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Qatar Airways leads debate at Doha Aviation Summit

DOHA: Qatar Airways’ success story became the focus for the Doha Aviation Summit as international aviation executives and officials convened in Doha to discuss regional and global challenges facing the industry during a three-day conference. Chief Executive Officer Qatar Airways Akbar Al Baker participated in a panel discussion with CEO Gulf Air Samer Majali; President Munich International Airport and CEO Dr Michael Kerkloh; and President and CEO TAV Airports Dr Sani Sener. Topics during the discussion ranged from climate change and the current economic conditions to fuel price fluctuations. The summit, held at W Hotel and Residences Doha, was officially opened by Chairman of Qatar’s Civil Aviation Authority Abdul Aziz Al Noaimi. In his opening address, Al Noaimi gave a brief overview of the growth of Qatar Airways, and spoke about the $14 billion New Doha International Airport project, which was on course to open in 2011. staff report

‘Indonesia 2009 exports to fall 20 percent’

JAKARTA: Indonesian Trade Minister Mari Pangestu said on Monday that total full-year exports would probably show a contraction of 20 percent from a year ago while non-oil exports could fall about 15 percent. “In general, the trend is still for continued import contraction,” she told Reuters in an interview, adding that for exports, “month by month the contraction is getting less and less.” Indonesia has seen a pick-up in imports of capital goods due to the realisation of capacity and new investment, a sign of economic green shoots, she said. However, this pick-up was not likely to be inflationary, she said, because it was being offset by the appreciation of the rupiah currency. Indonesia’s statistics bureau is due to release September trade data later on Monday. reuters

Eurozone manufacturing expands

BRUSSELS: Manufacturing activity across the eurozone expanded in October for the first time since May 2008, in the latest sign that the worst of the recession is behind Europe’s leading economies. The 16-nation euro currency bloc’s purchasing managers’ index (PMI) for the manufacturing sector, published by data and research group Markit, rose to 50.7 points in October, up from 49.3 points in August. It was the first time the widely-watched reading has been above the crucial 50.0 boom-or-bust line — and marks its highest level since April 2008 when it also stood at 50.7. Output also increased for the third month running in October, rising by slightly less than an earlier flash estimate but indicating the fastest monthly expansion since January 2008. afp

KSE initiates trading of corporate bonds

KARACHI: Karachi Stock Exchange (KSE) Monday launched a single exchange-traded market for trading corporate bonds in Pakistan using BATS (Bonds Automated Trading System). This is the first time in the history of Pakistan that deals in corporate bonds (TFCs) are traded online. Four trades were made with an aggregate value of Rs 40 million and bids/offers worth over Rs 334 million were observed pending in the order book of BATS at the close of the market.

BATS Trading platform is accessible to KSE trading members through the wide network of Ethernet connections, leased lines and radio connections nationwide. staff report

PTCL’s management visits exchanges

LAHORE: PTCL Senior Executive Vice President (BZ-N) Tariq Salman, General Manager (South) Rashid Ahmed, Chief Engineer Khalid Mehmood Chaudhry and Advisor Murtada Babiker visited Township and Faisal Town Exchanges Lahore. They distributed the Kit bags between the Lineman’s and field staff of the Exchanges. On this occasion SEVP, Tariq Salman said that for increasing the revenue of PTCL new subscribers should be added in our clientage. We have to work together like a team so that our performance shall meet the current advanced telecomm standards. staff report

LPG producer prices likely to increase by 12%

KARACHI: Local LPG producer prices are likely to increase by up to 12 percent for November in accordance with the pricing formula instituted by the Shaukat Aziz government in January 2007, the LPG Association of Pakistan (LPGAP) said in a statement Monday. “Since January 2007, local LPG producer prices remain linked with Saudi export prices under a decision taken by the previous government,” LPGAP spokesman said. “Under the decision, local LPG producer prices cannot exceed the monthly Saudi Aramco Contract Price, which has been notified at $660 per metric tonne for November as compared to $587 per metric tonne for October.” staff report

Faysal Bank, EFU Life sign accord

KARACHI: Faysal Bank signed a Bancassurance Distribution Agreement with EFU Life to offer EFU Life Bancassurance products to its existing and potential customers through its widespread distribution channels. Offering insurance investment products is in line with the Bank’s commitment of continuous improvement and product innovation. President and CEO of Faysal Bank, Naved A Khan said, “We aim to make Faysal Bank a one-stop financial service provider which offers a range of solutions to cater to a diverse array of customer needs. We aim to write a success story in bancassurance with EFU Life as our partner”. staff report

PACRA maintains rating of RBS

LAHORE: Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term ratings of the Royal Bank of Scotland (RBS) at ‘AA’ (double A) and ‘A1+’ (A one plus), respectively. According to a press release issued on Monday, PACRA has maintained the rating of subordinated TFC issue of Rs 801million by RBS at ‘AA-’ (double A minus). The ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments. staff report

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