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Financial Control Group
Futures open interest down 8.8 percent: Total open interest position at the futures counter declined by Rs 117 million, or 8.8 percent, to Rs 1.21 billion, during the week ended on-November 19, 2011. The futures spread also went down by 145bps on week-on-week basis to 6.8 percent. Trading at the futures counter remained low and the average daily volume declined by 58 percent to 3.1 million shares. The top 5 scrips at the futures counter holding 66 percent of total open interest were Engro, POL, FFBL, NBP and PSO. Income tax returns filing: FBR to use 'Mahassal' system: ISLAMABAD: The Federal Board of Revenue (FBR) would use "Mahassal", an advance version of Tax Management System (TMS), as an enforcement tool during current fiscal year 2011-12 to ensure filing of income tax returns and statements by thousands of registered persons, who are paying no tax, less tax, or declaring loss or 'nil income', to evade the authorities. Sources told Business Recorder here on Sunday that the "Mahassal", latest version of the TMS, covers all income tax related functions including returns analysis, assessment and verification processes. During 201112, the FBR has decided to effectively utilise database of the "Mahassal" to enforce filing of returns during 2011-12. In this connection, the data of manually received returns for tax year 2010 and tax year 2011 would be entered into the "Mahassal" system by December 31, 2011. The "Mahassal" was internally developed by the tax department during last many years with the help of most experienced income tax officials. Sources said that the "Mahassal" system has already started generating computerised notices to the nonfilers of income tax returns under section 114 of the Income Tax Ordinance 2001. Through "Mahassal", auto-generated notices could be issued to the taxpayers in a systematic manner. It is expected that the FBR's enforcement authorities would be able to improve direct taxes collection during 2011-12 with the help of this indigenously developed system. Following are the FBR's instructions issued to the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to use "Mahassal" as an enforcement tool during 2011-12 through this procedure: The field formations shall enforce compliance from non-filers/stop-filers, short-filers for the tax year-2010 and the previous tax years by the enforcement procedures given hereunder for achievement of laid down benchmarks on monthly basis and complete the task without further delay. In case of Income Tax, all RTOs and LTUs shall ensure that data of manually received returns for tax year 2010 is entered into the "Mahassal" system by December 31, 2011, and shall also furnish certificate to Member, Enforcement and Accounting, through the Member, Inland Revenue.
2011 for all LTUs and December 31. 2011 for all RTOs. property and motor vehicle purchases.1. . 2012 by undertaking the following enforcement procedure. Financial Control Group ( 21-11-2011) All RTOs and LTUs shall ensure that notices for filing of returns are issued to all defaulters who have not filed their returns for the tax year 2010 and previous tax years. imports. as of September 30. through the Member. 2012 for all RTOs. on the basis of guidelines given as per para-3 (where relevant) of the plan. like electricity. 2011.66 percent in 9MCY11. gas. The PRAL would have to complete National Tax Number (NTN) registration and e-enrolling process in newly listed cases at the earliest (if not sent as yet). and shall also furnish certificate to this effect to Member. United Bank (UBL). In case of tax year 2011.MCB Bank Ltd. For the registration of un-registered persons.2012. the RTOs and LTUs (if warranted) to enlist new revenue potential cases on the basis of third-party information. Enforcement and Accounting. around 116 bps higher than the corresponding period of last year. Cut-off date(s) for issuance of notices under section 114(4) or 115(5) of the Income Tax Ordinance 2001 as the case may be. the FBR's instructions said that the all RTOs and LTUs shall ensure that data of manually received returns for tax year 2011 is entered into the 'Mahassal' system by 31. The Pakistan Revenue Automation Limited (PRAL) shall generate lists of non-filers/short-filers for the tax year 2011 according to the given timelines. Profitability This group of the five largest banks (in terms of deposits) of the country registered hefty growth in their profitability in the first nine months of this calendar year compared with the same period of 2010. Inland Revenue. the financial performance of these giants is often considered as a benchmark for the rest of the industry as well as for the state of financial inclusion in the country. 2012 for all LTUs and April 30. High fives for the 'big five': Largest five banks tally impressive growth in 3QCY2011: Habib Bank (HBL). Given their relative dominance in the local banking industry. would be March 31. the FBR added. would be November 30. averaged 13. Six-month KIBOR. club memberships. complete the requirements for NTN registration and send those cases to PRAL at the earliest (if not sent as yet). etc and withholding tax statements. National Bank of Pakistan (NBP). telephone bills. The LTUs/RTOs shall achieve the laid down benchmarks on monthly basis and complete the task for tax year 2011 up to June 30. And for good reason: on a cumulative basis the five banks hold about 56 percent of the total banking deposits in the country. the benchmark interest-rate index. These banks have benefited from their growing exposure in government securities in the presence of a huge pool of low-cost deposits coupled with relatively high KIBOR levels. Allied Bank (ABL) and MCB Bank (MCB) are collectively referred as the 'big five' of the local banking industry. The cut-off dates for issuance of notices under section 114(4) or 115(5) as the case may be. All RTOs and LTUs shall ensure that return enforcement notices are issued only to non-filers/short-filers.
