Industrial Option December

i ndustrial OPTIO

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SYSTEM IS NOW IN ORDER - USE SCCI STAIRWAY

The Impact of University Research on Industrial Innovations

ECONOMIC CRISIS 2008

ECONOMIC SUPPLEMENT

Educ

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Busin

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Indus

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Econ

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Industrial Option Monthly is publihsed from 23-KM, Lahore Sheikhupura Road and Printed by MITHAS Enterprises Press, Kamal Road, Kamal Gunj Lahore.

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There are new benefits that party can ob-tain from participating in industrialoption.com market as easily.

For purchaser participants a B2B market offers as mentioned below:

Time savings: Provides for faster ac-ceptance, ordering processes and saving tracking.

Access to original suppliers: B2B market involvement removes geographic fences and provides approach to original suppliers.

Increased sales: With approach to a wider marketplace, suppliers have the po-tentiality to increase revenue.Reduced sales and backing costs By au-tomating sales and client backing proc-esses companies can cut over chief costs around 25-30% well.Reduced elevated costs: Thanks to sleek supply string elevated costs can be reduced upward to 30 percentages.

B2B exchanges: The landscape is lit-tered with hundreds of B2B exchanges that have failed, demonstrating that suc-cess is far from automated. But many are

yet operating. They have learned how to go reward of the opportunities and avert the drawbacks of this energetic original merchandising line. The sales string inte-grated into a Business to Business market covers every phase of selling procedure including quote, dialogue, billing and con-signment tracking.

www.industrialoption.com is an innova-tive and comprehensive online business-to-business (B2B) portal, which provides a professional platform for the Pakistani exporters, producers, suppliers and oth-ers who are involved into import-export trade. Since inception in 2008, Indus-trialOption emerged as an international plateau for thousands of consultants, importers-exporters, agencies and firms to transact business globally without any intermediaries.

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Table of ContentsIndustrial Option December 2008 | industrialoption.com

Editorial Page - 4Diary Page - 5The Impact of University Research on Page - 9Industrial Innovations�008 Economic Crisis Page - 1�Corruption and Bribery: Poverty and Economic Page - 16Development ImpactsSuper Tips to Get Rid of Your Public Speaking Fear Page - 17SWOT Analysis- To Make Your Business More Profitable Page - 17IBM, Academics Seek to Create a Computer That’s More Like Us Page - ��News & Views Page - �3Micro-financing: an innovative application of social networking. Page - �5Islamic festivals: The spirit behind Eid -ul-Adha Page - 37

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Domestic Issues needs Domestic

Solutions

Domestic Issues needs Domestic

SolutionsSheikhupura Chamber of Commerce & Industry

Sheikhupura Association of Industry

The role of the public bureaucracy in achieving good governance cannot be un-der estimated. This can be gleaned from the central role it plays in the formulation and implementation of policies designed for the development of the society. In Pakistan, the role of the state bureauc-racy has come under severe criticisms within the context of that gap that ex-ists between its anticipated role and its actual output in guiding the society along the course leading to the desired goal - development. The efforts of the previous governments have not yielded the much-expected results due to the problem of corruption that has eaten deep to the

fabric of the Pakistani society – the public bureaucracy not spared. Thus, the gains of good governance have been eluding the average Pakistani citizen.

It is noted and widely accepted that PPP and PML-N political coalition is hell-bent on good governance, which encompasses three different but not unrelated dimen-sions.

These are political dimension, which cent-ers on the establishment of good objec-tives and the exercise of good leadership. Second, technical dimension which relates to the constraints which are imposed

by natural resources, level of education manpower etc and thirdly, institutional dimension which relates to the ability to get things done or precisely efficiency in public management. In view of this, any effort geared toward promoting devel-opment in the society must consider the three dimensions. The bane of Pakistani public administration is that of corrup-tion, which has not allowed the inter-relationships that exist among the three variables to provide built – in- mecha-nism that has the capacity of engendering good governance. Therefore, under the leadership of President, Parliament shall submit that corruption must be positively addressed and reduced in the public bu-reaucracy for Pakistan to be able to meet the challenges of the 21st century.

Corruption Impacts Foreign Direct Investments

The adverse impact of cor ruption on for-eign direct investments is equally well es-tablished. However, the extent to which different types of corruption may exert different impacts has hardly ever been ad-dressed up to now.

Corruption embraces a variety of differ-ent activities such as the embezzlement of public funds in public utilities, the ex-tortion of speed money in exchange for lowering tax assessments, commissions to parliamentarians in exchange for favo-rable legislation and bribery in exchange for public contracts. Each of these actions is likely to exert different consequences.

Without doubt, there is a linkage between transparency and probity of the politi-cal leaders and bureaucrats of a nation and its level of development. Corruption however has been the bane of develop-ment of many nations. The evil exists in every facet of world societies. You bride to get your child into a school, you pay to secure a job and you also continue to pay in some cases to retain it. You pay percentage of any contract obtained, you dash the tax officer to avoid paying taxes, you pay the hospital doctor and nurse to get proper attention, you pay the police-men to evade arrest. This catalogue of shame can continue without an end.

Manzoor MalikEditor in-Chief

Editor’s DeskIndustrial Option December 2008 | industrialoption.com

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SYSTEM IS NOW IN ORDER - USE Sheikhupura Chamber of Commerce & Industry STAIRWAY

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Industrial Option December 2008 | industrialoption.com

Historically SCCI was registered in 1992 at Pir Bahar Shah Chowk (Ref: Board of In-vestment, Pakistan) and later transferred to Kot Abdul Malik. Finally, it is operating at 23 KM, Lahore-Sheikhupura Road, Qila Sattar Shah, Sheikhupura, Punjab, Pakistan. Throughout the years, SCCI performance questioned at national and international levels, debated, and published by PPI (Pakistan Press International) and other news agencies.

Despite criticizing that what happened in past, the current elected body under the leadership of Mr. Manzoor Ul Haq Malik, gives tremendous peace of mind.

Under his leadership SCCI membership has grown to 180 eligible members and rapid reforms and development works are undergone. Mr. Malik believes that “Developing countries have long argued

the importance of growth for lifting their people out of poverty. And we at SCCI should not forget that, ultimately, we exist

to work ourselves out of business - and the best way to do that will be to encour-age growth and trade based on industrial output of Pakistan”.

Pushing growth up the development agenda

Achieving economic growth is essential for securing long-term development and poverty reduction: no country has suc-ceeded in sustainably reducing poverty in the absence of growth.

Recent volatility in global markets has fo-cused our attention on growth prospects in the world’s richest countries. But it also serves to emphasise the importance of putting in place the right conditions to facilitate long-term, sustainable growth in the developing world, which is needed to pull millions of people out of poverty.

Growth is however, a complex and multi-dimensional subject, which encompasses a huge range of issues, and while some

aspects of the growth agenda are well un-derstood, others are more contested.

The Economic Outlook of Pakistan

In Pakistan, Pre-existing macroeconomic imbalances and deep-seated structural problems have played a large part in pro-ducing the current economic downturn. Short term and long term issues there-fore need to be addressed, but they must not be seen as independent - the best short term policies are also good long term policies.

Role of Education in Economic Growth

Education has been recognized as the most important source of competitive advantage for a nation. It is the key de-terminant of firm level productivity which in turn drives business growth and profit-ability. Technical knowledge, in particular, is required both for industrial as well as service development. Technical institu-tions contribute to the growth of busi-ness and industry in a variety of ways. The most influential and direct impact is through their graduates who bring in new skills and perspectives to firms. Industries also seek advanced training on specific topics as well as consultancy from tech-nical institutions. Often these institutions collaborate with academics to design and develop new technologies. In this paper we have argued that technical education plays a crucial role in building these capa-bilities and consequently in the growth of industry.

DiaryIndustrial Option December 2008 | industrialoption.com

“Developing countries have long argued the importance of growth for lifting their peo-ple out of poverty. And we at SCCI should not forget that, ultimately, we exist to work ourselves out of business - and the best way to do that will be to encourage growth and trade based on industrial output of Paki-stan”. Manzoor Malik, President SCCI

By: Imran Aziz

SYSTEM IS NOW IN ORDER - USE Sheikhupura Chamber of Commerce & Industry STAIRWAY

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Introduction to Industrial Option


Industrial Option Newsletter covers all aspects of business, from Pakistan and in-ternational market news and analysis of economic trends to articles on the peo-ple and technologies that influence how we do business every day. It is written expressly for top business decision-mak-ers and opinion leaders who need an international outlook in an increasingly global marketplace. Each month issue explores the links between domestic Of-fers reporting, commentary, and analysis on world politics, finance, and business trends. Also covers science and technol-ogy, literature and the arts. When people get serious about business they read In-dustrial Option.

IndustrialOption.com an online businesses to business portal

IndustrialOption.com is a huge commu-nity of buyers, sellers and industrialists.

For the job to job marketplace, brand can be merely defined as the lot of images, image and feelings that are evoked in the psyche of your customers and prospects at the reference of your figure.

IndustrialOption.com is one-stop job so-

lutions for many of the party’s needs. Real moment market allows buyers to go fast resolution; two main indicators of party productivity are Increased Revenue and Cost Saving. Products offered on a mar-ket are integrated with the www.indus-trialoption.com.

There are new benefits that party can ob-tain from participating in industrialoption.com market as easily.

For purchaser participants a B2B market offers as mentioned below:

Time savings: Provides for faster ac-ceptance, ordering processes and saving tracking.

Access to original suppliers: B2B market involvement removes geographic fences and provides approach to original suppliers.

Increased sales: With approach to a wider marketplace, suppliers have the po-tentiality to increase revenue.Reduced sales and backing costs By au-tomating sales and client backing proc-esses companies can cut over chief costs around 25-30% well.

Reduced elevated costs: Thanks to sleek supply string elevated costs can be reduced upward to 30 percentages.

B2B exchanges: The landscape is lit-tered with hundreds of B2B exchanges that have failed, demonstrating that suc-cess is far from automated. But many are yet operating. They have learned how to go reward of the opportunities and avert the drawbacks of this energetic original merchandising line. The sales string inte-grated into a Business to Business market covers every phase of selling procedure including quote, dialogue, billing and con-signment tracking.

www.industrialoption.com is an innova-tive and comprehensive online business-to-business (B2B) portal, which provides a professional platform for the Pakistani exporters, producers, suppliers and oth-ers who are involved into import-export trade. Since inception in 2008, Indus-trialOption emerged as an international plateau for thousands of consultants, importers-exporters, agencies and firms to transact business globally without any intermediaries.

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Shehzad Nagina, Chairman Sheikhupura Association of Industry discussing in serious mood with President SCCI about tope priority issues of business and industry at SCCI office.

For representation in FPCCI, the Sheikhupura Cham-ber is nominating two persons for general body of the federation. From Associate Class Manzoor Ul Haq Malik, Industrial Option and from Corporate Class Mohammad Saeed, Premier Paper Mills Ltd.

Out of these two Mr Manzoor Ul Haq Malik is being nominated for membership in Executive committee of the federation.

NOMINATION IN FPCCIHigh Time for FPCCI to realize its responsibilities & accountability

The Impact of University Research on Industrial Innovations

Almost all schools of thought in econom-ics agree that industrial innovations pro-vide the main driving force for economic growth and that they contribute to the creation of competition among firms and countries. In Pakistan, the mechanism link-ing universities and research institutions with the productive sector appears to be ineffective, despite numerous efforts.

There is widespread concern that the research at universities and scientific in-stitutes in Pakistan is not focused on the needs of industry. The research results, therefore, remain largely unused, and this has limited the effectiveness of the sci-ence & technology (S&T) infrastructure in Pakistan.

Academic research and innovations in industrialized countries

The importance of universities in pro-

moting technical change and innovation is widely recognized. This has prompted increasing concern about university–in-dustry linkages, as shown by the ever in-creasing literature in this area.

Various arguments have been used to jus-tify the growing interest in university–in-dustry interactions. First, industry–uni-

versity relations have been influenced by short-term economic considerations and today’s cutthroat competition. Because of the global economic recession, many countries have found it imperative to marshal their S&T capacities to improve their competitive position. Because aca-demic research and development (R&D) receives a very large portion of the na-tional research funding in most coun-tries, academic institutions must in turn contribute to development. In addition, the general feeling is that institutions of

higher learning are underused resources and that explicit policies are required to effectively incorporate them in the devel-opment process.

The role of universities and other insti-tutions of higher learning in the innova-tion process is natural because of their multidisciplinary nature, their compe-tence in undertaking basic research, their reservoirs of knowledge and information, and their ability to recruit young talent. Therefore, the university should be in-corporated in the national-development planning process.

