Oct 09 - 15, 2000
ABAMCO Limited has acquired the controlling interest
in Confidence Financial Services Limited, an investment Advisory
Company, which is managing Confidence Mutual Fund Limited.
The shares of Confidence Mutual Fund Limited, a
closed end mutual fund in the private sector were offered to public on
April 30, 1995. The company paid dividends of 11.50%, 10% and 15% for
the years ended June 30, 1997, 1998 and l999 respectively. The accounts
of the Company for the year ended June 30, 2000 are presently under
The Board of Directors of both Confidence Financial
Services Limited and Confidence Mutual Fund Limited has been
reconstituted as under:
Mr. Mohammad Saleem Adam
Mr. Shafiq A. Khan
Mr. M. Habib-ur-Rahman
Mr. Munaf Ibrahim
Mr. Aftab Q. Munshi
Saiyid Azher Alam and
Ms. Nayab Fakhir Qazi
Approval from Securities and Exchange Commission of Pakistan
has been received.
ABAMCO Limited is successfully managing BSJS Balanced Fund
Limited, which is a closed end mutual fund and Unit Trust of Pakistan, which is
the first and the only open ended mutual fund in the private sector in Pakistan.
For the last financial year ended June 30, 2000, BSJS
Balanced Fund and Unit Trust of Pakistan paid dividends of 31% and 22.5%
INTEL BOOSTS NETSTRUCTURE™ PRODUCTS
Intel Corporation announced five new Intel® NetStructure™
products. The products add intelligent caching, cutting edge performance,
content-aware handling of Internet traffic and new management capabilities to
Intel's core family of e-Business data center products.
"With the NetStructure products, Intel is focused on
delivering a breadth of high-performance, best-in-class solutions and services
to emerging e-Businesses," said John Miner, vice president and general
manager, Intel Communications Products Group. "We continue to aggressively
grow the NetStructure product line to enable service providers and companies
hosting their own e-Businesses to create new value-added services for their
Intelligent Caching: The Intel® NetStructure™ 1520 Cache
is an intelligent cache appliance for TI environments that supports up to 15
Mbps of data throughput. The NetStructure 1520, including the Inktomi®* Traffic
Server®* Engine, offers fast, easy-to-deploy and manageable caching with better
performance at a lower cost than traditional cache solutions. The 1520 Cache
Appliance complements the current Intel NetStructure 1500 Cache appliance by
allowing network service providers to build out caching hierarchies. Caching
hierarchies maximize efficient bandwidth utilization by allowing individual
cache appliances to work together as an intelligent caching network to offload
servers and move content closer to end customers. The NetStructure Cache
appliance line provides solutions to help ensure that Internet Service Providers
are able to deliver high-availability and quality content to their customers
while lowering the cost of bandwidth.
Cutting Edge Performance: The Intel® NetStructure™ 7115
e-Commerce Accelerator boosts the speed of e-Commerce traffic by offloading the
encryption and decryption of secure Internet transactions. The NetStructure 7115
handles up to 600 secure connections per second and performs all Secure Socket
Layer (SSL) processing, freeing Web server resources to respond to customer
traffic more efficiently. As e-Commerce traffic increases, multiple 7115 units
can be cascaded to provide up to 2,000 connections per second. New remote
management and event monitoring capabilities enable more robust device
"Intel's new NetStructure 7115 e-Commerce Accelerator
offers the right combination of performance, security and manageability required
for Mirror Image to enhance our instaContent* Global Distribution
offering," said Jeffrey Schutzman, director of Global Content Distribution
Services at Mirror Image Internet. "By transparently integrating with our
patented CAP technology, this product enables our instaContent service to
globally handle our minimum daily load of hundreds of millions of secure
Content-aware Handling of Internet Traffic: Tile Intel®
NetStructure™ 7185 e-Commerce Director combines security acceleration and
content-aware traffic management to improve the speed of SSL transactions. The
NetStructure 7185 features Layer 4-7 awareness for content-driven processing and
prioritized delivery, and offloads SSL encryption/decryption with up to 1,200
SSL connections per second. The NetStructure 7185 also provides active Layer 7
Intelligent Session Recovery for secure transactions, which enables automatic
detection of HTTP 400, 500 and 600 errors and transparent redirection to another
server to reduce customers' risk of receiving error messages.