. Markup expenses Deposit expansion resulted in higher markup expenses as the combined deposit base jumped by 4 percent during the first nine months of CY11 to Rs 3. However. This prompted around 21 percentage points' jump in its Investment to Deposit Ratio (IDR) which stood at 54 percent at the end of September 2011. NBP went against the tide. Markup revenues The collective top-line climbed by 15 percent.025 billion as of September 30. year on year. the group's ADR is around 2 percentage point higher than the industry's (all commercial banks) average. The improved revenue was derived mainly from expansion in earning assets since the combined investment pool reached Rs 1. at 64 percent while NBP brought up the rear among the group of 'big five' with an IDR of 32 percent. Hence. to Rs 279 billion in 9MCY11.720 billion. as its deposits base fell by 4 percent during the period under review. at this level. MCB is leading the field with 12 percent expansion in its deposits base. At the end of that month (September 2011) MCB had had the highest IDR. Financial Control Group (21-11-2011) Among these local giants UBL led the pack with an increase of 36 percent in net profit during the period under review against 9MCY10. Its investments portfolio rose by a whopping 71 percent during the first nine months of CY11 to Rs 207 billion at the end of September. 2011.404 billion at the end of September 2011 marking a jump of 27 percent during the first nine months of the current year. 2011.MCB Bank Ltd. At the other end of the spectrum. 2011. On the other hand. NBP appears to be an outlier in this regard as it increased its exposure to advances at the cost of its investments portfolio during the period under review. ABL is the most aggressive in the accumulation of investments. At the same time. MCB was on a cut above average recording a year-on-year surge of 23 percent in markup revenues during the period under review. these banks continued to shy away from lending with their total advances portfolio falling by 2 percent to Rs 1. NBP's bottom line stayed flat. the group's Advances to Deposits Ratio (ADR) stood at 57 percent as on September 30. On growth front.
Non markup income and expenses The group of 'five big' deserves a collective pat on the back for recording an impressive jump in investment banking revenues. since it enjoys the highest CASA ratio at 79 percent. year on year.64 percent during 9MCY11 as opposed to 7.MCB Bank Ltd. NBP's infection ratio jumped to 20. Financial Control Group ( 21-11-2011) The group's average CASA eased down to 68. followed by UBL and ABL at around 23 percent each. inflationary pressures coupled with investment in technology upgradation and expansion in infrastructure has lifted non markup expenses. MCB is in good repair. Net markup income Higher earnings lifted the combined net interest income by 15 percent. On the other hand. These savvy bankers managed to keep their margins intact as the group's average gross spread ratio stayed unchanged at 55 percent in 9MCY11 compared to the same period a year earlier. the average income to expense ratio remained intact at 2. the highest level among the group of the five biggest banks. However. Collective toxic loans reached Rs 271 billion at the end of September 2011 marking a jump of 20 percent during the first nine months of the current calendar year. However. to Rs 154 billion in 9MCY11.4 during 9MCY11 compared to the same period of last year. The banking industry's spread averaged out at 7. year on year. MCB's non-core banking revenues rose by 32 percent. As a result. this tally may be misleading as NBP alone saw its toxic loans shoot up by 36 percent during the first nine months of 2011 compared to the same period of last year to Rs 118 billion.5 percent at the end of September 2011 from 69.4 percent at the end of the third quarter as opposed to 16 percent at the end of CY10. in the face of stagnating advances the banks continued to face expansion in non-performing loans.4 percent at the end of December 2010. Non-performing loans Surprisingly.43 percent during the first nine months of 2010. The remaining four big banks each witnessed relatively lower growth in toxic loans ranging between 8 and 12 percent over the same period. . MCB's income to expense ratio stood at 3.22 in 9MCY11.
