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May 07 - 13, 2001

Short stories of Maqsood Ellahi Sheikh

A seminar on the importance of translating Urdu literature into English was held in Manchester on April 22, 2001. Critic Ghulam Qadir Azad presided. Maqsood Ellahi Sheikh, chief guest was presented with the pre-publication manuscript of his eight short stories in English translated by Akhtar Hussain, the English author of "The Four Tribes of Nottingham" The title of the collection of Maqsood Ellahi Sheikh's stories is "Leaves in a Storm". It will be published in autumn this year, sponsored by North West Arts Board Manchester. Maqsood Ellahi Sheikh will be visiting Pakistan early in the May.

'Pak-Americans can remit $75m monthly'

Pakistanis in northern America can transfer almost an amount of 7.5 million US dollars to Pakistan every month if Pakistani banks give permission to run a company for this purpose.

This was claimed by Chairman Pakistan American Business Association (PABA) Mohammad Siddique Sheikh, while addressing a ceremony organized by the Council of Pakistan Affairs (CPA) in his honour at a local hotel.

He said that Virginia state of USA has given licence to Northern American Money Transfer Incorporation (NAMTI) owned by him, for transferring dollars to Pakistan to facilitate the American Pakistanis. He, however, added that the Pakistani banks have refused to open account of the company for this purpose.

The PARA chief said that the company can provide fast and secure financial transaction, with Virginia state being its guarantor.

Khawaja Amjad Saeed honoured

In recognition of Khawaja Amjad Saeed's contributions in the field of accounting profession worldwide as a member of the Council 1997-2000, President and Chief Executive of International Federation of Accountants presented the Scroll as evidence of appreciation.

JCR-VIS Assigns Initial Medium to Long Term Rating of B-2 (B-Two) to Modaraba Al-Mali

JCR-VIS has assigned Initial Medium to Long Term Entity Rating of B-2 (B-Two) to Modaraba Al-Mali for FY 2000. The outlook of the rating is stable.

The rating reflects the historical financial performance of the Modaraba, with a history of operations dating back to 1987, and the Modaraba's ability to face many ups and downs in the economy.

Considering the economic environment in recent years and the dearth of quality clients, it was observed that the management followed a prudent strategy of client selection and cautious expansion. Hence a low infection in exposure is observed, which is also reflected in the stable cash flow from operations. There have also been continued efforts for recovery of past dues from the existing problem clients, for which adequate provision is in place. However, JCR-VIS believes that significant success in this regard is yet to be achieved.

Further, the Modaraba is planning on increasing its financial leverage in anticipation of prospective growth; nonetheless JCR-VIS intends to closely monitor the effective utilization of such additional funds.

Conti Lines Announces new (export) Shipping Services to East Africa

General Shipping Agencies (Pvt) Ltd held a dinner to welcome Mr. Ulrich Spenke Senior Line Manager of Conti Lines, Antwerp, Belgium. The occasion was also used to announce a new breakbulk liner service to East Africa (Mombassa, Dar es Salaam and Mozambique). Conti Lines is no stranger to Pakistan since it has been operating a regular liner service from Antwerp to Karachi since 1976. The new service is targeted at rice exporters who will no longer have to work only full shiploads or search for tramp ship positions. Thus, parcels of 3-5000 tonnes will be executable promptly instead of having to be delayed for want of balance cargo. Thus this service will boost the export performance of the country. It will be in addition to the West Africa service initiated by Conti Lines in September, 2000. Present on the occasion were Mr. Anver Rajpar, Mr. Mohammed Rajpar, Directors of General Shipping Agencies (Pvt) Ltd and Mr. Shahid Garib, Faisal Garib, and Mr. Fawad Garib of Garibsons, Mr. Shahid Tawawala of Meskay & Femtee (Pvt) Ltd, Mohammed Hussain Khandwala of Al-Asad Rice Mills, Mr. Ayub Hameed and Mr. Glen A. Bayat of Anza Grain, Mr. Zulfikar Thaver of SZT Corporation and Sheikh Arshad Mehmood of ASK Traders.

'Qarshi Vision 2005' unveils ambitious growth plans

Qarshi Industries, manufacturers of Qarshi Jam-e-Shirin, Johar Joshanda and Syrups, Farm Products, Herbal Medicines and Natural Products, recently launched 'Qarshi Vision 2005' at a Workshop held in Hattar.

Under "Qarshi Vision 2005' the company will set up a Quality Assurance Lab. to augment its plans for export of herbal products.

Qarshi Industries has also attained ISO-9001 and ISO-14001 Certifications. It is the first and the only company in Pakistan so far to have attained both certifications simultaneously.

The Quality Assurance Lab will be the first of its kind in Pakistan and will ensure that products manufactured by Qarshi Industries are of a consistently high standard and conform to the requirements of European and US markets.

According to Mr. Iqbal Qarshi, Chief Executive, Qarshi Industries, Pakistan is rich in herbs and plants and an enormous market exists for its value-added herbal and natural products in Europe and the USA, provided these meet the demanding precision standards for medicinal products. Qarshi's Quality Assurance Lab will ensure that its products fully conform to these standards.

'Qarshi Vision 2005' plans also include human resource training, expansion in production facilities and creation of new jobs. The company's production space has already been extended by 100% while manufacturing capacity will go up by 300% in the next three years. Some 1,599 additional jobs are also expected to be created by 2005.

The Qarshi Foundation, which is active in the health and education sectors, is at present running a high school and free Tibbi dispensary in Murdike, near Lahore. It plans to expand this to a network of five more high schools and 200 Tibbi dispensaries all over Pakistan by 2005.

MCB and Hong Kong & Shanghai Banking Corp., Ltd., (HSBC) sign M.O.U

Muslim Commercial Bank Ltd., & Hong Kong & Shanghai Banking Corporation Ltd., signed a Memorandum of Understanding (MOU) creating a mutually beneficial alliance which will enable customers of HSBC to use ATM facilities offered by MCB in 12 major Cities of the Country. MOU signed at MCB Principal Office, Karachi.