Feb 14, 2000
INTEL ACQUIRES THINKIT TECHNOLOGIES, INC.
Intel Corporation announced it has entered into a definitive agreement
to acquire privately held Thinkit Technologies, Inc. The agreement includes the
acquisition of Software & Silicon Systems Pvt., Ltd., Thinkit's wholly owned
subsidiary based in Bangalore, India.
The Thinkit acquisition adds to Intel's design capabilities for
advanced communications silicon on a worldwide basis. The purchase also marks the 11th
networking and communications related acquisition announced by Intel since January 1999.
Terms of the all-cash transaction were not disclosed.
Thinkit Technologies specializes in advanced design for chips used in
networking and communications products such as switches and routers. The Bangalore-based
Software & Silicon Systems group currently designs communications silicon for Intel's
Level One Communications subsidiary. When the acquisition is completed, Intel will operate
communications chip design facilities at more than a dozen sites worldwide.
The purchase complements Intel's efforts to provide advanced silicon
components for networking and communications applications. In September, the company
announced the Intel(R) Internet ExchangeTM (IX) architecture, a comprehensive
"blueprint" for building next generation networking equipment. The Intel IX
architecture uses programmable silicon to allow new functions and features to be added to
networking equipment quickly and cost effectively.
"The acquisition of Thinkit further expands the worldwide reach of
Intel's silicon design capabilities for networking and communications," said Mark
Christensen, vice president and general manager, Intel Network Communications Group.
"Adding this new silicon design expertise provides Intel with additional resources
for advancing the Intel Internet Exchange architecture. This, in turn, will help enable
networking and communications systems companies to build faster, more intelligent
"Chips for networking and communication infrastructure are pushing
the edge of silicon technology and tools," said Sridhar Mathani, Thinkit Technologies
president and managing director of the Software & Silicon Systems subsidiary.
"Our expertise in designing multimillion gate communication chips coupled with
Intel's market segment focus will speed time-to-market and provide Intel's customers with
high performance, cost effective and adaptable solutions."
Intel has had a sales and marketing office in Bangalore, India since
1998 and also operates additional offices in Chennai, Mumbai and New Delhi. In addition,
Intel set up a Development Center in Bangalore in November 1999.
" Intel's decision to invest in a Development center in Bangalore
coupled with the acquisition announcement of Thinkit Technologies, is yet another sign of
Intel's commitment to India," said Avtar Saini, Intel's co-director for South Asia
and director of Intel's Development Center in India.
Upon completion of the acquisition, Thinkit will become a wholly owned
subsidiary of Intel, reporting within Intel's Network Communications Group.
Intel, the world's largest chip maker, is also a leading manufacturer
of computer, networking and communications products. Additional information is available
at www.intel .com/pressroom.
Commercial delivery record is official
Orders roll in at year's end
Boeing Commercial Airplanes Group successfully completed its 1999
production plan by delivering its 620th and final jetliner for 1999, setting a record for
commercial jet deliveries in a single year.
Boeing also closed out the year by confirming commercial airplane
orders from four airlines
The milestone 620th jetliner was among four 717s delivered from the
Long Beach, Calif., facility. The delivery record is all the more remarkable since Boeing
also has significantly improved its jetliner production process. All measures Boeing uses
to gauge its production health are at or below the ambitious targets set at the beginning
Commercial Airplanes is on track to achieve further production
improvements in 2000, when it will deliver about 480 jetliners to customers worldwide
50 percent more than the nearest competitor.
Boeing also confirmed orders from four airlines at the end of last
month. Orders were placed by Alaska Airlines for two Next-Generation 737-700s. and by Air
Berlin for Next-Generation 737-800s Singapore Airlines exercised options for 10777-200ERs.
These orders are new and not accounted for in order totals published on Dec. 15.
Existing orders by previously unidentified customers were announced
from Hapag-Lloyd Flug for two Next-Generation 737-800s and eight additional aircraft for
Alaska Airlines. These orders bring the number of orders for 1999 to 386 jets.
Seminar on ISO-9000 and TQM at Isra University.
