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Nov 22, 1999

Gold Virtuosi International Design Contest Launched in Pakistan

The Gold Virtuosi International Design Contest was launched in Pakistan recently by the World Gold Council and AngloGold.

This contest is the latest development in the international gold market and its intention is to promote the use of Gold Jewellery. It is open to the general public as well as jewellers and amateur and professional jewellery designers. There is no restriction on age, sex or professional qualification. Each participant can submit three design in this contest.

The designs submitted by contestant in Pakistan will be forwarded to London to be Judged by an International Panel of Jewellery experts. All designs should be submitted through the World Gold Council's office in Pakistan. No designs submitted directly to London will be entertained. The last date of submission of designs is December 15, 1999.

After preliminary judging, contestants whose sketch have been selected will be asked to submit made up pieces of their designs and the final winner will be chosen from amongst them. To ensure fairness and impartiality, the judges will not be given the names or the nationalities of the entrants.

The World Gold Council is a non profit organisation representing the interest of Gold producers worldwide. Its primary objective is to identify markets with a high potential for gold consumption and to increase the global off-take of gold.

SEMINAR ON " BANKING TODAY AND TOMORROW" AT HAMDARD INSTITUTE OF MANAGEMENT SCIENCE Islamabad

The Hamdard Institute of Management Sciences, Islamabad organized a national level Seminar on "Banking Today & Tomorrow". The Seminar was inaugurated by Mr. R. A. Chughtai, Deputy Governor, State Bank of Pakistan and attended by a good number of senior bankers from different Banks & Financial Institutions, educationalists & students. The evening session was presided over by Mr. Budruddin Khan, President, GuIf commercial Bank Ltd .& Mr. Tasadduq Hussain, Executive Director, State Bank of Pakistan. In reply to welcome address Mr. R. A. Chughtai Said:

"The environment in which banks operate is rapidly changing - the agents of change being new technology, new market practices and new alliances. Only those banks and Financial Institutions, which can adapt and develop new strategies in response to these new circumstances, will survive. Predicting both the direction and the pace of these changes will itself be a challenge for the banks" said Mr. R. A. Chughtai, Deputy Governor State Bare while adds easing a seminar on the subject of "Banking today and tomorrow" arranged at Hamdard Institute of Management Sciences . Islamabad.

In his address Mr. Chughtai briefly identified the causes for deterioration in the financial sector: the objectives of the financial rector Reforms undertaken since 1990, the pressures generated by the globalisation, technology and deregulation on the shape of financial system in the 21st century and its likely effects on the do financial markets.

Speaking on the future out look of the financial market he was of the view that despite the development of skill to measure credit risk with sufficient accuracy, capital requirement as a cushion for losses is likely to increase keeping in view the risk involved in the back drop of the recent financial crises, both within and outside the country. Besides the process of consolidation will gain momentum under the pressure of increasingly competitive environment both domestically as well as internationally. The issue of transparency will engage particular attention of the regulatory authorities in coming years. "It will, therefore, be absolutely critical for the regulatory authorities and auditors to have continued access to current and accurate information about the institutions under their responsibility to formulate appropriate response", he said. He emphasized that changes in the financial services, both geographically and transactional are imminent in view of the impact of recent developments in Information Technology, which would place more stress on supervisory process and growing emphasis on strengthening the core elements of regulation i.e. Prudential Surveillance, accurate repenting, compliance and enforcement. This will necessitate on strengthening the conventional role of Board of Directors of the bank/financial institutions which are, primarily concentrated on managing the overall affair on the institution at present. He also said that notwithstanding try application of the company law, the obligations of the banks to the society need more emphases, for which barking laws may esquire review for outing such responsibilities on the Directors and management of the Bared/Financial Institutions.

He observed that the Board of Directors of the batik, in addition to its traditional duties/responsibilities towards shareholder, regulatory authorities and market, have to share the responsibilities on account of accuracy in financial reporting, arid institution of a competent and independent internal audit function. SBP would look towards such efforts from banking sector ensuring required capabilities to meet and ensure the soundness of financial system, effective governance and management system.

He also emphasized that: the role of tine consumer of the financial services would be key to ensure high standard of financial services through strong supervision, internal control and effective management. For the purpose they have to assess the risk to be assumed by them which in turn would depend on their level of expertise/knowledge. This will require increased consumer awareness, with a simultaneous comfort to the small depositor.

Concludingly the Deputy Governor appreciated the Hamdard Institute of Management Sciences for arranging a Seminar on such an important topic and contribution of the Hamdard Management in promoting knowledge in the field of Banking and Finance. He expressed the hope that such programmes would be frequented so as to benefit the banking community at large.

Kodak prize Draw

Kodak Gold Promotion "Kodak Kay Rang, Sonay Kay Sang" has been a roaring success with both amateur and professional photographers.

Kodak has received thousands of entries in response of this promotional scheme. The Prize draw program will be telecast soon on a local television network.

Kodak's Gold Promotion 'Kodak Kay Rang, Sonay Kay Sang' has not only been a source of great publicity for Kodak, it has also promoted photography in Pakistan as a whole.

Governor at KIET

A bog meeting was held on 16 November 1999 at the City Campus of Karachi Institute of Economics and Technology (KIET) which was chaired by Air Marshal (Rtd) Azim Daudpota the Governor of Sindh who is also the Chairman Board of Governors of KIET. The meeting was attended by the Chancellor, Dr. Izhar-ul-Hasan, Professor Farman Fatehpuri, Dr Zaki Hasan, Mr. Abdul Raziq Khan, Mrs. Tazeen, Mrs. Rafia Safi and a host of others.

The Governor Sindh Air Marshal Azim Daudpota was very hopeful about the future of the Institute and assured the Board of Governors of his fullest support, as the City of Karachi in particular and Sindh in general needs Institutions of this cadre to be formed and promoted to fill in the gap in the field of higher education.

In his welcome address Dr. Izhar the Chancellor welcomed Air Marshal Azim Daudpota and congratulated him on behalf of his colleagues on his appointment as the Governor of Sindh.

Mr. Adnan-ul-Arabi the President of the Institute, presented his report and briefed the BOG about Institute's progress and the future plan and course of action to be adopted for the development and the establishment of the Institute.

Mr. Adnan informed the board that they have finalized a custom made campus to which Institute will be moving in the year 2000 which has ample facilities to cater future needs for 15 to 20 years.

On this the Governor commented, that he has no doubts that this Institute will be one of the best in the near future.