May 29 - June 4, 2000
"Mothers Day at the
Karachi Sheraton Hotel & Towers recently held a whole day long
celebrations for the Mothers Day on May 14th, where children of all ages brought their
mothers in for an extra special treat on their special day.
"Karachi Sheraton Hotel & Towers is proud of our involvement
and commitment of offering outstanding promotions at all occasions celebrated by
families," says Mr. Thomas van Opstal, General Manager, Karachi Sheraton Hotel &
Towers. "Mothers, who are an integral part of any society, deserve to be given the
extra-special feeling which our Mothers Day programmes successfully achieved."
The celebrations began with a special Mothers Day Brunch served at
Al-Bustan, where a scrumptious feast had been prepared. As a token of goodwill the Karachi
Sheraton presented all mothers a complimentary voucher for Brunch for the next time they
visit the hotel along with a box of marzipan. The magic show, a live band and all other
delights which are a part of the Sunday Brunch were also there for Mothers Day.
Karachi Sheraton Hotel & Towers also served a special Mothers Day
dinner at its renowned Italian Restaurant La Mamma. The warm and cozy ambiance of
La Mamma proved to be a perfect place for an evening out with "mom", where a
delectable feast, with varieties of breads, pastas and pizza and the chef's special.
Karachi Sheraton also gave complimentary dinner vouchers for La Mamma, along with the
marzipan box and flower bouquets to all mothers who came for the dinner.
Avari Re-elected Unopposed as Chairman Parsi Community
Mr. Byram D Avari has been re-elected unopposed for the 4th time, as
Trustee and Chairman of the Karachi Parsi Anjuman.
Mr. Dinshaw B Avari Sr, was the Chairman of the Parsi community till
his demise. After his death the Parsi community has been electing his son Byram D Avari as
the Chairman of the community.
The confidence repeatedly reposed in him by the Parsi community, even
his detractors maintain, is because of his good work for the community.
The humanitarian, charitable, social and community services of the
Avaris has earned them the recognition and respect of the Parsis, as well as all sections
The Parsi community considers him a cornerstone for resolving all their
problems. He was responsible for ensuring that English education was maintained by the two
high profile Parsi schools of the city. He also implemented the scheme for a new housing
project at Mahmoodabad Parsi Gate, which has charitable flats, low income housing, as well
as independent bungalows.
Avari is the President, Member or Trustee on a number of Parsi
institutions apart from being the Vice Chairman of the Minorities Council and having been
on the Minority Advisory Council since 1970.
Engro Chemical Pakistan Ltd. is pleased to nominate Mr. Javed Akbar as
Chief Executive Officer of Engro Paktank Terminal Ltd. (EPTL). EPTL is a 50/50 joint
venture of Engro Chemical and Royal Vopak of the Netherlands. EPTL has built and is
operating a modern liquid chemical terminal at Port Qasim. Mr. Akbar replaces Mr. Cees
Smit, the current CEO of EPTL who shall be returning to Holland in June 2000 after
completing his assignment in Pakistan. Mr. Akbar holds a Masters in Chemical Engineering.
He joined the Company in 1974 and prior to this appointment was Vice President Technology
at Engro Chemical Pakistan Ltd.
Pakistan's Gold Demand Remains Buoyant Despite Price Volatility
Pakistan's demand for gold remained buoyant in the first quarter of
2000, despite volatile global gold prices. Though there was a slight decrease in demand,
it was arrested by the post Eid buying.
Gold demand in the first quarter this year was 24.8 tonnes as compared
to 31.5 tonnes during the same period last year. This was primarily led by the price
volatility in gold, prompting buyers to defer their purchases.
According to Yousuf Akhtar Hussain, Manager Pakistan, World Gold
Council, "The traditional buying that takes place after Eid-Al-Fitr was strong enough
to limit the decline in demand for the quarter as a whole".
Total global demand in the first quarter of 2000 rose to 795.2 tonnes,
a modest increase of 1% over the first quarter of 1999. "Gold demand in the Middle
East reached a record 217.3 tonnes in the first quarter, 11% higher than the year
before," announced Moaz Barakat, Regional Director, World Gold Council.
Gold demand in the Gulf States registered a 4% increase, rising to 43.5
tonnes. Despite the higher average gold price demand was 59% higher than the fourth
quarter of 1999. Gold offtake in the UAE was 27.8 tonnes. 5% higher than in the same
quarter last year. The Dubai Shopping Festival and other promotional campaigns, all
contributed to the strong performance.
