahid, Chief Commercial Officer (CCO) PTCL said, “PTCL landline is the pioneer voice telephony service in Pakistan and we are proud to extend the same high-quality calling experience to our loyal users on mobile phones.”

“The SmartLink application is yet another first by PTCL and endorses our continuous efforts to bring innovative technology-led solutions to our customers”, added Adnan Shahid. The application is currently available in 41 cities and can be easily downloaded from Google Playstore.

Apple iOS App is also coming soon and will be made available for iphones. PTCL subscribers can benefit from this application through a simple registration process. All voice, video calls and messaging is free-of-cost from SmartLink to SmartLink, while standard landline tariff is applicable for calls to PTCL landline and mobile operators.

For more information, contact:
Pakistan Telecommunication Company Limited (PTCL)
F-8 Exchange, Nazim-Ud-Din Road F-8/1,
Islamabad
Tel: +92-51-111-20-20-20
Fax: +92-51-111-21-21-21
Email: shahzad.khalil@ptcl.net.pk
Website: www.ptcl.com.pk

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Bank Alfalah partners with American Express to issue American Express Cards in Pakistan

Karachi, March 24, 2015 (PPI-OT): Bank Alfalah recently signed an agreement with American Express, a global services company. Under this strategic partnership, Bank Alfalah will exclusively issue the Centurion line of American Express Cards and other American Express products and services as well as acquire merchants to provide a superior customer experience to both consumers …

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Karachi, March 24, 2015 (PPI-OT): Bank Alfalah recently signed an agreement with American Express, a global services company. Under this strategic partnership, Bank Alfalah will exclusively issue the Centurion line of American Express Cards and other American Express products and services as well as acquire merchants to provide a superior customer experience to both consumers and corporate in Pakistan.

This partnership between Bank Alfalah and American Express will help provide innovative payment and travel /expense management solutions for individuals and businesses in Pakistan. It will also help both companies to expand their footprint across the country.

“Bank Alfalah and American Express share an incredibly strong commitment to delivering the highest levels of customer service, innovation and value to our customers. The Bank has never lost sight of the important role we play in the lives of our customers. This partnership will help us provide industry-leading benefits, access to unique experiences, and global customer care to our customers,” said Atif Bajwa, President and CEO, Bank Alfalah.

“Pakistan is a dynamic market poised for growth and presents many opportunities, especially in the financial sector. The partnership with Bank Alfalah marks a major milestone for us and we look forward to a long and successful relationship. I hope that American Express’ global expertise in the Cards market space coupled with Bank Alfalah’s strength in the local banking segment shall drive success for both the partners. And, I am sure that Bank Alfalah’s local reach and power will help connect businesses in this market to over 100 million American Express Card Members around the world,” said Mr. Y.C Koh, President, Card Services Asia, American Express, at the ceremony.

Bank Alfalah is Pakistan’s largest card issuer and acquirer with a premium network of card members, and is a trusted partner for its nationwide card merchants. American Express is one of the world’s most respected brands with core brand attributes of quality, security and trust. It is dedicated to supporting its relationships with banks and financial institutions and its over 150 strong partnerships in 128 markets across the world bears testimony to this.

For more information, contact:
Salimah Shiraj,
Head of Corporate Communications
Bank Alfalah Limited
2nd Floor, B.A Building, I.I Chundrigarh Road,
Karachi, Pakistan
Tel: (+92-21) 111-777-786 Ext 2638
Tel: (+92-21) 32423952
Email: salimahshiraj@yahoo.com

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Muhammad Hanif Gohar nominated Senior Vice Chairman of Federation of Pakistan Chambers of Commerce and Industry’s body for Urban Development

Karachi, March 24, 2015 (PPI-OT): Mian Muhammad Idrees President of Federation of Pakistan Chamber of Commerce and Industry has nominated Muhammad Hanif Gohar as Senior Vice Chairman for Urban Development Standing Committee of FPCCI for the year 2015. Hanif Gohar has served as Vice Chairman ABAD for the term 2013 – 2014 and performed very …

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Karachi, March 24, 2015 (PPI-OT): Mian Muhammad Idrees President of Federation of Pakistan Chamber of Commerce and Industry has nominated Muhammad Hanif Gohar as Senior Vice Chairman for Urban Development Standing Committee of FPCCI for the year 2015. Hanif Gohar has served as Vice Chairman ABAD for the term
2013 – 2014 and performed very well in his last tenure.

Hanif Gohar is a prominent figure in the Construction Industry and well known in Trade and Industry community due to his out class services. He also served as Senior Vice Chairman in Urban Development Standing Committee of FPCCI in 2014.

He said that the change in FPCCI is good sign and he would like to congratulate S. M. Munir for holding successful elections in FPCCI. He said that Committee for Urban Development will play positive roll for the Urban Development and will present suggestions for the growth in development of construction in Pakistan and to create jobs in the industry.

For more information, contact:
S. Javed Jafri
Secretary General – ABAD
Association of Builders and Developers of Pakistan
ABAD House, ST-1/D, Block-16, Gulistan-e-Jauhar
Karachi – 75290
Pakistan.
UAN: 111-11-ABAD (2223)
Tel: +92-21-34613645-47, +92-21-34613649
Fax: 021-34613648
E-Mail: info@abad.com.pk – abadsecretariat@yahoo.com
Website: www.abad.com.pk

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