these banks will probably continue to capitalise on the risk-free investments window. these banks are vying for expansion in alternative banking channels. In light of growth in toxic loans.2 percent among the group of the five largest banks. In an exclusive interview with BR Research. Outlook The government's thirst for funds is not likely to be quenched any time soon. However. With government's ability to borrow from the central bank limited by legislation. statement(s) and information are subject to change without prior notice and/or intimation.2 percent at the end of September 2011 from 70. Jean-Luc Stalon. scrip or tradable instrument. it is likely that the biggest commercial banks will remain the leading lenders for GoP. The 'big five' will continue to pile their eggs in the governments basket until the overall economic conditions improve. Human and financial capital key to economic growth for Pakistan: Deputy Country Director –UNDP: "Market-driven employment generation in Pakistan faces two main hurdles" highlighted Deputy Country Director UNDP. The content(s) including all opinion(s). This abrupt fall is due to a significant drop in NBP's coverage ratio which fell to 56. Hence. the group's average coverage ratio eased down by around 5. Professional advice must be taken by the reader before making investment/trading decisions. and secondly. The content(s) of this analysis shall not be construed as an advice or recommendation to trade.8 percentage points during the first nine-months to 69. prompting exposure towards the private sector. No relationship of client will be created between Business Recorder and user of this information. ABL is going great guns enjoying the lowest infection ratio at 8. there is a dearth of key skills and competencies among many of the poorer segments of the population. in order to cater market through cost effective channels. BR disclaims any liability for investment(s) made or liability accrued on basis of this analysis.MCB Bank Ltd.5 percent at the end of the third quarter. he elaborated: first. .5 percent at the end of December 2010. Financial Control Group (21-11-2011) In terms of asset quality. All information and data used are from reliable source(s) and subjected to extensive research after diligent and reasonable efforts to determine the soundness of the source(s). especially the youth. given the plethora of populist measures being undertaken in the run-up to the next general elections. This analysis is not for the benefit of or discredit to any person. they do not have access to financial capital which is vital for the expansion of business.
The senior UNDP official believes that a significant change in the "development thinking" has been observed in the country over the past three years. however. is very relevant. UNDP's mandate and achievements "Pakistan is very high on the agenda for UNDP given the fact that it is one of the largest countries of the world in terms of population and that the level of poverty is significantly high." he said. adding that "the focus of the growth strategy to create an enabling environment for private enterprises. adding: "This is the reason why the number of UNDP officials in Pakistan is among the highest in the world." he said. so that we may curb social and economic inequalities. especially small businesses. "There is an increasing realisation that growth has remained volatile and unsustainable even during periods of relative economic and political certainty and efforts are now more focused on how to bring long-term sustainability and stability to economic growth in the country. It is heartening to see efforts to promote entrepreneurship." Stalon highlighted the importance of growth in small enterprises for creating job opportunities. "What I see in the proposed growth strategy is that there is that element of Government's commitment to promote inclusive growth." said Jean-Luc Stalon. Though he conceded that the rate of economic growth in the country has declined in recent times. Stalon. addressing which is one of the primary mandates of UNDP. especially focusing on youth and to account for urban as well as rural populations that are stricken by poverty." said Stalon. when compared to regional peers. UNDP was instrumental in the development of the new growth strategy which was subsequently adopted by the Executive Committee of the National Economic Council (ECNEC) and will continue providing support to the Government in the rollout of this important strategy. small and medium enterprises play an important role in poverty alleviation in both rural and urban settings.MCB Bank Ltd. Financial Control Group ( 21-11-2011) "The issue is that poor don't have the minimum base that can drive them out of poverty. Stalon underlined. We need to support the poor to build that minimum base in the form of improved skills and access to resources. "In Pakistan." said Stalon. added that the Planning Commission of Pakistan is cognisant of this fact and has taken practical steps to put the country on track of sustained economic growth." . "The New Economic Growth Strategy developed by the Planning Commission of Pakistan and its decision to transform the UNDP supported 'poverty centre' into an 'inclusive growth centre' is an evidence of the Government's priority to spur growth in the country.
