July 02 - 08, 2001
'Pakistan is one of the fastest growing markets in
the region' — DHL Director
DHL's Director South East Asia Area Mr. Bryan
Jamison speaking at a dinner organized by the company's Pakistan
office said, "Pakistan is one of the fastest growing markets in
the region for DHL over the last six months. At a time when there is a
global economic slowdown due to the technology sector, Pakistan has
shown remarkable resilience by showing an increase in business."
Area Director South Asia Indo China Malcolm Rees was also present on
The two directors regularly visit Pakistan to
review the performance and strategies of DHL local office here, as
well as evaluate areas where capacity building of the management is
required and interact with top clients in order to get feedback on
service being provided along with other related issues and apprise
them with the latest developments taking place in the Company.
Commenting on the growth of DHL in Pakistan Jamison
said, We are very optimistic about the growth potential in Pakistan
with the industry growing at around 15%. Our own growth as a Company
in this market is presently exceeding 20%.
While talking about exports from Pakistan Malcolm
Rees said, "The latest initiatives taken by the Export Promotion
Bureau (EPB) in increasing the exports shows that there is commitment
towards that end from the highest level. Furthermore as a testimony of
our faith in the potential of this market we have invested over US$ 2
million over the last 3 years in developing channels for direct
shipment of deliveries world over rather than simply forwarding them
to a HUB for onward movement.
DHL Worldwide Express is the world's leading air
express service company, linking more than 85,000 destinations in 228
countries and territories. Formed in 1969, DHL now carries more than
140 million shipments every year with its extensive fleet of over 260
aircraft and 17,000 delivery vehicles for over one million clients
worldwide. In the Asia-Pacific region, DHL currently serves 40
countries and territories, employs more than 17,000 people, and
operates over 3,400 offices and 4,000 transport vehicles.
Compaq and Intel agreement
Compaq Computer Corporation (NYSE: CPQ) and Intel
Corporation announced a multi-year agreement that accelerates
availability of next-generation enterprise servers based on the
Intel® ItaniumTM processor family. Compaq will transfer key
enterprise processor technology to Intel and consolidate its entire
64-bit server family on the Itanium architecture.
The companies will work together to expand
marketplace adoption of the Itanium processor family. Compaq will
build on that high-volume platform to provide its customers with
Today's technology and marketing agreement joins
Compaq's advanced systems engineering expertise and large installed
base with Intel's leading microprocessor design and world-class volume
manufacturing capabilities. Compaq will develop the broadest family of
server products — from supercomputers to web servers — that all
operate on a single microprocessor architecture, the Itanium
architecture. Compaq customers will benefit from the most advanced
system designs at the lowest possible cost with complete investment
53rd Annual General Meeting of MCB
The 53rd Annual General Meeting of the Muslim
Commercial Bank Limited was held at its Registered Office in
Islamabad, which was presided over by Mian Mohammad Mansha, approved
payment of a Cash Dividend of 7.5% and 20% Bonus Shares to Bank
Shareholders for the year 2000.
The Board of Directors' of the Muslim Commercial
Bank Limited at its meeting held at Lahore on May 29, 2001 had
recommended to the Annual General Meeting that in view of Operating
Profit of Rs. 2.48 billion for the year 2000, which was 58% higher
than Operating Profit of the year 1999, that 10% Interim Bonus, 10%
Final Bonus and 7.5% Cash Dividend be paid out to the shareholders.
Mian Mohammad Mansha, Chairman of MCB, in his
annual review remarked that despite country's economy demonstrating
mixed trends of sectoral economic growth, the Bank had come out with a
sound balance sheet for the year 2000, surpassing the performance in
many segements of its operations.
The deposits with MCB, a key indicator of public
trust in the bank's operation, stood at Rs. 136 billion registering an
increase of Rs. 6 billion over the past year, despite lower PLS rates
on deposits and limited opportunities to deploy funds in the banking
sector. The deposits also saw a drain from the banks in the second
half of the year 2000, resulting from the documentation drive of the
government. Another key indicator of bank's successful operations was
Advances which stood on December 31, 2000 at Rs. 90.9 billion, showing
an increase of 27% as compared to figure at the end of year 1999.