Saudi Arabia, too, followed a similar trend with offtake at 65.5
tonnes, as compared to 63.1 tonnes in the same period last year. Turkey, recovered
spectacularly to register an increase of 79% over last year's figures, with demand rising
to 50.0 tonnes as compared to 28.0 tonnes in the same period last year.
In Kuwait, gold demands slipped 4% to 6.8 tonnes, while in Bahrain the
offtake rose 12% to 2.8 tonnes. Oman enjoyed a 5% rise to 4.4 tonnes whereas. Qatar
enjoyed a more substantial 31% increase, as compared to the first quarter of 1999.
The World Gold Council is an international organization formed and
funded by leading gold mining companies from around the world to increase the demand for
gold. The 27 countries monitored in Gold Demand Trends account for approximately 80% of
global gold demand.
PakVenCap.com, the first Information Technology specific
Venture Fund being floated by Pak-Libya
PakVenCap.com (Pvt.) Limited, an IT company which is primarily being
promoted by Pak-Libya, is in the process of launching an IT specific venture fund. The
said fund would be the first of its kind in Pakistan.
PakVenCap.com wants to identify, incubate and groom the IT talent in
Pakistan and provide opportunities which were not previously available. This Venture
Capital Fund has been launched as a national service with the main goal to promote the IT
culture in Pakistan and to create avenues which could contribute to higher export earnings
of the country, provide new employment opportunities and eventually make Pakistan a force
to be reckon with in the IT world; a world which is moving forward towards globalization
in the IT environment.
Pak-Libya held an IT Talent Hunt Program from March 12 to April 30,
2000 to identify the said talent in Pakistan. In order to promote the IT Talent Hunt
Program, Pak-Libya published a series of ads in the leading dailies of the country,
thereby inviting the IT professionals and entrepreneurs to participate in the said program
by submitting their projects/proposals online at www.paklibya.com.pk. It is learnt that
the idea got a very encouraging response from the participants. Not only the number of the
submitted projects exceeded the initial estimates but the quality of the submitted
projects was outstanding too.
Initially it was expected that the program would draw around 100
projects or so but by the time the program closed, the actual count of submitted projects
was 400. During the period the program was on, over 41,000 visits were recorded on that
section of Pak-Libya's website, which was hosting the said program. Around 50% of the
applicants were from Karachi, whereas 20% of the projects came from Lahore and the
remaining came from other cities. Over 63% of the projects were submitted by applicants in
the age bracket of 16-25 years, while 27% were in the 26-35 slot. 48% of the applicants
had atleast a bachelor's degree under their belts. About 28% of the submitted projects
dealt with Internet Applications, whereas 22% of the projects were about database
Currently, the technical and financial feasibilities of the submitted
projects are being evaluated to short list viable projects. For the next phase,
PakVenCap.com would now be holding a series of Talent Hunt Exhibitions in Karachi, Lahore
and Islamabad by the end of June now whereby the selected candidates would be invited to
demonstrate their projects in order to qualify for Venture funding. Consolation and
encouragement prizes would also be awarded to potentially strong project proposals in
order to motivate the young IT entrepreneurs.
PakVenCap.com intends to select around 60-75 projects for Talent Hunt
Exhibitions. Out of these, potentially strong projects would eventually qualify for
Venture Funding. The projects which would not qualify at this stage would not be left
behind. PakVenCap.com intends to set up workshops and nurseries where these projects would
get professional support and consultation. With this consultation, these projects would be
improved upon in order to qualify for venture funding at a later stage.
The main idea behind holding the said Talent Hunt Program and the
workshops was to have a ready pool of IT projects for PakVenCap.com, so that by the time
the company would start its operations, it would have a selection of viable IT projects as
well as projects in pipeline to proceed further.
It is also learnt that quite a few local financial institutions as well
as some multinational companies have also shown keen interest in this idea of IT Venture
Fund and have expressed their interest to enter into this project as partners in
PakVenCap.com. Just recently, PakVenCap.com was also approached by Hyundai Corporation of
Korea in this regard.
Intel surpasses Cisco in market value
Old tech passed new tech but pre tech still rules. Intel Corp.
supplanted Cisco Systems Inc. to become Silicon Valley's most highly valued company
Wednesday but General Electric Co. remains the most valuable company in the world.
At the close of trading Wednesday, Intel's market capitalization
the number of shares outstanding times the stock price stood fat $ 413 billion,
helped by the fact that its shares rose $ 1.30, while Cisco's stock price closed down $
2.65 a share.
Those changes in per share prices a $ 22 billion swing
were enough to put Intel at the top of the Silicon Valley heap as the biggest local
company and the most highly valued company on the Nasdaq composite index.