The Management Science Department (Business Administration) of Isra
University, Hyderabad, organized a seminar on Total Quality Management and ISO 9000 on
January 25th 2000 in the Auditorium Hall. Mr. Mohsin Nishat, Quality Manager, Indus Dyeing
& Mfg. Co. Ltd. Hyderabad was the guest speaker at this occasion. Teachers and the
students of the Management Sciences Department participated in the seminar in a large
number and listened to the lecture with great interest and enthusiasm. A question answer
session was also conducted at the end of the lecture.
Dr. Amanat Ali Jalbani, Chairman of the Department, delivered the
opening speech and said that seminars will continue to be held regularly in the
university. Speaking on the topic, he said that as competition has intensified, companies
are facing difficulties in marketing their products. He added that quality in the eyes of
the beholders. It does not depend on price. However uniformity in standards is very
important for this purpose, ISO came into existence.
The guest speaker gave an exhaustive lecture, explaining the function
of TQM and ISO 9000. He said that more than 2000 companies have so far got the
certification in India, against this, only 200 companies have been able to get the
certification in Pakistan. In this connection the Government of Pakistan should help the
companies if they want to increase the exports. Otherwise, although having resources, we
won't be able to compete in the world.
The Vice Chancellor of the University Dr. Asadullah Kazi appreciated
the seminar and said that as these seminars are very useful for the youth of the nation in
general and university students in particular, they should be regularly held.
In the end, the Chairman Dr. Jalbani thanked the guest speaker and the
audience and announced that the next seminar would be held in February on Project
Abdullah Rafi, Chairman SITE Association of Industry has called upon
the Federal Minister for Commerce & Industry, Mr. Abdul Razzak Dawood, to hold a
detailed meeting with the Karachi Industrialists representing SITE, Korangi, Federal 'B'
Area, and North Karachi before finalizing the Industrial Policy. In a press statement,
Abdullah Rafi said that it is high time the Federal Minister discarded the list prepared
by Export Promotion Bureau and should directly contact industrialists who really matter
and who are true representatives of industry.
Abdullah Raif said that Karachi provides 72% of the total national
revenue while just SITE alone contributes 30% of the coffers of the government. It is
regrettable that neither the Finance Minister nor the Commerce Minister are willing to
take feedback and output from the Karachi industrialists.
Abdullah Rafi invited Federal Minister to come to SITE and meet
Karachi's industrialists so that they can benefit from the presentations made by
representatives of Karachi's industrial base. Only then a pragmatic and workable
industrial policy will be attainable.
Pacra notifies entity ratings for orix leasing
The Pakistan Credit Rating Agency (PACRA) has assigned a long-term
rating of AA-(Double A minus) and a short term rating of A1+ (A one plus) to Orix Leasing
Pakistan Limited (OLP). The ratings represent the highest rating in the leasing sector.
The assigned ratings denote both a very low expectation of credit risk as well as a very
strong capacity to service financial obligations on a timely basis. The ratings are
applicable to the senior unsecured creditors of the company.
While assigning the rating, PACRA has recognised OLP's success in
maintaining its outstanding performance and asset quality in comparison to the sector
despite an adverse operating environment. This has been possible because of the well
organised management systems as well as effective credit evaluation and marketing. OLP's
target segment (small and micro leasing) and business strategy allows it to remain
insulated from the risk of client or sectoral concentration. OLP has gradually expanded
its operating lease portfolio and is well positioned to avail the growth opportunities in
this specialised line of leasing. The company's strategy of diversification by way of
investing in foreign ventures which offer promising returns has helped in providing an
additional and sustainable source of revenue generation.
PACRA Notifies Entity and TFC Ratings for NDLC
The Pakistan Credit Rating Agency (PACRA) has assigned a long-term
rating of A (Single A) and a short term rating of A1 (A one) to National Development
Leasing Corporation Limited (NDLC). The assigned ratings denote a low expectation of
credit risk emanating from the company's strong capacity to service its obligations on a
timely basis. These ratings are applicable to the senior unsecured creditors of the
company. The secured TFC of Rs. 500 mln issued in November 1999 has been assigned a rating
of A+ (A plus).
The management's aggressive recovery drive augmented by across the
board pressure against defaulters initiated by the new government enabled NDLC to make
substantial recoveries from some of its chronic defaulters. There has also been an
improvement in NDLC's performance indicators. The positive trends in performance and asset
quality are expected to continue as long as the management's strategies remain on track.