For the universities to be effective in stim-ulating innovation and industrial growth, they must cooperate with industry. But, unfortunately, this is not always the case in developing countries. The universities in the Pakistan are normally concerned with their own internal, urgent problems of staffing, finance, and expansion. On the other hand, industry is preoccupied with its own problems, such as lack of ade-quate markets, institutional rigidities, and inefficient and inadequate infrastructures, and is usually unaware that the profes-sors might have plausible solutions to its problems. To bridge this gap in communi-cation, effective linkage between industry

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sFor the universities to be effective in stim-ulating innovation and industrial growth, they must cooperate with industry. But, unfortunately, this is not always the case in developing countries like Pakistan.

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Ms. Anum Perviz(Student, USA)

and university should be established. In certain areas of science the role of uni-versities is to make the initial fundamental breakthrough, followed by many years of basic research to understand the nature of the process; the role of industry is commercially to utilize the breakthrough, concentrating on understanding and harnessing its effects while being largely unaware of their causes. Given the very rapid growth in industrial R&D capability, industry would largely be unable either to utilise the potential of the breakthrough or progressively to enhance this potential. Industry has thus needed increasingly to take over the relevant fields of research itself. At the same time the universities have gone on to open up new fields of research, paving the way for the next gen-eration of industrial applications.

The British Universities and Industry Joint Committee looked at the ways companies use university R&D by size of company. On all the measures of contact between industry and universities, there was a marked pattern: the small firms had by far the fewest contacts. Moreover, out of 403 firms employing fewer than 200 people (out of a total of 1097 firms), 75% had little or no contact with universities, whereas out of 96 firms with more than 5000 employees, only 9% had little or no contact with universities. A correlation analysis of the data revealed that having

a higher proportion of scientists in its senior management increased the likeli-hood of a smaller firm’s having contacts with universities. Further analysis showed that nearly one quarter of the firms ap-proached universities for technical ad-vice, and just under one third of them approached research associations. Com-panies used universities mainly for the specialists’ advice or experimental facili-ties. The general impression given by the analysis was that most companies did not regard universities as a major source of technical advice, except when the univer-sities could offer specialized knowledge or expertise.

The Science Policy Research Unit (SPRU)

databank of important British innovations introduced since 1945 has shown that universities and research associations have provided major initiating knowledge in a (combined) average of 4.7% of 2293 innovations in 1945–80. Both universities and research associations have decreased in importance as sources of innovation, whereas the contributions of govern-ments and individuals have fluctuated. The databank also yielded information on the level of university input to firms of differ-ent sizes: on average, small firms used the universities less than their larger coun-terparts did.

Academic research and innovations in developing countries

Universities and public research estab-lishments are among the most important scientific institutions in most countries, including Third World countries. Univer-sities usually account for a significant pro-portion of national research expenditures, a large share of the scientists engaged in R&D, and the bulk of a nation’s produc-tion of S&T research. Unfortunately, de-spite all this, the contribution of public R&D institutions in developing countries is negligible, and studies on the role of universities and research institutes in in-dustrial technological change in develop-ing countries are scarce. Industrialized countries and developing

countries are faced with completely dif-ferent environments: both skilled labour and capital are in short supply in the Pa-kistan.

The lack of an effective link between S&T research institutions and the produc-

tive sectors in developing countries has been noticed by the larger international community and has resulted in various programs of action. An awareness of the importance and complexity of the prob-lem led the United Nations Industrial Development Organization (UNIDO) to organize an expert group meeting on industry– university linkage. The empha-sis of the meeting, held in Vienna in 1973 (UNIDO 1974), was action to be taken by bilateral and multilateral agencies.

Further attempts by the United Nations (UN) include the 1979 Vienna Programme of Action on Science and Technology for Development, which showed that the development of strong linkages between producers and users of R&D is one of the challenges facing developing countries in the reinforcement of their S&T capabili-ties (Nichols 1984).

In 1983, the Lima Panel, under the UN’s auspices, called for the formation of a network of institutions (including R&D and educational institutions, consulting and engineering firms, private companies, and public enterprises) to apply the clas-sical demand-pull and supply-push theo-ries in the developing countries like they are applied in the developed countries. Other meetings organized under the aus-pices of UNIDO included the Regional UNIDO–ESCAP Workshop and National Consultations on the Commercializa-tion of Research Results, held in Bangkok, Thailand, in 1984; and the Ad-hoc Expert Group Meeting on Co-operation among Universities, Industrial Research Organi-zations and the Role of UNIDO in this Co-operation, held in Vienna, Austria, in 1976.

The role of academic research in industrial innovation: empirical evi-dence from Pakistan

Pakistan like most other developing coun-tries, has assigned industrial programs a central role in its efforts to create eco-


Pakistan like most other developing coun-tries, has assigned industrial programs a central role in its efforts to create eco-nomic growth and increase the pace of in-dustrialization with S&T.

Industrialized countries and developing countries are faced with completely differ-ent environments: both skilled labour and capital are in short supply in Pakistan.

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nomic growth and increase the pace of industrialization with S&T. Many S&T in-stitutions have been established, often at a great cost. Unfortunately, most of these institutions work in isolation, without ef-fective linkages with the productive sec-tor. There is, thus, a need for a greater understanding of the factors that could lead to improved interactions between scientific research institutions and indus-try and to the enhancement of Pakistan’s industrialization process.

Academic and Research Institutions are never ends in themselves. They have rea-son to exist only as they meet the de-mands of existing firms or serve as toll for technology policy development and propagation. Hence their creation, objec-tives, structure and programmes must be measured against their ability to make these ends.... Institutions have been cre-ated without sufficient consideration of what their role should be in carrying out adopted policy. These institutions, as well as their programmes and activities, have been established without sufficient thought as to whether they are in accord with overall national industrial policy.

The university administration’s view on collaborative research

Just like the government, the Universities in Pakistan do not seem to have any ex-

plicit policy regarding its association with local industries.

Characteristics of industry–research interactions

To measure the extent of collaborations resulting from an industry–research in-terface, it is important to identify suc-cessful and unsuccessful linkages and the benefits and impediments connected with such collaborations. I found it difficult to compare the levels of success or failure of linkages and the resulting impacts on the collaborating partner because the collaborative projects were dissimilar, reflecting differences in organizations, personalities, disciplines, institutional and economic contexts, and stages of devel-opment and operation. The measurement of success was also affected by the meth-od of interaction (formal or informal) and by the modes of interaction, that is, the modes of industrial financial support for

research (donations, transfers, and ex-changes and sharing of staff, equipment, and information).

For the sake of simplicity, we assumed that successful interactions were those that both parties were pleased with. However, this does not imply that there was a net financial gain in the exercise. Unsuccessful programs were those that failed to bring about or sustain institutional interaction, despite various efforts to do so.

The Role of Universities Today: Crit-ical Partners in Economic Development and Global Competitiveness

Universities as Knowledge Creators

Universities are the indispensable players in the advancement of scientific knowl-edge, which continuously seeds new gen-erations of applied research, scientific breakthroughs and streams of new prod-ucts that enhance our lives and strength-en our economy.

Universities play a central and strategic role in educating and training the scien-tists, teachers, researchers, entrepreneurs and other skilled workers that fuel inno-vation in high technology and the knowl-edge industries that are the primary drivers of successful regional economies today and are predicted to be

the drivers of the global economy well into the future.

Universities, especially large ones like the Virtual University Pakistan, foster equity and “level the playing field” through the dissemination of knowledge and ideas by way of student education, faculty interac-tions, collaborations with industry, com-munity outreach activities, and through a variety of virtual-world mechanisms such as online training, digital libraries and e-learning.

Universities, Entrepreneurs and Competitive Businesses Universities are innovation accelerators. Innovation centers around three ingredi-ents: knowledge creators, knowledge, and knowledge diffusion and application—all three form the core of the activities of today’s leading universities. Talented peo-ple create the knowledge; universities dif-

fuse that knowledge throughout society; and innovators and entrepreneurs, often in collaboration with universities, take advantage of these ideas and bring new products and services to market and into our homes and offices.

Universities are key players in the gen-eration of entrepreneurs who form start-ups and expand businesses, thus creating thousands of new jobs—often higher pay-ing skilled jobs for local residents—and new income streams that catalyze further investment in the economy, which generates still more jobs, personal income and capital investment.

Universities are the conveyors of “seed money” for exploratory research—a key ingredient to the acceleration of innova-tion and the development of new prod-ucts and services that result in start-ups and spin-offs.

Universities generate new and applied scientific knowledge that is needed and used by local high-tech companies to expand their businesses and maintain their competitiveness. University faculty and students are an important source of technical expertise for local firms and a significant source of productivity gains.

Universities are important purchasers of local products and services and thus are a significant catalyst to the emergence and development of a local supply chain, in-cluding many small businesses.

At the Forefront of Job Training and Re-skilling

Universities are often the unsung heroes of on-the-job training for graduate stu-dents and interns who can work on actu-al industry research and application thus providing necessary resources to indus-try while also refining their own skills and knowledge resulting in greater efficiencies and productivity upon graduation.

Universities and their extension programs offer accessible means to continually up-grade skills, acquire industry-specific ap-plied skills and learn new knowledge and skills for moving into better jobs or new careers.

In these ways, today’s best universities mean so much more to their communi-ties’ future than just a place for smart kids and great scientists.

Just like the government, the Universities in Pakistan do not seem to have any explicit policy regarding its association with local industries.


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High commodity prices

Medium term crude oil prices, (not ad-justed for inflation). The decade of the 2000s saw a commodities boom, in which the prices of primary commodities rose again after the late-twentieth century commodities recession of 1980-2000. But in 2008, the prices of many commodities,

notably oil and food, rose so high as to cause genuine economic damage, threat-ening stagflation and a reversal of globali-sation.

In January 2008, oil prices surpassed $100 a barrel for the first time, the first of many price milestones to be passed in the course of the year. By July the price of oil reached as high as $147 a barrel although prices fell soon after.

The food and fuel crises were both dis-cussed at the 34th G8 summit in July. Sulfuric acid (an important chemical commodity used in processes such as steel processing, copper production and bioethanol production) increased in price 6-fold in less than 1 year whilst producers

of sodium hydroxide have declared force majeur due to flooding, precipitating simi-larly steep price increases.

In the second half of 2008, the prices of most commodities fell dramatically on expectations of diminished demand in a world recession.Trade

In mid-October 2008, the Baltic Dry In-dex, a measure of shipping volume, fell by 50% in one week, as the credit crunch made it difficult for exporters to obtain letters of credit.

Inflation

In February 2008, Reuters reported that global inflation was at historic levels, and that domestic inflation was at 10-20 year highs for many nations. “Excess money supply around the globe, monetary eas-ing by the Fed to tame financial crisis, growth surge supported by easy mon-etary policy in Asia, speculation in com-modities, agricultural failure, rising cost of imports from China and rising demand of

food and commodities in the fast growing emerging markets,” have been named as possible reasons for the inflation.

In mid-2008, IMF data indicated that in-flation was highest in the oil-exporting countries, largely due to the unsterilized growth of foreign exchange reserves, the term “unsterilized” referring to a lack of monetary policy operations that could offset such a foreign exchange interven-tion in order to maintain a country´s monetary policy target. However, infla-tion was also growing in countries clas-sified by the IMF as “non-oil-exporting LDCs” (Least Developed Countries) and “Developing Asia”, on account of the rise in oil and food prices.

Inflation was also increasing in the devel-oped countries, but remained low com-pared to the developing world.

Unemployment

The International Labour Organization predicted that at least 20 million jobs will have been lost by the end of 2009 due to the crisis - mostly in “construction, real estate, financial services, and the auto sector” - bringing world unemployment above 200 million for the first time.

Return of volatility

For a time, major economies of the 21st

�008 Economic CrisisIn 2008, a global economic crisis was suggested by several important indi-cators of economic downturn worldwide. These included high oil prices, which led to both high food prices (due to a dependence of food pro-duction on petroleum, as well as using food crop products such as ethanol and biodiesel as an alter-native to petroleum) and global inflation; a substantial credit crisis leading to the bankruptcy of large and well established investment banks as well as commercial banks in various nations around the world; increased unemployment; and the possibility of a global recession.

In �008, the prices of many commodities, no-tably oil and food, rose so high as to cause genuine economic damage, threatening stag-flation and a reversal of globalisation.

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Ms. Sabahat Ali (Corporate Law Student, USA)

century were believed to have begun a period of decreased volatility, which was sometimes dubbed The Great Modera-tion, because many economic variables appeared to have achieved relative sta-bility. The return of commodity, stock market, and currency value volatility are regarded as indications that the concepts behind the Great Moderation were guid-ed by false beliefs.

Economic governance

In the final quarter of 2008, the finan-cial crisis saw the G-20 group of major economies assume a new significance as a locus of economic and financial crisis management.

Number of U.S. household properties subject to foreclosure actions by quarter

The United States entered 2008 during a housing market correction, a subprime mortgage crisis and a declining dollar value. In February, 63,000 jobs were lost, a 5-year record. In September, 159,000 jobs were lost, bringing the monthly aver-age to 84,000 per month from January to September of 2008.