In its drive to recover defaulted loans, the bank
management recovered Rs. 1.97 billion compared to Rs. 1.2 billion in
1999, showing a handsome increase of 52.7% over the preceding year.
Muslim Commercial Bank Limited also honoured by the
World renowned Financial Magazine "Euronomey", with the
prestigious "Euromoney Award for Excellent 2000" and MCB was
declared as "Best Domestic bank in Pakistan".
The MCB Chief informed the meeting that MCB
Management had continued to emphasize on new products, which yielded
positive results. MCB continued to be the leader in Pakistan in the
sale of Rupee Travellers Cheques for the past decade. In the year 2000
the sale of RTCs recorded an unprecedented 55% increase over the year
1999. RTCs operations, he stated were now backed by a hgih-tech tele-verification
system ensuring improved risk management in over 900 MCB branches.
Another area of leadership of MCB have been its ATM
operations with over 80 ATMs located in 12 cities of Pakistan and 125
On Line branches, MCB is undoubtedly the industry leader in ATM
operations also. Similarly MCB-ATM Master Card in co-ordination with
Maestro and Cirrus networks, has become a global service.
yet another achievement of MCB in the Information
Technology advance, has been MCB ATM Switch — MNET. The LT. Group of
MCB has been able to create largest network for secured electronic
financial transactions in Pakistan. It is a matter of pride for MCB
that local branches of six reputed International banks were now
connected to the MCB network.
Mian Mansha disclosed, MCB had also formed an
Islamic Banking Unit, which was reviewing various Islamic product
options. He pointed out that MCB was investing heavily in acquisition,
training and development of its Human Resources for this purpose.
Besides two staff colleges in Karachi and Lahore, another staff
college is also being established at Islamabad. MCB, he added had a
policy of acquiring management trainees from reputable institutions,
besides exposure of employee to new and better Courses and Seminar to
improve their over-all skills.
Prompt attention is also being paid to make its
three Operating Wings i.e. Corporate, Investment Banking and
Commercial Banking Group, more efficient, to ensure prompt and secure
service to its customers.
The construction of the bank's Principal Office and
Pakistan's tallest building, the 27 story high MCB Towers was
progressing on schedule. Mian Mohammad Mansha hoped that as a result
of construction of this building all departments of MCB in Karachi
would be housed under one roof to ensure prompt disposal of various
Concluding, Mian Mansha hoped that MCB was now well
positioned to operate effectively in the changing economic scenario of
the country and the bank would continue to broaden its customer base,
harness the growth strength of MCB brand to expand the IT platform to
provide value based service to its customers.
Hubco's new CE takes charge
The newly appointed Chief Executive of Hub Power
Company Limited, Vincent R Harris has taken charge, replacing S
Khurshid Husain, Hubco announced last Tuesday.
Siddiqsons Denim Mills Ltd. gets accreditation from
LYCRA® ASSURED, a new global partnership initiative from Dupont.
Siddiqsons with state of the art technology, prevailing
infrastructure, necessary expertise and resources claims over 50% of
the total exports out of Pakistan to almost all of the five
Siddiqsons group has approximately 20 million
dollar export of Denim, Grey Fabric, Drill, Processed Fabric, Tents
— Tarpaulins and Tinplates. "Siddiqsons, the pioneers of Denim
in the region, are once again proud to be the trailblazers in
"stretch denim" using LYCRA and duly certified by
DUPONT," said Mr. Tariq Rafi, CEO of the group and added that the
group is committed to earn the much needed foreign exchange for the
country and to project the country's image by supplying quality
material to the world community.
The LYCRA® Accredited Mill Network is a key
component of LYCRA® ASSURED, which help mills, garment designers and
manufacturers, retailers, and ultimately consumers to get the full
benefit of the enhancement that LYCRA® brings to apparel.