anecdotal evidence and findings by some non-public institutions suggest that poverty in Pakistan increased during the last 2-3 years mainly due to high commodity prices and slow economic growth. to have an update on the status of poverty in the country. "We do not just implement projects. "To more closely analyse the poverty situation in the country." Stalon noted. but also advise the government in terms of desirable policy reforms. Benazir Income Support Programme and similar initiatives by some of the provincial governments are commendable. on the other. STEPPING UP SUPPORT UNDP has stepped up its financial support to the country and its operations here dramatically in recent years. "Numbers on household incomes and expenditures can reveal a lot more about the state of poverty in the country. This includes. institutional and grass-roots. "A double-track approach to poverty alleviation is crucial because. address energy." he contended. you need policy reforms while. However.3 percent. climate change and environmental issues.MCB Bank Ltd. Financial Control Group (21-11-2011) Explaining the mandate of the United Nations Development Programme in Pakistan. promote good governance. . for example. on one hand." he summed up. Jean-Luc Stalon said "UNDP co-ordinates broader efforts at the country levels with regard to the achievement and monitoring of Millennium Development Goals (MDGs)". He added that "the country's government needs more efforts along similar lines to bridge immediate needs of vulnerable groups while it works on medium-term poverty alleviation measures". like the Household Income and Expenditure data." said Stalon. he warned that simply collecting data on poverty can be distracting since the real task at hand is the generation of inclusive economic growth that can help in poverty reduction. UNDP projects necessitated by natural calamities such as flooding as well as man-made disasters such as bombings. Stalon highlighted that as various agencies of the UN stepped in to help in the wake of floods in the country. While head count poverty in Pakistan declined during 2000-01 to 2005-06. you need social safety nets to support vulnerable sections of the society. there is an urgent need for fresh data. Thereafter poverty figure has not been officially released by the Government. to reduce poverty. NUMBERS NECESSARY The official poverty figure is only available until 2005-06 which was 22." He also said that crisis prevention and recovery also fall within the ambit of UNDP's mandate. "UNDP's support has climbed from $35 million to more than $100 million". He added "UNDP provides capacity development support at all levels-policy.
" revealed Stalon. Stalon conceded that "Pakistan is lagging behind in the attainment of all Millennium Development Goals (MDGs) except addressing gender inequality. Regarding flood operations.000 IDPs. the rule of law programme initiated by UNDP seeks to "make justice accessible and to teach people about their rights as well as other aspects of law. I am confident that Pakistan will soon be back on the path of development. this country has a huge potential to be one of the regional leaders on economic growth and human prosperity. Listing the initiatives undertaken by UNDP to bolster the country's socio-legal environment." He added that all provinces are currently in the process of conducting their own assessments to provide a clearer picture in terms of efforts to attain MDGs and their effectiveness so far. However. rebuilding of canals. access to education and other key indicators". miss "all seven MDGs" if the current pace of progress continues. Stalon also said that UNDP is assisting in the strengthening of the Election Commission as an independent and transparent institution." "I am very much touched by the hospitality and co-operation of the people during my so far stay in Pakistan. in every likelihood. With some of the recent constitutional and policy changes in the country. ." said Stalon.MCB Bank Ltd. Financial Control Group ( 21-11-2011) Now that relief and rescue efforts have largely been concluded. it has become crucial to co-ordinate with each of the provinces in pursuit of the MDGs. notwithstanding. "In the wake of the 18th Amendment. so we are helping to reform the institution and train its staff in various relevant aspects. who were displaced from FATA and a needs-assessment study is currently being conducted to identify the priorities for their support". he highlighted that "there are about 750. Stalon said that "the immense development challenge in Pakistan. the official says: "UNDP is now increasingly focused on reconstruction and rehabilitation activities including support for agriculture and micro credit for other productive activities. Similarly. he lamented that the country would. He noted that there exists "substantive gaps between the provinces" in terms of poverty. "We believe that the Election Commission needs to be ready for the elections scheduled in 2013." Jean-Luc Stalon concluded. infant mortality. PROVINCES AND MDGs UNDP is also working to influence socio-legal environment in the country. small roads and other vital structures as well as assisting in the resurrection of local administration in affected areas".
He has also published a book on Rwanda on constructing democracy in divided societies.MCB Bank Ltd. Financial Control Group (21-11-2011) Jean-Luc has 17 years of working experience with the United Nations and has served in Africa. He is specialised in post conflict/crisis programming and has published several policy articles on political/economic issues. . the Pacific region and South Asia.