New Management Capabilities: The Intel® NetStructure™ 7145
Traffic Director helps enhance an online customer's experience with improved
responsiveness and reduced errors. Featuring Layer 4 traffic management, the
NetStructure 7145 makes priority delivery decisions based on real response times
for optimal server farm performance. The NetStructure 7145 allows servers to
bypass it when responding, benefiting businesses that serve data such as
streaming (media. Server fail over and redundancy features direct traffic around
failure points for reliable and responsive performance.
The Intel NetStructure 7175 Traffic Director adds Layer 7
traffic management to the capabilities of the NetStructure 7145 to help reduce
error messages that drive customers away during peak traffic periods. Using
active Layer 7 awareness for intelligent content decisions, the NetStructure
7175 prioritizes delivery, balances the traffic load and optimizes server farm
Intel® NetStructure™ Family: These new devices are part of
the growing Intel NetStructure product line, which includes highly reliable and
scalable network equipment, Internet appliances, and services that add
application intelligence to computer networks in order to help companies provide
a faster and more reliable e-Business experience. Since unveiling the Intel
NetStructure data center products in February, Intel has introduced more than 30
products under the brand. These include the recently announced hosting,
storefront and management appliances, and virtual private networking (VPN)
First Women Bank Limited
While addressing the participants of Skill Development
courses organised by First Women Bank Ltd., Business Centre operating at
Karachi, Miss Akram Khatoon, President of the Bank expressed her satisfaction
for fastly increasing number of micro enterprises involved in producing value
added and designer products having export potentials run by women entrepreneurs
trained and developed by First Women Bank Ltd.
Further, she stated that it is a matter of pride for First
Women Bank Limited that other organizations like Aga Khan Economic Council Board
and Azad Kashmir Chamber of Commerce who are also promoting women entrepreneurs
have requested to induct their members in the Skill Development Programmes being
offered by the Bank.
Ms. Akram Khatoon said that we have received an offer from
Board of Investment, Government of Pakistan through its Deputy Director that BOI
is ready to join hands with FWBL to promote congenial environment for women
entrepreneurs/investors setting up new business/projects in the country.
Earlier, Ms. Charmaine Hidayatullah Senior Vice President
Chief of Legal Publicity & Public Relations and Business Centre/Marketing
highlighted the performance of the centre.
Lever Brothers Pakistan Limited
The agreement for merger of Bestfoods with Unilever was
approved by the shareholders of both companies, on October 2, 2000, after
clearance from regulatory authorities in the United States and the European
Mr. Delpon de Vaux, Chairman & CEO of Lever Brothers
Pakistan Limited and Mr. Suleman Daud, Managing Director and CEO of Rafhan
Bestfoods Limited said in a joint communique, "The subsidiaries of both
companies in Pakistan will continue operating with the same commitment to serve
their customers and meet the expectations of their shareholders".
They expressed confidence that both the companies will bring
together tremendous management resources, capable of realising the growth and
synergy opportunities presented by the merger of the two parent companies.
They further emphasised that there will be no immediate
changes in their relationship with their respective business partners,
suppliers, distributors and trade. An eventual merger in Pakistan will be
subject to the approval of the directors and shareholders of both the companies
and of the Court.
Karachi Sheraton brings Riverdance to Pakistan
Karachi Sheraton Hotel and Towers held a dazzling Riverdance
performance by "Ceim Oir" recently as part of ArtFest 2000. Sheraton
organized this grand event in association with Intel Pakistan and Swiss Air and
Sternburg & Clarke in UK.
The core of Riverdance is in its huge whirling, thunderous,
hard shoe numbers, driven by surging reinvention of Irish dance music.
Riverdance was intended initially to be nothing more than a 7-minute
intermission for the Eurovision Song Contest in 1994. But even the small bit
seemed to be such a big hit that composer, Bill Whelan decided to build a whole
show around it. The result was Riverdance - the show which has since then taken
the whole world by storm.
The Japanese car assemblers have, once again, taken lead in
taking advantage of exchange crises which Pak rupee is facing against U.S.
dollar. This group of Japanese car assemblers has increasing the price of their
products from 4/5 times per year on the same pretext when the exchange rate of
the rupee was, quite stable. There are lot of commodities being manufactured or
assembled in the country with the imported raw material and components, but none
of those industries increased their prices so far.