While the prevailing operating environment may continue to constrain the extent of this
improvement, the company is better positioned to benefit from any positive trends in the
operating environment by optimally deploying additional funds generated from the TFC
Guest Speaker on PTCL Fault Management System at IBA
The BITS Club & Center for Computer Studies, IBA Karachi in keeping
with its tradition of continuous interaction with the business world has started a series
of guest speaker and Experience Sharing sessions. In these sessions renowned experts and
business leaders would be invited to share their experiences and bridge the gap between
the theoretical and practical aspect of today's fast changing business scenario.
One of these Experience Sharing session was held at IBA on January 31,
conducted by Mr. Syed Owais Ali Shah, of Future Technologies (PVT) Ltd., a highly
reputed software house. The topic of his presentation was "Design and Implementation
of Pakistan Telecommunication Limited (PTCL)'s Fault Management System". His company,
Future Technologies (PVT) Ltd., is currently developing this system for PTCL.
Mr. Owais in his presentation highlighted the challenges of Software
Project Management particularly in the case of government corporations. He discussed some
of the hindrances that are faced by IT companies and professionals in managing a
computerization project in the government sectors. Some of these difficulties are low
computer literacy, employees' resistance, level of bureaucracy, slow procedures and lack
of motivation. Mr. Owais also outlined some steps that his organization has taken to deal
with the above-mentioned problems. Mr. Owais also elaborated upon the real world issues of
successful project management including definition the project scope, division of larger
project into small manageable modules, selection of design methodology, step by step
implementation plan, user training and software design tools etc.
Talking about the PTCL Fault Management System, Mr. Owais said that the
idea of this system was conceived in 1993 and this project was assigned to Unisys and
Digital Equipment of USA but unfortunately the working remained on paper only. In 1996,
Future Technologies proposed a solution and initial model of the new system which was
approved by PTCL.
The main objectives of this project were to increase the efficiencies
of lineman and supervisors and also to make the customers satisfied. The project was
completed in 3 phases whereby the new system was implemented at Karachi, Hyderabad and
Mirpurkhas, this not only computerized their exchanges but also helped the establishment
of a complete network for PTCL and authenticated Data Collection and Verification.
The tools used by for new system includes MS SQL server as back end
Relational Database while Visual C++ and Visual Basic were used as a front-end application
which also supported Active-X control for future expansion of the network on the Internet
The Operating System used in the project was windows NT for being a 32 bit GUI based
Network Operating System and strong security features, which matches with the Pentagon and
NASA standard security provision, was used in these systems which was centralized but
distributed to have consistent data across network.
In the end Dr. Syed Irfan Hyder, Deputy Director Center for Computer
Studies, IBA concluded the presentation by highlighting some of the important points set
forward by Mr. Owais presentation and stressed the students to learn the practical issues
involved in the managing a real world software project.
To conclude the session Syed Saad Hussain, Vice President of Business
and Information Technology Students (BITS) Club delivered the vote of thank. Sardar Umer
Alam, Seminar Coordinator BITS Club, organized the event.
VISIT OF IDB's DELEGATION TO PAK-LIBYA
A delegation of the Islamic Development Bank visited Pak-Libya Holding
Company (Pvt.) Limited on February 07, 2000 to discuss the Company's request for availing
IDB's Export Financing Credit Line for enhancing trade between Pakistan and Libya. The
mission comprised of their Dy. Director, Mr. Salih A. Bin Jamiaan and the Country Trade
Operation Offficer for Pakistan, Mr. Moinuddin.
Managing Director, Pak-Libya, Mr. Zaigham Mahmood Rizvi and Dy.
Managing Director, Mr. Ramadan A. Haggiagi welcomed the delegation, and briefed them about
the overall operations of the Company. The delegation was apprised that besides Project
Financing, which is the core business of Pak-Libya, the Company's other major areas of
operations included Investment Banking and Merchant Banking. The Company is also playing a
vibrant role in the development of the Money Market by way of money market and treasury
operations. Pak-Libya is the only financial institution which has taken a proactive role
and initiative in promotion of IT Sector and has sponsored an IT Company. Pak-Libya enjoys
a good credit rating which stands at "A+" for Long Temm and uD1" for Short
Term Investments. The Company is also in the process of securing ISO Certification. In
addition, Pak-Libya has also been actively involved in promotion of trade between Pakistan
and Libya. Prior to imposition of sanctions on Libya by the U.N., PakLibya has been
exporting different commodities to them. As the sanctions have now been lifted, Pak-Libya
is once again reactivating its Trading Cell to promote trade between the two countries.
