July 23 - 29, 2001
Small investors' society
Small investors have recently formed "Small
Investors' Society- sis" under leadership of Taymur Ali to
redress their problems in share & other investment markets.
"SIS" is a social, welfare and non
government organisation (ngo) working in the field of
Prime object of this society is to protect
interests of small investors/shareholders dealing in futures
commodities, currency, bullion, real estate and share markets. As well
as protection of interest of account/saving certificate holders of
banks, dfi & national saving organisation.
We are sure, you will share our opinion that at
present entire investment culture particularly corporate culture is
changed into corruption culture inflicting heavy losses to small
Flnancial mafia working in corporate sector has
robbed many small investors with the help of false and fabricated
prospectus / financial reports, misleading and money making
advertisements, speculation and manipulation, share subscription /
right share issues at premium and misappropriation of companies'
funds, and approval of accounts in annual general body meetings by
fake shareholders. You will agree with us that loopholes in laws,
loose management / administration, lack of public awareness and
corruption have contributed much to the misery of millions dealing in
share / investment business on global level.
This fact to be underlined that individual protest,
hue & cry in the shape of letters to the editor or letters to the
authorities concerned against serious financial frauds/irregularities
have done nothing in redressing of investors' problems. We believe in
protection & promotion of our interests through joint struggles
Many of us have now realised that it is need of
time to make joint efforts in the shape of powerful pressure lobby
against white collar crimes to save what is in hand and to recover
what is lost. For above purpose, we all should work hard for awakening
of public through seminars, conferences and workshops. Also to seek
relief through joint representation to the authorities concerned in
case of need, please contact us on following address & phone no:
Taymur Ali, (General Secretary) Small Investors'
Society, 93/10, Drigh Road, Cantt Bazar, Karachi No. 8 Mobile phone #:
Slum School Children Enjoy a Colorful Day at the
Karachi Sheraton Hotel & Towers recently
invited students of Garage School to a fun afternoon at the hotel. To
officially inaugurate the renovation of the 8th floor the children had
been given barrels of paints and asked to let loose the artist within
and recreate their wildest imagination on the Sheraton walls.
"Karachi Sheraton through these small projects
strives hard to contribute its share for the future prosperity of the
community " says the General Manager of Karachi Sheraton Hotel
& Towers, Mr. Thomas van Opstal. "Children deserve the best
when it comes to education, quality of life and good fun, and Sheraton
being a socially responsible organization, does its bit as much as we
Good Second Quarter for Reckitt Benckiser
Reckitt Benckiser announced the progress of their
global business in the second quarter and first half of 2001.
Commenting on the position, Bart Becht, Chief
Executive Reckitt Benckiser said:
"Q2 was a good quarter for Reckitt Benckiser
across ail categories and geographies. The Company's growth strategy,
the success of many of its new product launches, the increased
investment in its brands and better in-market execution are all
contributing to the good growth. Results in the first half were
expected to be ahead of the full year target growth rates but the
strength of our performance so far means that we are somewhat ahead of
where we expected to be. We will therefore revisit the full year
targets at the time of the half-year results in August."
The second quarter saw further strong underlying
growth with net revenue growth from continuing operations expected to
be in the range of 5% to 6% at constant exchange (2000 base £785m).
Total reported net revenue growth for the quarter
also includes the first contribution from two recent acquisitions,
which are performing in line with expectations, as well as the effect
of previous disposals treated asdiscontinued businesses. The effect of
these combined is to increase net revenue growth by less than 1%.
Exchange rates on translation of overseas results into sterling will
add over 2% to reported growth.
As a result, total reported net revenue growth for
total operations at actual exchange is expected to be in the range of
8% to 9% for the quarter on the base of £807m reported in 2000.
Profitability continues to benefit from this strong
top line growth and delivery of merger savings, offset by higher
marketing investment. Consequently the Company looks for Q2 normalized
net income growth to be around 18% for the total company at actual
rates (2000 base of £71m), and comfortably above the target rate for
the full year of 18% on a continuing operations basis at constant
This will bring net revenue growth from continuing
operations for the first half of the year to a range of 6% to 7% at
Total reported net revenue growth for the half-year
is expected to be around 9% on a base of £1,555m reported in 2000.
This includes the effect of the new acquisitions offset by the
discontinued businesses which combined reduce the rate of growth by
less than 1% while exchange will increase the reported growth rate by
Normalized net income growth in the first half is
expected to be above 20% for the total company at actual rates (2000
base of £116m) and comfortably above the target rate for the full
year of l8% on a continuing operations basis at constant exchange.
"Adoption of a Riba Free system in line with
the experiences of Islamic Countries" Hafeez Shaikh
The experiences of other Islamic countries should
become the benchmark in introducing a Riba-Free system in Pakistan.
"This would ensure an effective and pure Riba-Free system in
letter and spirit." This was stated by Dr. Abdul Hafeez Shaikh
Finance Minister, Government of Sindh, while inaugurating a seminar
"Interest Free Banking" organized by the Hamdard Institute
of Management Sciences in Karachi recently." Riba-Free system
should not be adopted in isolation, as changes were needed in laws and
assurance of good governance, transparency etc." He further
The seminar, attended by eminent scholars and
bankers stressed upon the need for quick implementation of Riba-Free
system while emphasizing that many factors must be considered before
embarking on this change.