The Socialists are the latest in a series of scalps claimed by the region's debt crisis.MCB Bank Ltd. Financial Control Group ( 21-11-2011) Oil down in Asia amid European jitters: SINGAPORE: Crude was lower in Asian trade on Monday with traders withdrawing from the market as concerns linger about the depth of the European debt crisis. senior principal of Purvin and Gertz energy consultants in Singapore.73 percent. ." said Victor Shum. Tokyo edged down 0. "It's a brand new week but the same old concerns hover over financial markets.09 percent. Ireland. analysts said. fell 32 cents to $97." said Tim Waterer. adding that "there are concerns about the European economies.20 percent lower. Chinese shares fell into negative territory. Greece and now Spain have been deposed by economic turmoil." The European Commission will publish legislative proposals for common eurozone bonds on Wednesday in the latest bid to contain the debt crisis. which shows no signs of abating. Asian markets lower on Europe fears: HONG KONG: Asian shares fell in early trade Monday as markets awaited details of plans to fix Europe's debt crisis and the outcome of key Sino-US trade talks. New rules would see troubled eurozone states effectively club together to guarantee each other's debts and police national budgets to keep the region's fiscal woes in check. while business hub Singapore predicted sharply lower economic growth next year -. with tensions between the economic superpowers.28. Governments in Portugal. which has threatened to plunge the world economy into recession.35 a barrel. Brent North Sea crude for January delivery shed 28 cents to $107.and warned a weaker global economy could worsen the situation. "Debt debacles on both sides of the Atlantic continue to halt any potential uprising of brighter sentiment from traders. Seoul was down 1. New York's main contract. light sweet crude for delivery in January." Spain's conservative Popular Party swept to victory in Sunday's general election and now has the task of pushing through severe austerity measures in the eurozone's fourth biggest economy. "Oil is continuing the trend from last Friday in the US.0 percent. trading 0. it's heading down. Italy. Sydney lost 0. senior foreign exchange dealer at CMC Markets in Sydney. Markets also reacted to news Japan logged an unexpected trade deficit in October.13 percent while Hong Kong was off almost 2.
with Spain's conservative Popular Party sweeping to victory Sunday in a general election with rising concerns about the country's ability to finance its debts. and with even France now facing mounting pressure going into a presidential election year. Ireland and Portugal. Governments have been deposed by economic turmoil in several nations.MCB Bank Ltd. Financial Control Group (21-11-2011) The proposals have been designed to combat nearly two years of regional turmoil after bailouts for Greece. .
name of share registrar. Financial Control Group ( 21-11-2011) Functional websites mandatory for firms: ISLAMABAD. online forms for assisting and handling investor grievances including reference to SECP complaint address. “The corporate sector regulator had advised the listed companies in 2003 to maintain their websites and now it is time to enforce it. board of directors and shareholding pattern. .” The proposal to maintain a functional website for all listed companies has been forwarded by the company law division of the SECP. annual reports for the current financial year and the previous two years. The official websites of the listed companies should also have media portals containing published news items and clarifications regarding the company. UK. contact details. Australia and even Kenya. Nov 19: The Securities and Exchange Commission of Pakistan has decided to make mandatory for all the listed companies to maintain functional websites to improve flow of information for the share holders. An official of the SECP said: “It is mutually beneficial way for the companies and shareholders because websites are the most cost-effective platform to provide relevant information to shareholders and the investors. mission and scope and details of business activities. it has been proposed that the requirement be enforced from March 2012. It is a cost-effective measure for dissemination of material information. It has also been highlighted that relevant practice is observed in India. addresses of registered office. The websites of the companies needed to have detailed site map.so that the companies have adequate time to make necessary preparations. However.MCB Bank Ltd. to give shareholders access to information. including national and international awards and membership of industry associations and trade bodies and relevant weblinks. interim accounts. The SECP directive to be notified in the next commission meeting has demanded the listed companies to display the date when the website was updated. there are 524 listed companies in the country 225 have web presence but only 142 have a functional portal. the companies needed to incorporate in the website vision. The companies would also be required to post their recognitions at the website.” said a senior official of the commission. Currently. The SECP commission is expected to notify the new requirement in the coming week. P/E ratio as per latest available yearly financial statements. USA. head office. The companies will have to post their earning per share. According to the SECP. detail of associated companies and their website linkif available. after which over 73 per cent of the listed companies in the country will be required to develop their functional website. An official of the SECP said that the requirement was in line with current global technological development.