Possible recession

In the early months of 2008, many ob-servers believed that a U.S. recession had begun. As a direct result of the collapse of Bear Stearns, Global Insight increased the probability of a worse-than-expected recession to 40% (from 25% before the collapse). In addition, financial market tur-bulence signaled that the crisis will not be mild and brief.

Alan Greenspan, ex-Chairman of the Fed-eral Reserve, stated in March 2008 that the 2008 financial crisis in the United States is likely to be judged as the harsh-est since the end of World War II. A chief economist at Standard & Poor’s, said in March 2008 he has a worst-case-scenario in which the country could endure a dou-ble-dip recession in which the economy would briefly recover in the summer 2008. Under this scenario, the econo-my’s total output, as measured by the

gross domestic product, would drop by 2.2 percentage points, making it the third worst recession in the post World War II period.

The former head of the National Bureau of Economic Research said in March 2008 he believed the country was then in a recession, and it could be a severe one. A number of private economists gener-ally predicted a mild recession ending in the summer of 2008 when the economic stimulus checks going to 130 million households started being spent. A chief economist at Moody’s predicted in March 2008 that policymakers would act in a concerted and aggressive way to stabilize the financial markets, and that then the economy would suffer but not enter a prolonged and severe recession.[citation needed] It takes many months before the

National Bureau of Economic Research, the unofficial arbiter of when recessions begin and end, makes its own ruling.

According to numbers published by Bu-reau of Economic Analysis in May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative eco-nomic growth for at least two consecu-tive fiscal quarters, some analysts suggest this indicates that the U.S. economy was not in a recession at the time. However this estimate has been disputed by some analysts who argue that if inflation is taken into account, the GDP growth was nega-tive for the past two quarters, making it a technical recession. In a May 9, 2008, report, the chief North American econo-mist for investment bank Merrill Lynch wrote that despite the GDP growth re-ported for the first quarter of 2008, “it is still reasonable to believe that the reces-sion started some time between Septem-ber and January”, on the grounds that the National Bureau of Economic Research’s

four recession indicators all peaked dur-ing that period.

New York’s budget director concluded the state of New York was officially in a recession. Governor David Paterson called an emergency economic session of the state legislature for August 19 to push a budget cut of $600 million on top of a hiring freeze and a 7 percent reduc-tion in spending at state agencies already implemented by the Governor. An Au-gust 1 report, issued by economists with Wachovia, said Florida was officially in a recession.

White House budget director Jim Nussle said the U.S. avoided a recession follow-ing revised GDP numbers from the Com-merce Department showing a 0.2 percent contraction in the fourth quarter of 2007 down from a 0.6 percent increase and a downward revision to 0.9 percent from 1 percent in the first quarter of 2008. The GDP for the second quarter was placed at 1.9 percent below an expected 2 per-cent. Martin Feldstein, who headed the National Bureau of Economic Research until June and serves on the group’s re-cession-dating panel, said he believed the U.S. was in a very long recession and that there was nothing the Federal Reserve

could do to change it.

In a CNBC interview at the end of July 2008 Alan Greenspan said he believed the U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown.

A study released by Moody’s found two-thirds of the 381 largest metropolitan ar-eas in the United States were in a reces-sion. The study also said 28 states were in recession with 16 at risk. The findings were based on unemployment figures and industrial production data.

In March 2008, Warren Buffett stated in a CNBC interview that by a “common sense definition”, the U.S. economy is al-ready in a recession. Warren Buffett has also stated that the definition of recession is flawed and that it should be 3 quarters

In the early months of �008, many observers believed that a U.S. recession had begun. As a direct result of the collapse of Bear Stearns, Global Insight increased the probability of a worse-than-expected recession to 40% (from �5% before the collapse).

In the final quarter of �008, the financial cri-sis saw the G-�0 group of major economies assume a new significance as a locus of eco-nomic and financial crisis management.


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Ms. Sabahat Ali (Corporate Law Student, USA)

of GDP growth that is less than popula-tion growth. However, the U.S. only expe-rienced two consecutive quarters of GDP growth less than population growth.

Rise in unemployment

On September 5, 2008, the United States Department of Labor issued a report that its unemployment rate rose to 6.1%, the highest in five years. The news report cited the Department of Labor reports and interviewed Jared Bernstein, an econ-omist:

The unemployment rate jumped to 6.1 percent in August, its highest level in five years, as the erosion of the job market ac-celerated over the summer. Employers cut 84,000 jobs last month, more than econo-mists had expected, and the Labor De-partment said that more jobs were lost in June and July than previously thought. So far, 605,000 jobs have disappeared since January. The unemployment rate, which rose from 5.7 percent in July, is now at its highest level since September 2003. Jared Bernstein, economist at the Economics Policy Institute in Washington, said eight months of consecutive job losses had his-torically signaled that the economy was in a recession. “If anyone is still scratching their head over that one, they can stop,” Mr. Bernstein said. Stocks fell after the re-lease of the report, with the Dow Jones industrials down about 100 points after about 40 minutes of trading.—New York Times

CNN also reported the news, quoted an-other economist, and placed the news in context:

“Job losses are still mild by recession standards, but the losses are relentless and they are accumulating,” said Bob Br-usca of FAO Economics. “If job growth had paced with population growth during this year, it would have meant 1.3 million new jobs would have been created. Instead 605,000 were lost. That means about 2 million fewer people are working than if the economy were on a steady path. And that’s a big number.” But while econo-mists generally study the payroll numbers most closely, it’s the unemployment rate that registers with most Americans when they think about the labor market.

Liquidity crisis

In early July, depositors at the Los Angeles

offices of IndyMac Bank frantically lined up in the street to withdraw their money. On July 11, IndyMac - the largest mort-gage lender in the US - was seized by federal regulators. The mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial mar-kets plunged as investors tried to gauge whether the government would attempt to save mortgage lenders Fannie Mae and Freddie Mac. The two were placed into conservatorship on September 7, 2008.

During the weekend of September 13–14, Lehman Brothers declared bankruptcy af-ter failing to find a buyer, Bank of America agreed to purchase Merrill Lynch, the insurance company AIG sought a bridge loan from the Federal Reserve, and a con-sortium of 10 banks created an emergen-cy fund of at least $70 billion to deal with the effects of Lehman’s closure, similar to the consortium put forth by J.P. Morgan during the stock market panic of 1907 and the crash of 1929. Stocks on “Wall Street” tumbled on September 15.

On September 16, news emerged that the Federal Reserve may give AIG an $85

billion (£48 billion) rescue package; on September 17, 2008, this was confirmed. The terms of the rescue package were that the Federal Reserve would receive an 80% public stake in the firm. The big-gest bank failure in history occurred on September 25 when JP Morgan Chase agreed to purchase the banking assets of Washington Mutual.

The year 2008 as of September 17 has seen 81 public corporations file for bank-ruptcy in the United States, already higher than the 78 in 2007. Lehman Brothers be-ing the largest bankruptcy in U.S. history also makes 2008 a record year in terms of assets with Lehman’s $691 billion in as-sets all past annual totals. The year also saw the ninth biggest bankruptcy with the failure of IndyMac Bank.

The Wall Street Journal states that ven-ture capital funding has slowed down which in the past led to unemployment and slowed new job creation.

Financial marketsJanuary 2008 was an especially volatile month in world stock markets, with a surge in implied volatility measurements of the US-based S&P 500 index, and a sharp decrease in non-U.S. stock market prices on Monday, January 21, 2008 (con-tinuing to a lesser extent in some markets on January 22). Some headline writers and a general news columnist called Janu-ary 21 “Black Monday” and referred to a “global shares crash,” though the effects were quite different in different markets.American stock markets were closed on Monday, January 21 for Martin Luther King, Jr. Day. Seemingly in response to the fall in non-U.S. markets, the U.S. Federal Reserve announced a surprise rate cut of 0.75% on Tuesday at 8 a.m. This rate cut is believed to have been influential in preventing large declines in the American stock markets, with the Dow Jones In-dustrial Average down only 1.1% for the day, never closing that week worse than a 1.6% decrease from the previous Friday, and indeed closed up for the week. Later it was announced that Société Générale, one of the largest banks in Europe, ac-cused its employee Jérôme Kerviel of

fraudulent trades costing it €4.9 billion, and causing it to sell approximately €50 billion in European equity derivatives from January 21–23.

The effects of these events were also felt on the Shanghai Composite Index in China which lost 5.14 percent, most of this on financial stocks such as Ping An In-surance and China Life which lost 10 and 8.76 percent respectively. Investors wor-ried about the effect of a recession in the US economy would have on the Chinese economy. Citigroup estimates due to the number of exports from China to Amer-ica a one percent drop in US economic growth would lead to a 1.3 percent drop in China’s growth rate.

Market downturn Fall 2008

As of October 2008, stocks in North America, Europe, and the Asia-Pacific region had all fallen by about 30% since the beginning of the year. The Dow Jones

As of October �008, stocks in North America, Europe, and the Asia-Pacific region had all fallen by about 30% since the begin-ning of the year. The Dow Jones Industrial Average had fallen about 37% since January �008.


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Industrial Average had fallen about 37% since January 2008.

There were several large Monday de-clines in stock markets world wide dur-ing 2008, including one in January, one in August, one in September, and another in early October.

The simultaneous multiple crises affecting the US financial system in mid-September 2008 caused large falls in markets both in the US and elsewhere. Numerous indica-tors of risk and of investor fear (the TED spread, Treasury yields, the dollar value of gold) set records.

Russian markets, already falling due to declining oil prices and political tensions with the West, fell over 10% in one day, leading to a suspension of trading, while other emerging markets also exhibited losses.

On September 18, UK regulators an-nounced a temporary ban on short-selling of financial stocks. On September 19 the United States’ SEC followed by placing a temporary ban of short-selling stocks of 799 specific financial institutions. In addi-tion, the SEC made it easier for institu-tions to buy back shares of their institu-tions.

On September 22, the Australian Securi-ties Exchange (ASX) delayed opening by an hour [161] after a decision was made by the Australian Securities and Invest-ments Commission (ASIC) to ban all short selling on the ASX. This was re-vised slightly a few days later.

Causes of the crises

On October 15, 2008, Anthony Faiola, Ellen Nakashima, and Jill Drew wrote a lengthy article in the Washington Post titled, “What Went Wrong”. In their in-vestigation, the authors claim that former Federal Reserve Board Chairman Alan Greenspan, Treasury Secretary Robert Rubin, and SEC Chairman Arthur Levitt vehemently opposed any regulation of financial instruments known as deriva-tives. They further claim that Greenspan actively sought to undermine the office of the Commodity Futures Trading Com-mission, specifically under the leadership of Brooksley E. Born, when the Commis-sion sought to initiate regulation of de-rivatives. Ultimately, it was the collapse of a specific kind of derivative, the mort-

gage-backed security, that triggered the economic crises of 2008.

On October 17, 2008, attorney Timothy D. Naegele wrote an article in the Ameri-can Banker entitled, “Greenspan’s Finger-prints All Over Enduring Mess,” which argues that Alan Greenspan’s actions and inactions triggered the economic crises of 2008. The article discusses ‘the economic tsunami that has been rolling worldwide with devastating effects’; and the author asserts that ‘Greenspan is the architect of the enormous economic “bubble” that burst globally’. The author cites Giulio Tremonti, Italy’s Minister of Economy and Finance, who said: “Greenspan was con-sidered a master. Now we must ask our-selves whether he is not, after [Osama] bin Laden, the man who hurt America the most.”

While Greenspan’s role as Chairman of the Federal Reserve has been widely dis-cussed (the main point of controversy remains the lowering of Federal funds rate at only 1% for more than a year which, according to the Austrian School of economics, allowed huge amounts of “easy” credit-based money to be injected into the financial system and thus create

an unsustainable economic boom), there is also the argument that Greenspan ac-tions in the years 2002-2004 were actual-ly motivated by the need to take the U.S. economy out of the early 2000s reces-sion caused by the bursting of dot-com bubble - although by doing so he did not help avert the crisis, but only postpone it.

Many libertarians, including Congressman and former 2008 Presidential candidate Ron Paul and Peter Schiff in his book Crash Proof, predicted the crisis prior to its occurrence. They are critical of theo-ries that the free market caused the crisis and instead argue that the Federal Re-serve’s printing of money out of thin air and the Community Reinvestment Act are the primary causes of the crisis. However Alan Greenspan himself has conceded he was partially wrong to oppose regulation of the markets, and expressed “shocked disbelief” as the failure of the self inter-est of the markets, which according to

neo-liberal economic theory should have protected shareholder equity.It has also been argued that the root cause of the crisis is overproduction of goods caused by globalization. Professor Herman Daly suggests that it is not ac-tually an economic crisis, but a crisis of overgrowth beyond sustainable ecologi-cal limits.

List of Countries which experienced recession in 2008

Many countries experienced a recession in 2008.