The trading operations are being promoted and executed through Union International (Pvt.)
Limited, a trading afffiliate of Pak-Libya. The Union International (Pvt.) Limited is
registered with imporUExport Board of Libya. Pak-Libya has, therefore, approached the IDB
for their Export Finance Credit Line, availability of which will be an additional
promotional tool to enhance the trade among the Islamic countries in general and with
Libya in particular.
Mr. Salih took keen interest in the operational activities of
Pak-Libya, and appreciated its efforts to enhance Trade between the brotherly Muslim
countries. He assured his cooperation in considering Pak-Libya's request for the Export
Finance Credit Line.
Overseas Pakistanis positive for UBL's TezRaftaar
UBL's new home remittance service, "TezRaftaar" has had a
very positive response from overseas Pakistanis since its launch on the 11th December.
The service was introduced keeping in mind the needs of consumers for a
speedy and easy way through which they can send money home to their dear and near ones.
Another objective was to help the country mobilize foreign exchange through banking/legal
channels and discourage the "Hundi" system.
The popularity of the product is due to the unique features it offers,
like being free of cost and the remittance being delivered at the doorstep of the
beneficiaries within 24 hours by a reliable courier. The service is open to all
Pakistanis, whether they are UBL account holders or not. The TezRaftaar service is
available at all UBL branches in UAE, Bahrain, Oman, Muscat, Qatar, Yemen, UK and USA.
The performance of this new product is over and the expected target.
There has been a 390% increase in the number of transactions processed till now as
compared to those processed in the same time period last year. In terms of value the
increase has been 350%.
The bank has been very successful with almost all of the new products
it has introduced since the turnaround started in 1998. The new management of UBL has
implemented various progressive policies and schemes, which has made the bank one of the
most progressive financial institutions in the country. There is no doubt that the bank
will achieve its objectives in a matter of time earlier than expected.
Saudi Pak Financing UP by 228 percent in 1999
The Board of Directors of Saudi Pak Industrial and Agricultural
Investment Company (Pvt) Limited met on February 09, 1999 under the Chairmanship of Dr.
Abdullah T. Al-Thenayan, who is also Director General of Arab Company for Livestock
Development, Kingdom of Saudi Arabia.
The Board approved a total financing of Rs. 230 million of four
companies. The financing comprises of Rs. 80 million for three projects in manufacturing
sector and Rs. 150 million for one project in energy sector. The financing will facilitate
expansion of existing production facilities and creation of additional capacity.
The Board also reviewed the operational performance and audited
accounts of the company for the year ended December 31, 1999 and expressed its
satisfaction on the results achieved in 1999. Saudi Pak approved long-term financing and
investment facilities of Rs. 918 million up by 228 percent from Rs. 280 million in 1998.
Disbursement of long-term financing increased to Rs. 578 million from Rs. 470 million
during the same period. Recoveries from long-term financing touched record level of Rs.
612 million, up from Rs. 493 million in 1998. Current dues collection ratio stood at 93.10
percent in 1999 as against 92.7 percent in 1998, which shows growing strength of Saudi
Since inception. Saudi Pak has approved financing by way of direct
equity investment and term finance to 208 companies for an aggregate amount of Rs. 5,535
million. In addition, the facilities of underwriting of public issue of shares and
guarantees have also been provided for a total amount of Rs. 1,549 million.
The Board also approved the audited accounts for the year ended
December 31, 1999 and expressed satisfaction on the financial and operational results.
Saudi Pak, a joint venture of Kingdom of Saudi Arabia and Islamic
Republic of Pakistan, is playing an important role in promoting brotherly relations
between the people of Pakistan and Saudi Arabia. It is committed to accelerate industrial
development in Pakistan by providing term loans and investment facilities to medium and
long term projects sponsored by private sector. Saudi Pak's financing is distributed
overall the key economic sector and the projects financed are located throughout the
country. The paid-up capital of the company is Rupees two billion held in equal proportion
by the Government of Kingdom of Saudi Arabia and the Government of Pakistan.
The Board expressed satisfaction over the role performed by Saudi Pak
in promoting growth of industrial sector in Pakistan.