while cases of kidnapping has declined by 70 per cent.” Irfan Moton said.200-2. Nov 19: A number of Pakistani businesses have marked their presence in the industrial landscape of Malaysia. Sri Lanka and some of African countries.600-1. Financial Control Group (21-11-2011) Businesses relocating. He said businessmen who had purchased industrial units in the Site area were reluctant to invest in any commercial projects.400 units are operational. It was however confirmed in conversation that local businessmen were keenly exploring options beyond borders while many had already entered these countries. more alarmed over the rising trend of closure of units in Karachi over the last few years. seem to be reluctant to admit to the persisting trend of relocation and expansion overseas.MCB Bank Ltd. When asked about the improvement in law and order after deployment of Rangers in the industrial area. expanding overseas: KARACHI.800 units have closed down in the last five to six years and only 2. businessmen with options are moving abroad. The office-bearers of various industrial bodies contacted to solicit comments gave mixed views. “If an industrialist is not expanding or reducing his business in this city then he is definitely moving out of the country. However. “No new unit has come up in the last three years in the Site area. The industrialists were. Their leaders. However. He said business activities were already shrinking and industrialists were not taking risk for business expansion.000 units around 1. Site Association of Industry Chairman Mohammad Irfan Moton cited law and order being the major reason for relocating of business abroad. he said the extortion cases had come to a halt followed by only 30 per cent decline in cases of snatching at gunpoint and robbery. Bangladesh and Malaysia and many are actively considering moving abroad while a number of businessmen have opened their offices in these countries.” he said. They maintained that street crimes persisted in Karachi despite patrolling of Rangers. Bangladesh. however. He said many big industrialists have set up textile units in Sri Lanka. . however. they had opened offices in their industrial units while over 100 units had been converted into warehouses. Industrial bodies of the four main estates of Karachi were not willing to disclose the names their members or non-members who have expanded their business abroad after closing down their units or for any other reasons. adding that out of 4.
Malaysia. industrialists and exporters were now more focused on Sri Lanka. he said adding that from Bangladesh and Malaysia exporters have a huge market access option. He said businessmen were relocating to other countries due to zero-duty access to America and European Union from Bangladesh while Malaysian government is offering 10-year visa. fluctuations in yarn prices and law and order situation. Fodderwala said some 16 textile related and dyeing units (member of NKATI) have packed up their business in North Karachi area in the last two years due to financial problems. . He added that no new industries were added in the area. On law and order situation. etc. Abdul Rasheed Fodderwala said many industrialists had started their business activities in Bangladesh and Malaysia he however declined to disclose the names of such industrialists belonging to NKATI. “Industrialists and exporters are going from Korangi industrial area but I cannot confirm their names right now. The NKATI chief said despite Rangers’ presence and its patrolling cases of street crimes like snatching at gun point had increased while there were no cases of extortion. Bangladesh and Malaysia. He said big Pakistani exporters cannot afford to lose their regular buyers due to power and gas shortages while in these countries at least they do not have such kind of problems. he claimed substantial decline in cases of street crimes. which is considered as a hot destination. Chairman North Karachi Association of Trade and Industry (NKATI). Chairman F. Ehteshamuddin said many industrialists and exporters. adding that many entrepreneurs have also taken local labour abroad especially in textile related businesses. He said many have moved to these destinations by closing down their units here while many had expanded their business. one can export its item to India also from Sri Lanka. recession in world markets.” he said. Area Association of Trade and Industry (FBATI). robbery and extortion of money. Masroor Ahmed Alvi reckoned that businessmen were moving to Bangladesh. Financial Control Group ( 21-11-2011) Chairman Korangi Association of Trade and Industry (KATI). were paying more attention to their businesses in Sri Lanka. Besides offering security and incentives to the foreign investment. Ehteshamuddin said after testing Bangladesh.B. He said now industrialists were facing problems due to prolonged power outages and sharp increase in water tariff. Sri Lanka and African countries by further expanding their business but said he has no report about any flight of capital or business expansion by any industrialists from the F.B.. KATI chief said that many industries had shut down and a number of industrialists turned their units into godowns or rented out them to other parties. Area. who have not winded up their units in Karachi completely. On closure of industries.MCB Bank Ltd.