Denmark and Iceland went into recession in the first quarter of 2008, but came out again in the second quarter.

The following countries went into reces-sion in the second quarter of 2008: Esto-nia, Latvia, Ireland and New Zealand.

The following countries went into reces-sion in the third quarter of 2008: Japan, Hong Kong, Singapore, Italy and Ger-many.

As a whole the fifteen nations in the Eu-ropean Union that use the euro went into

recession in the third quarter.

Official forecasts

On November 3, 2008, according to all newspapers, the EU-commission in Brus-sels predicted for 2009 only an extremely low increase by 0.1% of the BIP, for the countries of the Euro-zone (France, Germany, Italy, etc.). They also predicted negative numbers for the UK (-1.0% !), Ireland, Spain, and other countries of the EU. Three days later, the IMF at Washing-ton, D.C., predicted for 2009 a worldwide decrease, -0.3%, of the same number, on average over the developed economies (-0.7% for the US, and -0.8% for Germany). Economically, the car industry is especial-ly concerned; as a consequence, several countries have already launched immedi-ate help-packages, each involving several billions of dollars, euros or pounds.

Many libertarians, including Congressman and former �008 Presidential candidate Ron Paul and Peter Schiff in his book Crash Proof, predicted the crisis prior to its occurrence.


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Corruption and bribery are not victim-less crimes. They hit the poorest people hardest and undermines economic devel-opment.

No country is immune from corruption. It flourishes where the criminal justice system and governance are weak, where decision-making is unaccountable and ac-cess to decision-makers is dependent on restricted social networks, where pay is low and where management controls are weak.

Poor people are the worst affected by corruption

The World Bank notes that the poor suf-fer the most from the petty corruption for the provision of public services: “Em-pirical analysis has shown that the poor pay a higher share of their income on bribes than the rich” An IMF study shows that an increase of just 0.78 per cent in corruption reduces the income growth of the poorest 20 per cent of the people in a country by 7.8 per cent a year. The Final Communiqué from the 2006 G8 St. Petersburg Summit is clear: “The net ef-fect of corruption is felt most directly, and disproportionately, by the poor.”

Corruption compromises the effec-tiveness of aid

An estimated $100 billion of World Bank loans have been lost to corruption since the Bank’s foundation in December 1945;

when other multilateral development banks are included, the figure rises to $200 billion. Such ‘leakage’ leads to aid ‘disappearing’ before it reaches the poor.Corruption diverts expenditure away from health, education and the mainte-nance of infrastructure to high ‘kickback’ areas such as new construction and de-fence

The World Bank points out that “while this corruption hurts society in general, it hurts the poor most since they are more vulnerable and dependent on the quality of governance and state support.”

Corruption creates incentives for invest-ment in capital-intensive projects at the expense of labour-intensive industries, which traditionally employ poorer peo-ple.

Corruption reduces a government’s tax revenue by as much as half, thereby re-ducing income available for reducing pov-erty

Corruption increases the cost of projects

In the construction industry, project costs typically increase by more than 25 per cent as a result of corruption. Simi-

lar mark-ups have been reported in the defence and finance sectors. The Asian Development Bank (ADB) states that “corruption can add between 20 per cent and 100 per cent to the procurement of

government goods and services”. Overall corruption-related losses can total “more than a country’s foreign debt”.

“Corruption is a key element in economic under performance and a major obstacle to poverty alleviation and development”

- UN Convention against Corruption

Overpriced and poorly planned projects increase unsustainable nation debt. When countries cannot keep up with the debt repayments, cuts in public services fall disproportionately on poorer people.

The arms trade is the most corrupt busi-ness in the world. Every year, some $40 billion worth -- give or take a few billion dollars – of tanks, artillery, bombs, gre-nades, rocket launchers, attack helicop-ters, fighters and other lethal weapons are traded around the world. Of that to-tal, an estimated $3 billion is thought to consist of bribes, generally paid through ‘agents’ in the form of ‘commissions’. Without these bribes, many arms deals would simply not happen.

Corruption deprives countries of fi-nance for development

The impacts of corruption on investment and economic growth are complex. Multi-lateral Development Banks estimate that

some $400 billion has been looted from African states and stashed in foreign bank accounts, around $140 billion from Niger-ia alone. The African Unions estimates the $148 billion a year leaves the continent because of corruption, and 80-90 per cent of the illicit overflows never return to the continent. Between $20-40 billion of corrupt money is estimated to flow from transition and developing countries into Western banks annually.

Improved governance benefits poor-er people

“countries that improve on control of corruption and rule of law can expect (on average), in the long run, a four-fold increase in incomes per capita. Thus, a country with an income per capita of US $ 2,000 could expect to attain US $ 8,000 in the long run by making strides to con-trol corruption. Similarly, such a country could expect, on average, a 75% reduction in child mortality”. - World Bank

Corruption and Bribery: Poverty and Economic Development Impacts

“In poor countries, [corruption] can kill. Money meant for drugs for a sick child, or to build a hospital, can be siphoned off into overseas bank accounts or to build a luxury house.” - Hilary Benn, Former UK Secretary of State for International Development

“Bribery and corruption...impede the efforts to re-duce poverty. In particular, the diversion of funds through corrupt practices undermines attempts by citizens to achieve higher levels of economic, social

and environmental welfare.” - OECD


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5 Super Tips to Get Rid of Your Public Speaking FearBy Charles Wilson, USA

I have seen many people around who most of the times hesitate to make a public speech. Many of the times it hap-pens because those people really have fear in their minds for public speaking. I have personally experienced the feeling of inferiority or fear of not having much knowledge about the topic of speech.

These are the major reasons for hav-ing public speaking fear. And after a lot of hard work and continuous practice I managed to overcome my public speak-ing fear. Here are my 5 super tips for you people who want to get rid of their public speaking fear.

1) Don’t get scared to make mistakes: Yes when it comes to public speaking you are bound to make some minor or ma-jor mistakes. But it is the part and parcel of public speech. Don’t be afraid of doing mistakes during your public speech. Only thing is that you should learn from your mistakes and try not to make those next time when you are presenting. Even if you make a mistake during your speech then don’t get panic and try to remain calm and cool which will definitely help you to present yourself in a better way.

2) Be creative and select your topic which you are most passionate about: When you are going to present yourself in pub-lic speaking, it is the primary thing that the topic of the speech should be the one which you know very well and you have a real passion about that topic. Because when you are going to speak about that topic then your heart and mind will pro-duce the most effective and most creative presentation you have ever presented. This is very important as you already are very confident and well knowledgeable about the subject and your audience will also take keen interest in your presenta-tion.

3) Build a strong, positive attitude in yourself: When it comes to any kind of public speech it is mandatory that you should have the requisite confidence in yourself and you should have as strong belief in your abilities. This will only come when you will look at yourself as a most

knowledgeable and highly positive person in your life. So it is the most important factor in making your public speech suc-cessful and without any fear.

4) Practice in front of your mirror: This is the most successful idea behind mak-ing your public speech successful. This activity will really boost your confidence because you have already rehearsed what you want to speak in front of your audi-ence. And this is the most successful tech-nique which many well known speakers were using it. This is the most important confidence building method I have ever seen in my life. Believe me after 4-5 prac-tice sessions in front of your home mir-ror; it will tremendously increase your confidence and belief in yourself.

5) Use props creatively during your pres-entation: This is truly confidence boosting method. You get enough time to calm your nerves and build confidence in yourself as you effectively use props during presenta-tion. Using PowerPoint slides and other props gives your audience visual aid to make them comfortable with the topic and that can also increase the interest of your audience in the topic and most importantly it gives you enough time to prepare yourself with the next points to be delivered which also reduces the fear and nervousness in your mind.

By applying these simple tips you can eas-ily overcome your public speaking fear and can confidently present yourself in front of your audience.

SWOT Analysis- To Make Your Business More Profitable By Crack Marketing, USA

SWOT Analysis is a well-known method for describing a business or business propositions in terms of those factors that can have the maximum impact. The business owner does this analysis in order to improve the current position of the business. The Strengths and Weaknesses of the business are considered to be the internal aspects of a business, such as the quality of the product or the manage-

rial skills. Whereas the Opportunities and Threats are the external factors, like the development of a completely new market or the arrival of new competitors.

The strengths and weaknesses of a business can be found in the follow-ing:

. Management sector: The over de-pendence of an employee on a manager or an owner is one of the major weak-nesses in a business that often leads to the requirement of more managers. This area needs to be worked upon in order to reduce the expense of the organiza-tion and to improve the business.

. The work force: The difficulty in find-ing skilled staff as well as the employee turnover has to be handled efficiently to help a business grow successfully.

. Sales: The strength of sales, how de-pendent your sales are on external fac-tors, and cyclical sales are some of the factors that affect the business.

. Financial: The factors affecting the fi-nancial condition of your business deter-mine its strengths and weaknesses. The major aspects related to finance are the flow of cash, time to collect on invoices, and the ease of obtaining loans.

. Operations: Strengths and weaknesses are also determined by the internal effi-ciency as well as the speed of manufac-ture and delivery of goods.

Opportunities and threats are found in the following categories:

. Threats posed by the new rivals in the market: A new entrant in the mar-ket, selling a similar product or service, is considered to be one of the greatest threats, as you might not have a patent that could put a brake on new competi-tors.

. Bargaining power of suppliers: Sup-pliers can pose a major threat for the business as they might force you to take large deliveries. Many times they are also difficult to find, or the supply may not be available.

. Customer influence: There are some businesses that rely on a handful of cus-tomers, which include a lot of late pay-ers. In addition, many customers bar-gain for lower prices. (Cont Page - 22)


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Industrial Option December 2008 | industrialoption.com Industrial Option December 2008 | industrialoption.com

Achievement‘China trip to help bolster economy’The visit to China has been successful and will leave a far-reaching impact on the economy of Punjab as well as the country, Punjab Chief Minister Shahbaz Sharif said on Saturday. Shahbaz was said was talking to reporters at the Lahore airport upon his arrival from China. He said that dur-ing his stay in China, a number of agree-ments were signed in the agriculture, in-dustrial and power sectors that will prove beneficial for Pakistan, adding that China and Pakistan have deep-rooted relations, which are strengthening with time. Dur-ing his visit, the chief minister tried to seek co-operation of Chinese investors in agriculture, irrigation, power genera-tion, infrastructure development, educa-tion and the uplift of other sectors. He also discussed setting up of an industrial estate in Sheikhupura. During his meeting with China’s Vice Minister for Agriculture, Niu Dun, matters regarding construction of new dams, drip irrigation system, pesti-cides and increase in agricultural produc-tion in Punjab were discussed. Prospects for co-operation in agriculture, power generation, infrastructure and training of manpower were also explored. Shah-baz also assured China of Punjab gov-ernment’s full co-operation and assist-

ance for setting up a Pak-China Cultural Centre in Lahore. A number of memo-randums of under-

standing (MoU) were also signed for joint ventures in steel production, coal and raw

iron mining and wastewater management. Matters regarding cultivation in desert ar-eas of Cholistan and Bahawalpur through drip irrigation were also deliberated upon.

An MoU was also signed during Shahbaz’s visit to the famous Shen Zen Industrial Park with a view to establish a similar park in Punjab. During his visit to Hong Kong, the chief minister said that his gov-ernment intends to set up 50-megawatt solar energy power projects in Punjab

and assured independent power produc-ers of Hong Kong of purchasing all elec-tricity that would be produced by them.

Many Thanks

Unfortunately, at SCCI we face numerous prob-lems and thereby request Chief Minister to pay his kind attention to following as well.

1. Health Care Centers2. Community Centers3. Trauma Center5. Employee Resident Colonies

6. Educational and Vocational Institutions7. Entertainment Parks 8. Transportation 9. Fire Brigade Station10. Drainage Facility with Filtration Plant11. Inauguration of Motorway12. Sports Grounds13. Gas & Electricity Problems

Attention

The SCCI President Mr. Manzoor Malik, Vice Presidents and Executive Committee members have thanked to all government officials, nation-wide chambers and associations who have congratulated us on success of SCCI Elections 2008 and offered their full support.

Elected Office Bearers Sheikhupura Chamber of Commerce & Industry for the period of 2008-2009

President Mr. Manzoor Ul Haq Malik

Vice PresidentMuhammad Tariq Iqbal Mughal

Mughal Steel Mills, Pvt. Ltd.

Vice PresidentAmjad Nazir Butt

Madina Trading company

Woman MemberMrs. Qaisara Zulfiqar

Al-Aziz Paper Mill, Narowal Road, Muridkay


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NO Associate Class Corporate Class1 Sheikh Abdul Hafeez

M/s S. Abdul Ghafoor & Sons SheikhupuraAli AbbasMandiali Paper Mill Pvt. Ltd.

2 Imtiaz Ashraf AulakhAulakh Commission Shop Sheikhupura

Muhammad SaeedPremier Paper Mills Ltd.