As a result of the assemblers negative attitude, the price of
800cc to 1000cc cars has been increased 122% since 1994. Despite the steep price
increase, these car assemblers are using 12 valve engine in Toyota Corolla cars.
The technology of 12 valve engine was discarded back in 1988 and the rest of the
world. This technology has been replaced by 16 valve engine. Likewise, the
recently launched Suzuki Alto 1000cc car is also fitted Suzuki Potohar Jeep
engine, as a big quantity of Suzuki Potohar Jeep engines are being rusted in
assemblers yard due to their failure to achieve the targeted sale. It would be
interesting to note Suzuki Alto has never been manufactured beyond 800cc
The only way to change the tendency of the present local car
assemblers is to allow import of used for at least two years. If so done, the
surplus quantity off the cars would be available and that will force the
assemblers to bring down the price of their cars. On other hand, the government
would be able to generate around Rs. 19 billion worth revenue during this period
without spending even a signal cent against the import bill.
We hope that due notice would taken by the concerned
Ministries and departments in the interest of the nation.
— All Pakistan Motor Dealers Association
On September 30, 2000 Procter and Gamble launched its
detergent, New Ariel in a formal ceremony at Marriot Hotel. The ceremony was
included a number of demonstrations and representations from P&G's Product
Development Department. Effective proof of the performance of New Ariel was
given by washing old and faded shirt in a New Ariel and shown before the
Expressing his view the spokesman of P&G said that new
product was the result of the company's ongoing commitment for improving the
lives of Pakistani consumers. Since New Ariel has been proven to breathe new
life into clothes, P&G expects it to change the current washing habits of
the people of Pakistan using bar soap, he added.
Washing machine manufacturers from seven leading companies
attended the function to endorse the product. The representatives of National,
LG, Whirlpool, Samsung, Dawlance, Super Asia and Singer were there who
substantiated Ariel as yielding the best results in their washing machine.
An interesting section of the launch event was further
ensured by the presence of Fatima Bibi , reported in a cross section of the
press as one of the oldest living citizen of Pakistan. Fatima Bibi who came
wearing her time-worn garment, which came to its nearly original position after
washing in New Ariel.
Asia miles becomes first travel reward programme
Asia Miles has become the first Travel Reward Programme in
Asia to launch "iAuction", a mileage based Internet auction site. Asia
Miles iAuction allows members to bid their Asia Miles for exciting products such
as award flights, travel packages and events, online at the Asia Miles Website.
iAuction will offer members great discounts on award flights and the opportunity
to bid their Asia Miles for special offers.
Starting 3 October 2000, Asia Miles iAuctions will be held
every two weeks with each auction lasting between 4 and 7 days. Bidding online
is easy. Asia Miles members can view and bid for products at the iAuction site
in the members' area. Members are automatically notified via email if they were
outbid and they can go online to bid again. Winners are immediately notified of
their success via email once the auction closes. Visitors to the site can also
view the auction.
"Asia Miles iAuction broadens the scope of mileage
redemption and confirms our commitment to develop more exciting ways to reward
our members" says Ron Mathison, General Manager Cathay Pacific Loyalty
Members can bid to play at the Cathay Pacific Champions
Pro-Am Tennis Event to be held in Hong Kong on 29 October 2000. Also on auction
are Cathay Pacific Round Trip Award flights in Economy Class to Johannesburg
Sydney, Cairns and Karachi. Bidding started on 3 October 2000 and ends on 10
October with the minimum bid as low as 5,000 Asia Miles for some products. The
second auction will be held on 17 October 2000.
Asia Miles is Asia's leading Travel Reward Programme with 12
air partners and more than 40 non-air partners. Air partners include oneworld
alliance members Cathay Pacific, American Airlines, British Airways, Finnair,
Iberia, Qantas, Aer Lingus, LanChile, as well as Swissair and its partners,
Japan Airlines and Dragonair. The air partners fly to more than 850 destinations
Non-ail partners include financial services, hotels, car
hire, telecommunications and Interpret companies. Cathay Pacific Holidays is
also a partner of Asia Miles.