The LYCRA® Accredited Mill network involves a new
level of technical and sales collaboration between DuPont and selected
mill partners. Key elements include: (1) Full DuPont technical support
to ensure consistently high manufacturing and quality control
standards for the production of fabrics enhanced with LYCRA®; and (2)
Self-certification of fabrics enhanced with LYCRA® and ready access
to be hang tags and other identity materials, enabling participating
mills to leverage the power of LYCRA® brand.
WAPDA raises Rs. 5.0 billion through bonds
WAPDA raised Rs. 5.0 billion for its Ghazi Brotha
Project through floatation of 9th Issue of its bonds. The signing
ceremony for floatation of bonds on 29th June was also attended by
Senior Executive of Habib Bank, United Bank, National Bank, Bank of
Punjab and First Women Bank, First Credit and Discount Corporation (FCDC)
and ABN Amro Bank.
Mr. Javed Nizam, General Manager Finance, signed
the agreements on behalf of WAPDA.
WAPDA had appointed First Credit and Discount
Corporation (FCDC) and ABN Amro Bank to act as structuring advisors of
the issue. FCDC, ABN Amro Bank, Habib Bank, United Bank and National
Bank of Pakistan acted as co-arrangers. FCDC has been appointed as
Trustee of the issue on behalf of the investors.
In less than a year it was second successful
floatation of bonds by WAPDA. The 8th bonds issue of Rs. 6.6 billion
was floated and subscribed in September last. It is for the first time
that all major banks in Pakistan actively participated in a bond issue
by a major public sector institution.
Another amount of Rs 1.0 billion is to by raised
under the 9th bond issue after June, 2001, which has been kept for
subscription by the non-banking institutions, employees funds, trusts,
insurance companies and other organizations looking for viable
Mr. Imran Malik, MD, FCDC felt this floatation of
bonds will add to availability of term debt securities which the
market longed. He was of the opinion that with this, other issuers
will be motivated to bring similar bond/TFC issues for financing long
term industrial and infrastructure projects.
The trust reposed in WAPDA by major financial
institutions is reflective of its continuing progress and financial
Mr. Javed Nizam informed that with floatation of
9th bond issue WAPDA has raised a total amount of Rs. 37.0 billion
through its various bonds issues. It has been servicing all the bonds
issues in accordance with their repayment schedules without default or
delay, he added.
Two book launchings on July 3 at Press Club
Urdu journalist and short story writer Maqsood
Elahi Sheikh's new novelette "Sheesha toot jaega" will be
launched along with his compilation "Makhzan" at the Press
Club on Tuesday, 03 July, 2001. at 06 p.m. The Vice Chancellor
University of Karachi. Dr. Zafar Saeed Saifi will launch the "Makhzan".
It is a collection of 36 stories of Urdu writers based in the United
Kingdom, together with reviews by 12 noted Pakistani critics.
M. E. Sheikh's novelette will be launched by the
noted novelist Shaukat Siddiqui. Hassan Abadi of the literary
committee, Press Club will conduct the proceedings and Meraj Jami will
issue both the books for press reviews.
Masood Hashmi honoured with Leadership Award
Peter Hamilton, Executive Vice President -
Worldwide & Regional Director Asia Pacific presented "The
Harrison K. McCann Leadership Award" to Mr. S. Masood Hashmi,
Deputy Managing Director, Orient McCann-Erickson, Pakistan.
The Harrison K. McCann Leadership Award is the
highest award conferred on any individual by McCann Erickson Worldwide
in recognition of outstanding contribution to the advertising
profession. The citation read out at an impressive ceremony, in
Shanghai, China, highlighted Mr. Masood Hashmi's dynamic contribution
to the field of advertising in Pakistan and in this region.
The Award conferred on Mr. S. Masood Hashmi has
earned Pakistan a place of distinction in the world community of
advertising. Orient McCann-Erickson is Pakistan's largest advertising
agency, servicing the country's premium national and multinational