3 Muhammad RamzanHassan Board Industries GT Road Kala Shah Kaku

Ch. Zahid HafeezZahid Hafeez & Brothers

4 Haji Muhammad Ilyas Farooq Abad

Faraz Ahmad MalikMalik Board & Paper Pvt. Ltd.

5 Haji Muhammad RamzanAl-Hamd Cloth House Sheikhupura

Muhammad ShoaibAl-Munawar PVC Pvt. Ltd.

6 Ch. Nadeem SafdarModel Soap Factory, Sheikhupura

A.R KhanSuper Theramics

7 Sohail Iqbal MianM. Iqbal Hussain & Company Sheikhupura

Haseeb HaroonAHN Steels Pvt. Ltd.

8 Ch. Tahir MajeedCh. Tahior Majeed & Co. Sheikhupura

Mian Mohammad Sana Ullah SalmanAjmair Traders (National Pipe).

9 Malik Mushtaq AhmadSky Interbnational, Muridkay

Sammi FarooqJammal PVC pvt ltd.

10 Haji Abdul KareemCh. Muhammad Baqar Khan & Company, Jhabran.

Khuram Javed MughalAl-Bashir Steel Mills Pvt. Ltd.

Executive Members

Elected Office Bearers Sheikhupura Chamber of Commerce & Industry for the period of 2008-2009


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Event

LCCI PIAF FOUNDER DELEGATE VISITS SCCI

(See Page 17) In such cases, the business tends to either face the threat of loss of customers or of being unprofitable.

. Substitution: People often get bored using a particular brand of product and tend to opt for a change. The market usu-ally has a number of similar products of similar quality. So the major threat is that people might try a product other than yours, and eventually end up substituting your product with it.

You can use two methods to grade these strengths, weaknesses, opportunities or threats, namely, pictorial and numerical.

If you opt for the pictorial way, you need to first create four sectors on a writing pad, putting the titles Strengths, Weak-nesses, Opportunities and Threats in each sector, and a large question mark in the center. Now place each of the SWOTs in each sector, with the most problematic factors being farthest away from the ques-tion mark, and the better factors closer to it. The closer the display is bunched towards the center of the grid, the better the shape of your business.

However, if you pick the numerical meth-od of assessment, you need to rate each item from 1 to 5 according to how im-portant each is to your business. In this rating, 5 is considered to be the most important. Besides, each factor should also be rated from A to E according to its impact on the business, where E would indicate the highest impact. Then, check how many Es and 5s you end up with. If there are bad factors then you need to change or work on them. And, if there are strengths and opportunities, then it is im-portant to build upon those factors. This would help to boost your business.

IBM, Academics Seek to Create a Computer That’s More Like Us

By Erika Morphy

Computers can calculate at speeds and scales that far outstrip what an ordinary person can manage, but they still aren’t anywhere near as complex as a human brain. IBM and five major universities plan to change that through a DARPA-funded

initiative designed to build a computer that can mimic the way the mind works. IBM (NYSE: IBM) and five universities are receiving funding from a government agency to build a supercomputer -- but not just any supercomputer. They’ve been tasked with building hardware and soft-ware that mimics the human brain.

“There are no computers today that can even remotely approach the robust and versatile functionality of the brain,” said Dharmendra Modha, manager of cogni-tive computing at IBM Research.

“The mind is a collection of mental proc-esses dealing with sensation, perception, action, cognition, emotion and interac-tion,” he told TechNewsWorld. “It can integrate senses such as sight, hearing, touch, taste and smell. And it can act in a context-dependent way in real-world complex environments in the presence of ambiguity, while requiring very low power consumption and being very compact.”

Cognitive computing, explained Modha, is the quest to engineer mind-like intelligent business machines by reverse engineering the computational function of the brain and packaging it in a small, low-power chip.

DARPA Funding: IBM and top research-ers from Stanford University, University of Wisconsin-Madison, Cornell Univer-sity, Columbia University Medical Center and University of California-Merced have received US$4.9 million in funding from the Defense Advanced Research Projects Agency for the first phase of DARPA’s Systems of Neuromorphic Adaptive Plas-tic Scalable Electronics, or SyNAPSE, ini-tiative.

The research will build on the IBM cogni-tive computing team’s recent work with the BlueGene supercomputer: the near-real-time simulation of a brain the size of a small mammal, using cognitive comput-ing algorithms to develop mathematical hypotheses of brain function and struc-ture.

Besides Modha, other members of the team include Stanford University’s Kwa-bena Boahen, H. Phillip Wong and Brian Wandell; University of Wisconsin-Madi-son’s Gulio Tononi; Rajit Manohar of Cornell; Columbia’s Stefano Fusi; and Christopher Kello of the University of California-Merced. IBM researchers in-

clude Stuart Parkin, Chung Lam, Bulent Kurdi, J. Campbell Scott, Paul Maglio, Si-mone Raoux, Rajagopal Ananthanaray-anan, Raghav Singh, and Bipin Rajendran.

Artificial Intelligence vs. Cognitive Computing: The goal of cognitive com-puting is to engineer holistic intelligent machines that can connect huge amounts of sensory data.

“The underlying issue driving this is that as computers become used for increas-ingly complex and large problems, you run into some serious challenges with how to approach those problems in traditional linear computational fashion,” Charles King, principal with Pund-IT , told Tech-NewsWorld.

“Artificial intelligence starts with a prob-lem -- not a question -- and then seeks to develop an algorithm to solve that prob-lem. Cognitive computing approaches it backwards; the idea is to create a mecha-nism that is capable of acting like a brain for assembling pieces of complex puzzles and then speed decision making.”

Real world applications might include a computer that can assemble and digest the massive volumes of information from the global financial system -- and then make decisions based on that input, King said. “It is virtually impossible for a human to make that kind of calculation.”

Another possibility might be an applica-tion that can identify areas of the world that will be affected by climate change to a much higher degree of accuracy, suggest-ed King. Sensors can now be deployed by the millions to measure changes in ocean levels -- but there is no way to effectively monitor and then analyze all of that data.

On the consumer level, Modha said, it is conceivable that a small device -- an “iBrain,” let’s call it -- could be developed to alert the user when something unto-ward happens, based on the sensory in-formation it receives. For instance, a port-able device could monitor an unoccupied home and alert the homeowner when a system or situation requires attention.


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Pakistan to add $1bn in reserves during December: official

ISLAMABAD: Pakistan would be able to avail $ 1 billion from other than the IMF donors including $ 500 million from World Bank and $ 450 million from Asian Development Bank, Aaj TV reported.

Finance Ministry would be able to add $ 1 billion in our reserves in addition to the IMF’s $ 3.1 billion to be reaching here within next 24 hours, as transaction takes almost 48 hours to complete after Fund Board approval, says a Finance Ministry official on condition of anonymity.

Zardari, Khalifa discuss strategic, trade partner-ship

ABU DHAB: President Asif Ali Zardari and President Sheikh Khalifa bin Zayed al Nahyan of the United Arab Emirates on Monday expressed their resolve to up-grade and further strengthen their exist-ing bilateral ties, particularly in trade and economic fields for the mutual benefit of two brotherly countries.

President Zardari who arrived here in the UAE capital on a two-day official visit on Monday, held wide-ranging talks with the UAE President, with focus on establishing a comprehensive strategic and economic partnership between the two countries.

The two leaders held in-depth discussion that covered bilateral ties and the regional and international issues of mutual inter-est. They expressed satisfaction over the existing co-operation between Pakistan and the UAE in various fields and pledged to further strengthen their mutual ties particularly in trade and investment.

During the one-on-one and bilateral talks,

the two sides agreed on the need to ex-pand, strengthen and take their bilateral cooperation in diverse fields to the level which commensurate their warm, deep-rooted and historic ties that dates back to the formation of UAE in 1971.

During the talks, President Zardari was assisted by Foreign Minister Shah Mah-mood Qureshi, Advisor on Finance Shau-kat Tareen, Advisor on Interior Rehman Malik, the BOI Chairman and Ambassador at large Javed Malik.

The UAE President was assisted by mem-bers of his cabinet. In the delegation level talks, there was unanimity of views on various bilateral matters with focus on encouraging the UAE public and private investment in joint ventures in the fields of energy, agriculture, construction and infrastructure development.

President Zardari and the UAE President also discussed the peace and security situation in the region and stressed the need of joint efforts to improve the se-curity situation, which is imperative for peace and development in the region as well as in the world.

President Zardari said there was a need of increased co-ordination among the in-ternational community for peace and se-curity in the world. With the world having turned into a global village and impacted by the incidents in Afghanistan and Iraq, no one can remain indifferent from such a situation, he added. The UAE President showed his keen interest in the peace and security of the region, particularly in Paki-stan and Afghanistan.

President Zardari mentioned the recent meeting of the Friends of Pakistan Forum in Dubai and appreciated the efforts and role of UAE in supporting Pakistan at the Forum, for the provision of financial as-sistance to the South Asian nation, which was facing the economic crisis.

The two leaders recalled the historic, brotherly and warm relations between Pakistan and UAE at the people to people and leadership level, which were found-ed by Shaheed Zulfiqar Ali Bhutto and late Sheikh Zayed bin Sultan Al Nahyan and were nurtured during the tenures twice elected Prime Minister of Pakistan

Shaheed Mohtarma Benazir Bhutto.

They expressed the confidence that now with Asif Ali Zardari becoming the Presi-dent of Pakistan these warm relations will further strengthen. The two Presidents recalled the farewell meeting between Shaheed Benazir Bhutto and Sheikh Kha-lifa, when she left the UAE for Pakistan to launch a campaign for her party and participate in the general elections.

They also mentioned the joint photo-graphs of the leaders of two families in-cluding Shaheed Zulfiqar Ali Bhutto and Shaheed Benazir Bhutto with the UAE leadership, which will continue to revive the past memories. President Sheikh Khalifa bin Zayed Al Nahyan also hosted a lunch in honour of Pakistan leader and his delegation.

Later in the evening the UAE President paid a courtesy call on President Zard-ari along with his cabinet members at the Emirates Palace. The two leaders remained together for quite some time, exchanged pleasantries and discussed matters of bilateral interest. Member of Pakistan delegation were also present in the meeting.

Terming President Zardari’s visit very suc-cessful, Advisor on Interior Rehman Ma-lik said that the reception and hospitality exhibited by the UAE side as well as the UAE President’s rare gesture of receiving Pakistani leader at the airport and pay-ing a courtesy call after the official talks shows the close and warm relationship between the two leaders.

During the course of discussion including on Pakistan’s growing energy needs, he said, President Zardari desired for early transportation of the 400 megawatt pow-er plant to Pakistan, which the UAE had already offered. Earlier, on his arrival at Al-Mushef Palace, President Zardari was accorded a warm welcome. A smartly turned-out contingent of the UAE armed forces presented a guard of honour to the Pakistan leader. President Zardari in-spected the guard of honour.

The national anthems of the two coun-tries were also played on the occasion. Sheikh Khalifa bin Zayed Al Nahyan intro-duced the Pakistani leader with the UAE

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dignitaries. While President Zardari intro-duced the UAE President with Pakistani delegation.

President Asif Ali Zardari was also given a rousing red-carpet welcome when he arrived at Amiri Airport of Abu Dhabi. UAE President Sheikh Khalifa bin Zayed Al Nahyan, in a rare gesture, along with his cabinet members received the Paki-stani leader, who was paying his first of-ficial visit to the UAE after assuming the office of the President.

Later President Zardari and President Sheikh Khalifa drove to Al-Mushef Palace for official talks in the same car, which showed the love, affection and respect, which the UAE leadership has for Paki-stani leadership.

Advisor to PM on Interior Rehman ac-companied the President, while Foreign Minister Makhdoom Shah Mahmood Qureshi, Advisor on Finance Shaukat Tarin, Chairman BOI Salim Mandviwala and Am-bassador at large Javed Malik joined him in Abd Dhabi.

During his two-day stay in Abu Dhabi the President will also hold meetings with the heads and chief executives of UAE based major companies to seek investment in various sectors particularly in energy, ag-riculture and infrastructure projects in Pakistan.

IMF approves $7.6 billion package

ISLAMABAD: International Monetary Fund (IMF) on Monday approved $7.6 billion bailout package for Pakistan, Aaj TV reported. Pakistan is likely to get be-tween $3.5 billion and $4 billion initially while the rest will be distributed in six equal instalments. The money is likely to be transferred to the State Bank of Paki-stan’s account in the US Federal Reserve in New York.

The disbursement takes 48 to 72 hours, which means that Pakistan will have the money by Thursday. Pakistan, after seven

years’ gap, has finally re-entered the Inter-national Monetary Fund (IMF) programme to receive $7.6 billion for replenishing its fast depleting reserves, after its friends, multilaterals and other donor agencies and international financial institutions showed reluctance to help it financially.Shaukat Tarin, Advisor to Prime Minister on Finance made it clear that this fund would not be used for any non-develop-ment expenditures and stock markets, saying that the loan would be utilised for maintaining the declining foreign reserves, besides overcoming its balance of pay-ments crisis. He said that the IMF financ-ing facility would give confidence not only to the markets and the investors but also to other IFIs and friends.

