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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 Audit.

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% respectively.


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 customers."

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 management.

"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 transactions."

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 performance.

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) products.

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 Union.

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.

Automobile prices?

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 capacity.

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

New Ariel

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 audience.

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 Programmes.

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 worldwide.

Non-ail partners include financial services, hotels, car hire, telecommunications and Interpret companies. Cathay Pacific Holidays is also a partner of Asia Miles.