But while Wall Street is a symbol of wealth and big finance. “Unlike the Wall Street in US and the Dalal Street in Mumbai. the richest tycoon. said one broker jokingly. . drawing his wealth from the exceptional growth in the value of his stake in his public listed company. Mukaish Ambani is able to build his $1 billion worth house. “The street at the end of I I Chundrigar Road. For a variety of reasons. Detractors than dismissed the jabs saying that all who work hard had the opportunity to prosperity. ‘Occupy Wall Street’ irrelevant to Pakistan: KARACHI. Nov 19: The “Occupy Wall Street” protest. The existing units. Warren Buffet also sees his fortunes multiply on the sharp spike in price of the corporate he chairs: Berkshire Hathaways. Financial Control Group (21-11-2011) He said no new units had been set up in the area and in the last two to three years some 30-35 units relating to textile and garments had closed down. Meanwhile. the Occupy Wall Street is not relevant to our country. market is abuzz with reports that an estimated Rs27 billion have found way into Malaysia in the last six months. But starting out in the heart of America’s financial centre–the stock exchange on Wall Street. the movement appears to be losing steam. he claimed. No one in Pakistan can name. Leaderless and yet to come up with clear demands. now enters its third month. the same could scarcely be said of the KSE. The Forbes magazine list of billionaires is generally the wealth of individuals measured by their stakes in corporate America. which was thought to have been inspired by the ‘Arab spring’. the movement signified a public outcry against the corporate greed and corruption. the forefathers who built the KSE have avoided the word ‘street’ that leads to the KSE”. Only a few of the enlightened stock brokers at the Karachi Stock Exchange are aware of such a movement taking place over the world’s oldest stock exchange and slowly spreading to other countries. the Reliance Industries. The investment Guru and the second richest man in the world. he said street crimes still exist but other criminal activities like extortion has disappeared. On Rangers’ presence. which is why Bill Gates remains the richest man in the world as the price of share in Microsoft flies higher. opposite the famous Merewether Tower is ‘The stock exchange road”. The wealth in US is clearly seen to be born out of the movement in stock prices on the bourses. with absolute confidence. are operating at 40-50 per cent capacity.MCB Bank Ltd. Even the richest Indian. The movement was mobilised on the attractive slogan of fair share for 99 per cent disposed. against one per cent of the elite class that command all the wealth and power.
MCB Bank Ltd. he said. while the government and the taxation authorities have continued to look the other way.410 would amount to each person earning an average yearly income of Rs1. The country’s fields yielded gold in the form of bumper crops in the last two years.21. up from $1. The enterprising wealthiest countrymen spread out their wealth. mainly in big banks and multinational corporations. $1. That must make families dance with joy.105 per month. who also occupy most seats in the parliaments. even the Parliamentarians submit their wealth statement that shows them as no more than mere paupers. the KSE Street is not the symbol of wealth. for want of proof. but to figure out his wealth would be a risky task. they are substituted by proxies–friends or family members that sit on the Boards. Actual per capital income for the year 2010 is noted in official documents at $1. Any man alluding to the right person as the owner of such companies carries the risk of being dragged to the Courts. they should occupy the lands of big and powerful landowners. There are even ‘benamis’–persons who do not exist in every business. Wealth in Pakistan has forever remained concentrated in other hands. up from $990 the year before. careful never to keep all eggs in one basket which can be easily counted.260 or an income of Rs10. Financial Control Group ( 21-11-2011) One man in the business from insurance to textiles is thought to hold that top slot. “If anyone wants to occupy. But unlike the Wall Street. Estimated per capita income for financial year 2012 is shown in SBP statements as $1.” said a stock broker. Without any foolproof system to measure the accuracy of wealth. . Their tax-free wealth. Crudely calculated.Most men familiar with the stock business know that billionaires lost most of the money in the crash of 2008 and that included rich and powerful brokers.254 the previous year.073. The corporate fat cats are countable. so that more of the urban wealth got diverted to the rural economy. An authentic list of the richest Pakistanis is almost impossible to make. But if the government released figures are to be believed the prosperity of the public is at a high pitch. mainly the landlords and rich agriculturists.410. Many listed companies do not sport the names of their real sponsors and chairman. has remained hidden from the eyes of the general public.
Financial Control Group (21-11-2011) .MCB Bank Ltd.