Gilani assures foreign busi-nessmen of full security

KARACHI: Prime Minister Syed Yousuf Raza Gilani has assured foreign business-men to provide maximum possible secu-rity to them and their businesses in Paki-stan. He was speaking at the inauguration of 5th International Defence Exhibition and Seminar (IDEAS) 2008 at Karachi Expo Centre here Monday.

“We would like to seek the understand-ing of our foreign friends that the main objective of the terrorists is to harm Pakistan by incapacitating its economy. They seek to spread terror amongst our foreigner friends to force them to leave or avoid Pakistan and thus cause capital flight, and declining foreign investment in our country,” he added.

Sindh Governor Dr Ishrat-ul-Ebad Khan, Chief Minister Syed Qaim Ali Shah, Chief of the Army Staff General Ashfaq Pervez Kayani, State Minister for Defence Abdul Qayoom Khan Jatoi and Director Gener-al, Defence Export Promotion Organisa-tion (DEPO) Major General Muhammad Farooq were also present on the occa-sion.

The Prime Minister said because of Paki-stan’s pivotal role in the campaign against terrorism and extremism, there had been negative stereotyping of Pakistan in the

international media, by spreading gossip and despondency and gloom.

This negative stereotyping against Paki-stan, nonetheless betrays a fundamental disconnect between the perception and reality, he observed. Prime Minister Gilani, however, noted that these images couldn’t dampen Pakistan’s will and resolve to be true and honourable to ourselves and the world.

Pakistan has continued to sacrifice on ac-count of its undeterred determination to fight the evil forces of extremism and ter-rorism for peace, security and economic well-being of its own people as well as the people of the rest of the world.

Yousuf Raza Gilani expressed pleasure over the large participation by foreign firms and dignitaries in IDEAS 2008 and said it was a proof that in spite of Paki-stan’s campaign against terror, the busi-ness and economic activities in the coun-try remain unaffected and the enemies of peace in Pakistan and the world at large will not be able to succeed in their nefari-ous designs.

The Prime Minister reiterated that to counter the present difficulties that Pa-kistan was facing as a direct consequence of its campaign against terrorism and as a result of world economic crisis, we would like to increase foreign investment in the country to generate higher level of em-ployment and diversify our exports by gaining enhanced market access in the friendly countries.

He said Pakistan’s defence industry is to play an important role in our export di-versification campaign. Pakistan can now meet most of the defence equipment needs of our friendly countries in Asia, Middle East, Africa and South America.

Prime Minister Gilani said he would like to urge the participants to visit the coun-try’s defence production facilities and interact with our manufacturers with a view to exploring development of mutu-ally beneficial defence co-operation links between our countries.

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Less known is the fact that the institu-tions providing micro-financing, such as those described in this article, can im-prove their own performance as well. These authors have written an excellent informal case study that highlights the very significant benefits that flow to both borrowers and lenders in a micro-financ-ing relationship.

In September 2000, the United Nations unanimously adopted the Millennium De-velopment Goals to alleviate poverty and its derivatives, such as the need to achieve universal primary education, promote gender equality and empower women, combat deadly diseases, reduce child mortality and improve maternal health, and ensure environmental sustainability. Microfinance (1) institutions (MFIs), for example, banks, non-government organi-zations (NGO), and government agen-cies, are one such vehicle used to achieve these goals. By far, microfinance has been able to provide financial and non-finan-cial services to the “unbankable” (poor or marginalized) to not only establish fi-nancial independence, but also reap the benefits of added income and work secu-rity, food security, and social security (at least health care, child care and shelter). According to Nobel Prize Winner, Profes-sor Muhammad Yunus, microfinance is a “social business” that “creates economic and social development from below.” However, one of the legitimate questions asked at the most recent United Nations Global Compact and Academy of Man-agement Conference at Case Western University (2006) was that if, presum-ably, microfinance has reached a tipping point, what else can microfinance institu-tions do to help the impoverished while enhancing their own performance? What

mechanisms and structures are currently being used and can be improved upon to accrue additive benefits and accomplish a sustainable growth model for both the borrowers and microfinance institutions?This article attempts to answer these questions by referring to the best struc-tural practices adopted by two pioneering microfinance institutions--Grameen Bank of Bangladesh and Self-Employed Women Association (SEWA) of India--that have helped them manage and implement their changing roles, activities, portfolios, and responsibilities over the years. These insti-tutions have been transformed from pro-viders of micro-credit to the impoverished

to developers of business-social ventures and providers of support programs and non-financial services. Using the social network (2) theory, we propose an insti-tutional network model based on existing structural models used by Grameen Bank and SEWA. This innovative model will de-velop optimal social channel capacity that may allow both clients (borrowers) and microfinance institutions to effectively manage relationships while systematically disseminating and assimilating essential knowledge and information and hence, reap maximum benefits. Furthermore, the model can be imitated by other develop-ing organizations as it may assist them to understand how institutional boundaries can be extended to experience growth

and increased performance. Figure 1 illus-trates the proposed institutional network framework.

Microfinance institutions: Role Models

Grameen Bank

Professor Yunus made the Grameen Bank famous for micro--credit--giving small loans to people so that they can invest in productive assets to improve their socio-economic status. Since Muhammad Yunus founded the Grameen Bank in 1976, it has provided micro-loans worth more than $4 billion to three million of the poor-est rural village residents in Bangladesh. Grameen’s borrowers, 95 percent of whom are women and mostly illiterate, have helped make the bank profitable by maintaining a 98 percent loan repayment rate. The Grameen Bank has become a to-tally self-financing operation that stopped accepting donor contributions six years ago. Expanding beyond micro credit, Grameen Bank has explored an emerging trend for eradicating poverty by develop-ing business-social ventures. For example, Grameen’s first business-social venture evolved as Grameen’s Fisheries and Live-stock Foundation, a joint venture with

local farmers, whereby the latter used their farming expertise to fertilize the fishponds. Grameen, in turn, gives farmers the technology and training they need to practice sustainable fish farming and live-stock husbandry. As a result of the equal partnership, 4,000 farmers created small enterprises not only in fishing but also in dairy farming, production of biogas from animal manure, forestry, and agriculture.

More recently, Grameen Bank made the leap from rural banking and agricultural enterprises into high technology with the ‘GrameenPhone’ venture. It has grown to be the largest cellular phone company in all countries in south Asia, with more than one million subscribers in Bangla-

ArticleMicro-financing: an innovative ap-plication of social networking.

Selected & Edited by Mr. Imran Aziz, CEO RAD Federation

In its short history, micro-financing has be-come known as a proven tool for enabling the poor to gain a small measure of eco-nomic traction.

Professor Yunus made the Grameen Bank famous for micro--credit--giving small loans to people so that they can invest in produc-tive assets to improve their socio-economic status.


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desh, and has earned after-tax profits of about US$50 million in 2002. The “phone ladies” that resell airtime bought in bulk by GrameenTelecom, earn an average an-nual income of US$800, an amount that is twice Bangladesh’s per capita annual income.

The progression and succession from a microfinance bank, from providing mi-cro-credit to the poor to a social enter-prise, is largely attributable to the women stakeholders, who are also Grameen bank borrowers. The Grameen bank model has helped develop social relationships within and across groups of women borrowers and the bank, hence allowing stakehold-

ers to reap the benefits of social capital and social power. Women in the villages hold regular meeting to discuss their progress, concerns, and issues, as well as to make payments to the Grameen bank representative. The latter, in turn, feeds collected data and information to the central office. Moreover, the Grameen Bank’s borrowers--poor women--own the bank. They control 92 per cent of its shares (the balance is owned by the government) and 9 of the 13 members of the bank’s board of directors are elected from among these bank borrowers, allow-ing them to participate in its governance and strategic development.SEWA is a trade union registered in

1972. It is an organization of poor, self-employed women workers (unprotected and unorganized labor force) who earn a living through their own labor or small businesses. SEWA recognizes the need for supportive services like savings and credit, health care, childcare, insurance,

legal aid, capacity building, and communi-cation services. It has helped women take a number of initiatives in organizing these services for themselves and their SEWA sisters. They provide these services in a decentralized and affordable manner, at the doorsteps of workers. Further, sup-portive services can be and are them-selves a source of self-employment. For

example, midwives charge for their serv-ices and home workers collect fees for taking care of young children. Also, wom-en are ready to pay for the services, which in turn results in the financial viability of the support services. They do not have to be totally dependent on subsidies and grants. Some support services like sav-ings and credit, health and childcare have formed their own co-operatives that have gained operational self-sufficiency. SEWA bank has achieved social entrepreneur-ship through financial viability for many years now, while the other cooperatives are steadily moving towards this.SEWA has identified four types of self-employed women workers which can be

springboards for several trades associa-tions:

(1) hawkers, vendors and small business women,

(2) home-based workers like weavers, potters, bidi (cigarette) and agarbatti (in-cense) etc.,

(3) manual laborers & service providers in agriculture, construction, etc. and

(4) producers who invest their labor and capital to carry out their businesses, for example, agriculture, cattle-breeders, salt workers, cooking, etc.

SEWA is governed a by two-tier level of elected representation. The members of each trade elect their representatives based on the ratio of 1 representative per 100 members. These representatives then form the Trade Council. In addition, and parallel to the Trade Council, are Trade Committees in each trade. Trade Committees and Trade Council work very closely together to get feedback

from each other. Every three years the Trade Council elects an Executive Com-mittee of 25 members. The representa-tion on the Executive Committee reflects the proportion of the membership. The office-bearers of the Trade Union are elected from among the executive mem-bers. It has become a practice to elect the president from the trade with the largest membership.

The institutional networkThe institutional network consists of two networks, focal and principal networks. For each we identify the actors (clients/borrowers); network goals and objec-tives; and their characteristics. They are

The progression and succession from a microfinance bank, from providing micro-credit to the poor to a social enterprise, is largely attributable to the women stakeholders.

In our opinion, the success and sustainability of SEWA and Grameen Bank are largely attributable to the team-based methodologies they adopt. Expanding on the concepts of sub-sectors and the feedback mechanism while integrating the theoretical knowledge of social networks, we have developed an institutional network model to depict the symbiotic relationship between clients and microfinance. Our proposed model can be replicated and may be instituted not only by microfinance institutions but also by other developmental agencies.


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all said to commonly enjoy informational advantages.

Focal network

Formal sub sectors are analogous to focal networks and may consist of clusters of 20-30 actors in the same or related busi-nesses, such as garment, poultry, dairy, etc., similar to the ‘trade committees’ in SEWA’s organization structure. To main-tain stability and solidity within the focal

network, to orchestrate decisions for the network, and to be represented in lo-cal communities, an administrative “hub” in each of the focal networks should be established; a very limited role-played by the member secretary in SEWA’s model. Network orchestration is likely to be the key role performed by the “hub” and is defined “as a set of deliberate, purpose-ful actions undertaken to create value (expand the pie) and extract value (gain a larger scale of the pie) from within and outside the institutional network. “This hub should consist of two or three ac-tors from the focal network, who may be elected.

Critical problems that may surface among clients in these networks are their social and business likes, dislikes and prefer-ences. This may create a biased envi-ronment, which may hinder the success and progress of the network. Negative conflict may be one of the precursors to negative relationships but if positive conflict arises in a network, it is generally considered beneficial. Nonetheless, other factors, such as personality traits, percep-tion of inequity, selective perception, halo effect, lack of group association, etc. may also trigger negative relationships.

Network goals and objectives.

The focal networks are likely to perform both proactive and reactive advisory roles. The proactive approach allows the

actors within the focal networks to share amongst themselves task-related issues and collectively make decisions to over-come specific, practical obstacles such as acquiring retail licenses, establishing transport system, enhancing buyer pow-er by combining orders and -economiz-ing value chain activities. Moreover, their advisory capacity may be extended to formulating and implementing strategies necessary for business growth. The focal networks can also take a proactive ap-

proach to eliminate bottlenecks and re-duce uncertainties, as it will be beneficial for the entire network, not simply one or two actors in the network. These accrued benefits may be operational and strate-gic in nature. For example, it will be con-sidered operational in a transportation focal group, when the hub negotiates a deal with different wholesalers to deliver products to several different destinations at the same time. The communal impact of this decision will help the network at-tain economies of scale, employment for all, and increased profitability. Logistically, actors can share routes and deliveries to reduce expenses. Decisions are of a stra-tegic nature, if a garment or apparel fo-cal network launches a line of designer clothing by forming alliances with fabric, tie and dye, and/or embroidery suppliers and if need be vertically integrate into these businesses.

