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
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
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
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
'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.