On the other hand, the network’s reac-tive approach helps resolve everyday glitches and hindrances that individual ac-tors may face. Micro-level businesses sur-vive on day-to-day transactions and loss of a day’s work can considerably reduce their profitability. The administrative hub and the lateral linkages created within the networks may reduce these anoma-lies by providing immediate assistance and advice, normalizing everyday work. In general, it is essential for actors to clearly understand the advisory roles each one plays within their respective focal net-

work. For example, in their monthly or biweekly meetings, they should all proac-tively discuss prioritized agendas. They are likely to benefit most by collectively addressing the issues or concerns on the agenda and finding remedial solutions be-sides learning private lessons and using it in their favor. The administrative hubs, on the other hand, are likely to facilitate and monitor discussions, schedule time lines, and equally distribute implementation responsibilities, if it is for the common

good of the entire network. The hubs can also act as payment collectors for micro-finance institutions. After a period of time these networks will be transformed into friendship networks (4), in which women in the network may provide informal ad-vice, social support, and mentoring serv-ices.

Network characteristics.

Two types of linkages exist within the fo-cal network--formal central linkages be-tween the administrative hub and actors, and informal lateral relationships among actors. It can be fairly stated that focal networks can accomplish their goals and objectives through central ties that are highly cohesive, strong, and dense. The characteristics of informal lateral linkages may be different in urban and rural set-tings. Due to geographic dispersion in an urban setting, the horizontal linkages may initially be sparse and weak but may be-come dense and cohesively strong over-time. On the other hand, lateral linkages are likely to be strong to begin with in rural setting due to geographic proximity.

As actors in individual focal networks are in the same or related businesses, they re-quire access to the same or similar pool of resources and knowledge; therefore, the possession of redundant, fine-grained information may be prolific. This informa-tional gain can help reduce environmental uncertainty, prescribe solutions to exist-

Critical problems that may surface among clients in these networks are their social and business likes, dislikes and preferences.


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ing and potential problems, and augment business growth Simply put, cohesion, den-sity, and strength of relationship between administrative hub and actors within the focal network are likely to encourage ef-fective communication, cooperation, and the sharing and exchange of information. Prolonged positive impact comes from the development of trust and, and in turn, social capital. Network intensity develops over time but the benefits may be reaped for years to come. However, there may be drawbacks associated with cohesive and dense networks. These include rivalry and negative conflict within the network, which may have severe repercussions for business development and harmony.

Principal Network

Paralleling the board of directors of the Grameen Bank and the executive council of SEWA, the advisory principal network should be comprised of the administra-tive hubs of the individual focal networks and the respective microfinance institu-tion, which may be considered the hub of the principal network. Hub may be considered as the key actor, the triggering entity, and/or the strategic center, and is likely to possess prominence and power, gained through individual attributes, and from the knowledge and information achieved through their presence in their respective external networks and their affiliations with other world organiza-tions. This would allow them to earn a central, advisory position in the principal network structure and subsequently, per-form a leadership and governance role in pulling together dispersed resources and capabilities of network members i.e. focal networks. Formal institutionalization is decisive for its success.

Network’s goals and objectives

It is fundamental that the representative of the focal networks and their respec-tive microfinance institution meet peri-odically, at least once every quarter, for the former to submit and share progress report, goals and achievements, current endeavors and work in progress, and future aspirations. More specifically, indi-vidual focal networks can share informa-tion about the obstacles and hindrances their businesses experience, the solu-tions and interventions to the problems, the results achieved pertinent to their respective industries, and their growth strategies and tangents. This may be for

the common and private good of all fo-cal networks in diverse industries and for microfinance institutions, which, because of the broad information base attained from the diverse sources, will remain well informed of opportunities and impending disasters (access benefits) and hence de-termine their own future direction. It will also encourage microfinance institutions to act as connectors to build coopera-tive relationships among different focal networks. For example, if microfinance institutions ascertain that a new opportu-nity is created in one of the focal groups, which may be catered to by the skills of another focal group, they can connect them appropriately (timing and referral). Furthermore, eruption of lateral linkages among independent focal networks can give them the opportunity to share com-plementary skills, allowing for economies of specialization. This reduces duplication of time and effort, costs, and relational risks that focal networks may otherwise independently experience.

Even though focal networks may be con-sidered the backbone of the institutional network, the principal network is the in-terface of the institutional network. The role of the principal network, in general, is to enhance reputation, lengthen the shadow of the future, and build multiplex-ity within the institutional network. Thus, representatives from the principal net-work should seek legitimacy and recogni-tion within the country and microfinance community at large by attending and par-ticipating in conferences, developing and promulgating programs and initiatives, and maintaining transparency at the net-work level. They should also build robust strategic alliances with other similar insti-tutions and government agencies.

Network characteristic

As in focal networks, principal networks are also likely to consist of formal cen-tral linkages between microfinance insti-tutions and focal networks, and informal lateral linkages among focal networks. The former may be characterized as strongly connected, dense networks with structural holes, as this would allow most appropriate implementation of network goals and objectives. The latter are likely to be sparse with weak connections. For example, due to the prevalence of indus-trial diversity in this network, the actors are mostly disconnected, dispersed, and share only weak ties but are held together

by microfinance institution as the prime connector. The structural holes that ex-ist in the principal networks permit the microfinance institution to collect non-redundant, critical information of plausi-ble bottlenecks and interventions used by different focal networks, and to dissemi-nate the gathered information to others within the principal network, reducing du-plication of resources and learning curve effects. A caveat here is that as focal net-works belong to different industries, the learning implications of one industry may not be carried over to another in totality. Nevertheless, with amendments, private synergies can be attained.

We hope that this article will offer new insights for future policy makers. First, the social institutional network proposed confirms that development should be grounded in the social, cultural, and eco-nomic needs and priorities of the society. This highlights the importance of the bot-tom up approach and in turn, ensures that microfinance institutions have a stake in the future of their business commu-nity. Both the Grameen Foundation and SEWA acknowledge and appreciate that the best development ideas come from the clients themselves. Second, the non-fi-nancial services and support packages of-fered by microfinance institutions would create a skilled working class and improve the quality of labor and their access to productive resources. Third, the methods and technical services employed should be simple so as to reduce the demand for highly skilled labor and management for the project to attain self-sustainability. Fi-nally, the feedback mechanism developed could be used to educate future clients to operate and function more efficiently, subsequently allowing the next batch of clients do better and follow economies of scale. The focal and principal networks can eventually build up business alliances where the buying and selling power of borrowers gives them social power as well. In short, this symbiotic relationship not only improves the socio-economic status of the poor but also augments the performance of microfinance institutions for them to attain sustainability.


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DebateDebateOn Financial & Economic CrisisSponsored by Sheikhupura Chamber of Commerce & Industry (SCCI)

“The ‘financial crisis’ is not confined only to the United States. As economic turmoil spreads to glo-bal markets, world leaders are reacting to the U.S. “bailout plan”. Stock markets around the world have plummeted and fears of a global recession are increasing.

Questions &Pointers

Question: Do you think that the fi-nancial crisis is spreading rapidly to the previously resilient developing world?Pointer 1: Global trade is forecast to shrink in 2009 for the first time since 1982Pointer 2: Foreign investment and short-term credit are drying upPointer 3: Developing country exports are falling; large amounts of capital have been withdrawn

Question: Why Many developing countries face sharply tighter credit and higher interest rates?Pointer 1: GDP growth in developing countries is expected to fall to 4.5% from

a projected 6.4%Pointer 2: Private capital flows are ex-pected to drop from $1 trillion in 2007 to $530 billion in 2009Pointer 3: Remittances that workers send to home countries are projected to de-cline

Question: What is the reason that Before the financial crisis hit, many countries were already suffering a food and fuel crisis?Pointer 1:100 million people have fallen into extreme poverty, according to Bank estimatesPointer 2: Another 44 million children are malnourishedPointer 3: Measures to offset rising prices

have left many countries fiscally vulner-able

Question: How Poor and middle-in-come countries are helped to limit the damage and prepare for recov-ery.Pointer 1: Drawing on international as-sistance where necessaryPointer: 2 Investing in infrastructure and safety netsPointer 3: Continuing to improve their business climate and attract investors

Question: Do the Global problems call for multilateral solutions?

Pointer 1: Leaders need to craft policies that bring more countries into the eco-nomic mainstreamPointer 2: Opportunities and responsibili-ties for the new global economy must be sharedPointer 3: The international community needs to look beyond financial rescue to the human side of the crisis

Questions &Pointers

Sheikhupura Chamber of Commerce & Industry23-KM, Lahore Sheikhupura Road, Qila Satar Shah, SheikhupuraPhone: 042-7971367 Fax: 042-7970667

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I am happy to be sacrificed!

Now more than ever in Sheikhupura district, our neigh-bors, co-workers and friends are living on the edge –some for the first time in their lives. Trapped between layoffs, foreclosures and skyrocketing costs for basic needs, families are struggling. This is the time for the Sheikhupura Industrialists & Business Community to come together.

Donate Generously to People arround you! Help them to recover from poverty.

Donate Generously to People arround you! Help them to recover from poverty.Do not miss the opportunity on the festival of Eid -ul-Adha

A public service advertisement by Sheikhupura Chamber of Commerce & Industry

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I am happy to be sacrificed!

It is resolved by the meeting of the Executive Committee of “The Sheikhupura Chamber of Commerce & Industry” that a member of the Executive Committee shall be replaced in place

of signature of Mian Mohammad Yousaf Ex-President SCCI as the signatory to the Chambers account No.1464 Bank of Pun-jab Kot Abdul Malik Branch, Sheikhupura. It is further resolved that Mr. Naveed Anwer Sheikh of Crescent Art Fabrics, a corporate member of the chamber shall be the new Signatory to operate the above said account. The specimen signature of Mr. Naveed Anwer Sheikh, dully attested by the ex-isting signatories is attached with this resolution.

It is further resolved that signature of any two signatories shall be sufficient for withdrawal of money from the said account.

1. Manzoor-ul-Haq Malik

2. Mohammad Tariq Iqbal Mughal

RESOLUTION Industrial Option December 2008 | industrialoption.com

Sheikhupura Chamber of Commerce & Industry

AffidavitWe, The promoters and signatories of Memorandum & Articles of Association of The Sheikhupura Chamber of Commerce & Industry 6 out of total 8 members , a body corporate registered u/s 42 of the Companies Ordinance 1984, do hereby solemnly declare & affirm;

1. That the Chamber has submitted form 27 and 29 dated 14-04-2008 has properly been tendered after the election has held.2. That new appointments of Secretary, Auditor, Legal Advisor, Corporate Advisor and Chief Accountant were made after the cessation of the old appointment.3. That all the matters of the Sheikhupura Chamber are running smoothly and we are satisfied with its working.4. That in one year’s time, the membership has arisen to 182 members in associate class and 66 in corporate class. The membership is open and business community in approaching for new memberships.(List of Members attached)5. That the AGM held is December 2007 has approved 23 KM Lahore Sheikhupura Road Qila Satar Shah as its registered office. Office at Kot Abdul Malik was temporarily kept for receiving post etc was closed. Now there is only one office of the Chamber at the above address having telephone # 7971967 Fax # 7970667, Web Site: www.scci.net.pk, Email as [email protected]. Bank a/c # 1464 Bank of Punjab Kot Abdul Malik Branch. SECP has been informed through form 21 which is a legal tender. There is no ambiguity in it.6. That the Chamber has again held the election for the year 2008-09, the result of which in shape of office bearers and E.C. members is also attached.7. That all the paragraphs above are correct to the best of our knowledge & belief. Nothing is incorrect and nothing has been concealed.

1. Malik Manzoor-ul-Haq CNIC# 3520278739393 23-KM, Lahore – Sheikhupura Road, Sheikhupura, Sheikhupura

2. Mr. Naveed Anwer, CNIC# 352022502819323-KM, Lahore – Sheikhupura Road, Sheikhupura, Sheikhupura

3. Mr. Shahzad Ali NaginaCNIC# 352028128553521-KM, Lahore – Sheikhupura Road, Sheikhupura, Sheikhupura

4. Mian Farooq Ahmad CNIC# 352029517446312-KM, G.T, Road, Sheikhupura

5. Mr. Muhammad Tariq Mughal , CNIC# 352019057040117-KM, Lahore – Sheikhupura Road, Lahore.

6. Mr. Yousaf Malik, CNIC# 352025368868323-KM, Lahore – Sheikhupura Road, Sheikhupura, Sheikhupura

Deponents

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No. Name Standing Committee Company Name

1 Mohammad Tariq Iqbal Mughal Achievement Award Mughal Steel Mill Pvt Ltd2 Ch Mohammad Arif Agri and Pesticide Ch Stone Crushing 3 Amjad Nazir Butt Agro & Food Process Al Madina Trading Co Skp4 Mehmood Sami Petroleum Sami Sons5 Ch. Nadeem Safdar Soap and Detergents Model Soap Factory6 Rab Nawaz Dyes and Chemicals Ahmad Jannat Enteprises7 Sabir Pervaiz Miller Industry Seena Grinding8 A.R.Khan Customs & Import Super Thermax9 Shahid Saeed Pasha Chemical Processing Premier Chemical10 Haji Maqsood Gems & Jewelry Maqsood Jewelers11 Malik Manzoor Industrial Services Industrial Option12 Sheikh Naveed Anwar Stainless Steel Industry AHN Steel13 Muzaffar Ahmad Board Industry Malik Board & Paper Mill14 Haseeb Haroon Collides AHN Collides15 Mohammad Saleem Butt Pharmaceutical Ameer Pharama16 Amir Bakhat Azam Cable Industry New Age Cables17 Tariq Iqbal Mughal Trade Delegation Mughal Steel Mill Pvt Ltd18 Mian Farooq Ahmad Pipe Industry Jamal Pipe Industry19 Ms Qaisra Zulfiqar Women Entrepreneur Al Aziz Paper Mill20 Mian Muhammad Sanaullah WAPDA Dispute Resolution National Pipe21 M. Waseem Asharaf Rice Export Waseem Traders22 Sheikh Abdul Hafeez District Government S. Abdul Ghafoor & Sons23 Imtiaz Asharaf Aulakh Social Welfare Aulakh Commission Shop24 Syed Abid Shah Education Philanthropist25 Ali Abbas Chemical Yarn RN Rayon26 Mohammad Rashid Open end Industry Model Spinning 27 Lala Abdul Waheed Health Usman Traders28 Khalid Zaman Toor Rice Research Crystal International29 Malik Mohammad Yusaf Sales Tax InterPack30 Shehzad Ali Nagina R & D / NGOs Mandiali Paper Mill31 Abid Mehmood Butt Building H.M. builders32 Amir Bakhat Azam Environment New Age Cables33 Ch Mohammad Arif Law & Order Ch Stone Crushing34 Amjad Nazir Butt Chamber News Al Madina Trading Co35 Suhail Iqbal Mian Membership Growth Muhammad Iqbal Hussain & Brothers36 Manzoor Ul Haq Malik Liaison Industrial Option37 Kamran Khan Pulp & Paper Flying Paper Mill38 Ch. Mohammad Sadiq Business Dispute Resolving Insha Industries39 Khalid Taj Sui Gas+ CNG Taj International40 Mian Shahabul Khan Court Matters Qadria Board 41 Malik Mudassar Public Relation Falcon Packages42 Khawaja Tariq Packaging( Tin Corrugation ) Ayub Packages43 Aamir Match Industry Fazal Match Industry44 Muhammad Younas Shoe Industry Rightway International

Standing Committees of the Sheikhu-pura Chamber of Commerce & Industry

for the period of �008-09

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Event


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Event

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Event

Sheikhupura Chamber of Commerce & Industry wel-comes all Chambers, Trade Organizations, associa-tions on the completion of successful elections and to those at winning end. SCCI hopes for a better busi-ness and Industrial Cooperation as it is important to working in cohesion for the growth and development of Pakistan.

Welcome Welcome


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Felicitation

SCCI office-bearers felicitate Muhammad Ali MianThe SCCI President Mr. Manzoor Malik and Executive Com-mittee members have congratulated Mohammad Ali Mian for his appointment as Chairman Punjab Industrial Estates Develop-ment and Management Company. In a statement issued here on Monday, the SCCI office-bearers said that it is a business friendly decision of the government that would go a long way in improving infrastructure at industrial estates which is dire need

of the hour.

The SCCI office-bearers also paid tributes to Chief Minister Punjab for evolving all business-related policies in consultation with the business community that is the real stakeholder. They said that the Chief Ministers efforts would help make the prov-ince a hub of business activities.

SCCI office-bearers felicitate Mian Muhammad Idris of Sitara Chemicals Industries Ltd. as Chairman Standing Committee on Industry in FPCCI

The Islamic festival of Eid Al-Adha, or “Festival of Sacrifice” follows close on the heels of the first Eid festival of the year, “Eid Al-Fitr”.

The Arabic word “Adha” means “sacri-fice”, having its root in the word “duha”, which also means “light” or “illumina-tion”.

After Ramadan, the month of Shawwaal ensues, in which most Muslims fast 6 days. This month is followed by Dhul Qa’dah, which is the month in which most of the Muslims who intend to perform Hajj, start their preparations for the trip, and eventually reach Saudi Arabia. After the

month of Dhul Qa’dah, comes the month of “Dhul Hijjah”, which literally means, “Of the Hajj”. This is the month in which Muslims perform Hajj, which is closely linked to the global festival of Eid Al-Adha celebrated by other Muslims all over the world.

On the tenth of Dhul Hijjah, pilgrims in Mina, Saudi Arabia, sacrifice an animal for the sake of Allah. On the same day, Mus-lims elsewhere in the world celebrate the festival of Eid Al-Adha, in which those who can afford to, also sacrifice an animal to gain Allah’s pleasure, embodying the sacri-fice made by Prophet Abraham [peace be upon him] when he was ordered by Allah in his dream to sacrifice his son Ismael [peace be upon him], to which he com-plied. His spirit of unflinching submission to Allah is epitomized every year as Mus-lims indulge in a similar sacrifice.

Eid Al-Adha is celebrated in more or less the same way as Eid Al-Fitr, except that an

animal is sacrificed on this Eid.

Buy and rear a sacrificial animal:

The Muslim who can afford to, should buy a sacrificial animal well before Eid. This could be a male ram, goat, sheep, cow, or

a camel. The more beloved and dear the animal is to its owner, the more meaning-ful will be its sacrifice.

This animal should be taken care of, fed well, respected (it should not be harmed, or ridiculed in any manner) and nurtured until the time of sacrifice. Alternatively, if the Muslim can not afford a separate ram or goat for himself (or herself), scholars have allowed 7 Muslims to share in one cow.

Gain knowledge of the sacrifice rit-ual:

Muslims should be well-aware of the cor-

rect etiquette and steps of religious sac-rifice, by seeking knowledge of Islam per-taining to this ritual. That is, the owners should educate themselves in the Islamic rules of slaughter, and be present to su-pervise this ritual. The basic guidelines are as follows:

Islamic festivals: The spirit behind Eid -ul-Adhaby Sadaf Farooqi


“Indeed I turn my face towards The One Who originated the heavens and the earth; upon the way of Abraham, the unswerving one, and I’m not of those who commit shirk [polytheism]. Indeed my salah, my sacrifice, my living and my dying is for Allah, the Sustainer of the worlds. There is no associate with Him, and so I have been commanded, and I am from the ones who submit. O Allah! (This sacrifice) is from me, for You.”

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- The sacrifice should be performed dur-ing the day-time, not at night.

- The knife to be used to cut the animal’s throat should be very sharp, so much so that the least amount of force or pres-sure is needed to slice the animal’s jugular vein, so it feels the least amount of pain when its skin is thus cut.

- The knife should not be shown to the animal, but the latter should be fed well and laid down facing the direction of the “Qiblah” (Muslim direction of prayer - the Ka’ba) in Makkah.

- The person who will perform the sac-rifice should be well-versed in their job, and should not hurt the animal by clumsily jabbing away at the latter’s throat with a blunt knife, causing pain and fear. The one performing the sacrifice should be swift and deft. He should say “Bismillah Allahu Akbar” before slicing the animal’s throat.The owner of the animal should recite the following dua (invocation) before the sacrifice (translation):

“Indeed I turn my face towards The One Who originated the heavens and the earth; upon the way of Abraham, the un-swerving one, and I’m not of those who commit shirk [polytheism]. Indeed my salah, my sacrifice, my living and my dying is for Allah, the Sustainer of the worlds. There is no associate with Him, and so I have been commanded, and I am from the ones who submit. O Allah! (This sacrifice) is from me, for You.”

- The animal dies due to loss of blood. The blood should be allowed to drain com-pletely from its body before it is skinned, disembowelled and chopped. This takes a good half-hour or so. The test to see whether the animal’s blood has drained is to touch the animal’s body; if it is still warm, it means the blood has not drained completely.

- It is absolutely forbidden to start skin-ning and cutting the animal when it is still alive or writhing. Some butchers, es-pecially the amateur ones, who want to make the maximum amount of money on Eid Al-Adha by slaughtering as many ani-mals as possible, commit grave errors in the process of slaughter. They should not be allowed by the animal-owners to thus abuse the animal. Moreover, it is imper-missible for Muslims to consume blood in any form. If the blood has not drained from the animal’s body completely before

it is cut up, it will remain in the veins in-side the meat, thus rendering the meat “haraam” for consumption.

- For larger animals such as cows and camels, only expert butchers should try to slaughter them on Eid Al-Adha, and should be booked well in advance. It has been noted that when inexperienced peo-ple try to slaughter these large animals themselves (as expert butchers are very busy on this Eid), the latter get scared and become difficult to tie down and subdue, at times dashing off, causing injuries and harm.

Go for Eid prayer after the Fajr prayer:

This prayer is performed exactly the same way as for Eid Al-Fitr. The entire household awakens early and takes a full bath or ghusl, putting on new clothes and proceeding to the Eidgah or open prayer-ground, for the early-morning Eid prayer. The whole family should attend this prayer, reciting the following “takbeer” all the way:

Allahu Akbar Allahu Akbar - Allah is the Greatest, Allah is the Greatest!

Laa ilaaha illallaahu Allahu Akbar - There is no god except Allah, Allah is the Great-est!

Allahu Akbar wa lillaahil Hamd - Allah is the Greatest and for Allah is The Praise!The Eid prayer is a couple of units or rak’ah’s, followed by a sermon, or khut-bah, by the imam (in some schools of ju-risprudence, the sermon precedes the Eid prayer).

The one major aspect of this Eid is not to eat anything on 10th Dhul Hijjah until the meat of the sacrificial animal is cooked, and to partake from it as the first morsel of food for the day. The Prophet Muham-mad [may peace and blessings of Allah be upon him] would thus fast from morning till the sacrifice, and break his fast with the meat of the animal. This fast is not compulsory; it is a sunnah of the Prophet Muhammad [may peace and blessings of Allah be upon him], and is thus highly rec-ommended.

Perform the animal sacrifice as soon as possible after returning home from Eid prayer:After the family returns home, the ani-mals should be sacrificed. This can be

done in the home verandah or courtyard, or in a neighborhood ground. In Muslim countries, animals are slaughtered every-where, from the roads to the streets. In non-Muslim majority countries, however, animals can only be sacrificed at designat-ed places, with prior permission.

If, for some valid reason, the sacrifice can not be performed on 10th Dhul Hijjah, it may be performed on the 11th or 12th (the days of stay in Mina for the pilgrims in Saudi Arabia). The reward will diminish with each passing day, though.

Eat from the meat:

A variety of delicious meat dishes await the Muslims on Eid Al-Adha! No sooner than the meat reaches the kitchen, that the appetizing aroma of mouth-watering delicacies starts wafting from it.

The recipe served immediately for break-ing the short 10th Dhul Hijjah morning fast, is “kaleji” (roasted mutton or beef liver) with naan-bread or paratha.

For lunch and dinner, main courses of mutton biryani, pulao, beef nihari, qorma, and shami kababs are extremely popular in the Indo-Pak region.

Gift meat to relatives and neigh-bors:

Muslims send fresh meat to neighbors, relatives and friends as a sign of sharing and caring throughout the three days of Eid Al-Adha.

Give meat to the poor and needy:

It would not be an exaggeration to say that in most developing Muslim countries, the poor Muslim populace gets to each meat just once a year - on Eid Al-Adha. The spirit of charity runs high as every Muslim who sacrifices an animal is ea-ger to share their meat with their poor brethren. Some better-off families go as far as dedicating several animals solely for feeding the poor and hungry on the three days of Eid.

It is heartening to witness the spirit of sharing and giving on this Eid, as no Mus-lim goes hungry during the tiring but joy-ous days of Eid Al-Adha!


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World Bank, IMF, ADB...


Dilemma

Dissection of Pakistan

A country full of Agricultural, Mineral and other potential resources for economic stability and growth

Public worried for their economic survival

Government approaching World Bank, IMF and others for their economic survival

Be Pakistani. Develop Pakistan.SCCI

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Whether you are obtaining financing, writing a business plan, hiring employees, or marketing your products, the Small Business Library of SCCI can help you find out more about doing business in Sheikhupura and Pakistan.

Visit SCCI News Section for up-to-the-minute news, break-ing news, video, audio and feature stories. SCCI News pro-vides trusted news on many business and industrial issues as well as top headlines.

The blogging movement is picking up speed as businesses begin to realize the benefits of blogging. Discover what SCCI business blog can do for you. Checkout http://blog.scci.net.pk for more information.

Advertise on SCCI WebsiteContact: [email protected] for more information

23-KM, Lahore Sheikhupura Road, Qila Satar Shah.Phone: 042-7970711-12Fax: 042-7970713

http://www.scci.net.pk

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Industrial Option December