Dr. Tariq Hasan, Advisor to the Finance
Minister and Member Task Force, Ministry of Finance traced in detail
the introduction of this system in Pakistan and suggested more
Dr. Malik Ghulam Murtaza, an eminent Islamic
scholar criticized IMF and the forces opposed to this system." I
am happy to learn that a leading nationalized commercial bank UBL is
poised to introduce Modaraba, Mutual Funds and other Islamic products.
This would be a positive step in the right direction."
Dr. Ashraf Janjua suggested that factors
including inflation must be duly taken care of.
Others who spoke on the occasion included Dr.
Arshad Zaman, Former Chief Economist & Special Planning Secretary
Government of Pakistan, Mr. Zaigham Mahmood Rizvi, Managing Director
Pak-Kuwait Investment Company, Syed Iradat Hussain, Founder Chairman
Modaraba Association of Pakistan ND FORMER President MCB; Mr. Shahid
Jamil, International Consultant and Member of International Board of
Governors of the Institute of Islamic Banking & Insurance London;
Dr. Ahsan H. Khan, Divisional Head Islamic Banking UBL; Mr. Sultan
Ahmed Senior Columnist and Mr. Mohammed Hussain.
Askari MasterCard signs up with Avari Hotels
Askari MasterCard has signed a memorandum of
understanding (MOU) with Avari Hotels under which generous discounts
are being offered to Askari MasterCard holders at Avari Hotels in
Pakistan and abroad.
This MOU was signed in Karachi on Saturday, July
14, 2001, by Mr. Kalim-ur-Rahman, President and Chief Executive
Officer, Askari Commercial Bank Limited and Mr. Byram D. Avari,
Chairman, Avari Hotels Ltd.
Under the deal Askari MasterCard holders shall be
entitled to the privilege of a 50% discount on room rack rates at all
Avari Towers Hotels in Pakistan (Karachi, Lahore), Avari Dubai and
In addition to these hefty discounts on room rates,
Askari MasterCard holders will have the advantage of 15% discounts at
restaurants, health clubs, business centers, laundry and car rentals
at all these leading hotels.
Avari Hotels are designed for business travellers
and conference / interactive group organizers whose discerning tastes
demand luxury accommodation, higher levels of personal service and
extensive food and beverage choices.
Askari MasterCard is well known for a host of
benefits and services that it offers to its members to enhance their
lifestyle. The lucrative benefits it has now made available under the
deal with Avari makes a valuable addition to its growing list of card
After all, as they say, there are some things money
can't buy. For everything else, there's MasterCard.
"Analysis of the Federal Budget 2001-2002 and
its impact on investment"
The Pakistan German Business Forum (PGBF) recently
organised a seminar in Karachi to keep its members updated on the
latest financial issues, especially after the federal budget.
Governor State Bank of Pakistan Dr. Ishrat Hussain
was the chief guest, Mr. Razak H. M. Bengali, President of PGBF,
presented welcome address and high-lighted the efforts to promote
trade between Pakistan and Germany.
Dr. Ishrat Hussain explained in detail the
financial policies of the government, especially its efforts to reduce
the debt burden and to revive the national economy. He also answered
questions put by the members on financial issues.
The PGBF often organises seminars and workshops
related to trade and industry for the benefit of its members and to
keep them abreast of the changes taking place in the financial sector
The seminar was also attended by Mr. Mohammed A.
Rajpar, President and Mr. Mehelli B. Dinshaw, Secretary General of
Pakistan Belgium Business Forum (PBBF).
Old Mutual to acquire commercial union's operations
Old Mutual plc, the London — listed financial
services company, acting through subsidiaries (OML), has entered into
an agreement with CGU International Insurance plc (CGU), a subsidiary
of CGNU plc, to acquire all its existing business in Pakistan. The
acquisition is conditional upon the receipt of regulatory approvals
CGU owns 51% share in Commercial Union Life
Assurance Company (Pakistan) Limited (CULAP), a company listed on the
Karachi Stock Exchange. It is one of two foreign companies in Pakistan
offering Group and Individual life products through a network of
branches and unit offices throughout the country. Commercial Union's
general insurance operations are carried out through a branch of CGU.
It offers all classes of general insurance business through sub
branches in the major cities of Pakistan. It is one of four foreign
branches operating in Pakistan.
The transaction will be effected by the transfer of
CGU's 51% stake in the life company to OML and separately, the
incorporation of a public company in Pakistan, with OML as its
principal shareholder, which will take over the assets and liabilities
of CGU's general branch operations. OML expects to maintain the
current management structures.
The Bank of Tokyo-Mitsubishi, Ltd.
Rates of return on pls deposits for the half year
ended January-June, 2001.
Special notice deposits
7 to 29 days notice
30 days and over notice
Profit Plus Account
Corporate investment A/C.
From Rs. 50,000,000 to Rs.
From 01-01-2001 to 11-03-2001
From 12-03-2001 to 30-06-2001
From Rs. 400,000,001 and above
From 01-01-2001 to 30-06-2001
From 01-01-2001 to 30-06-2001
STATE LIFE ALLOCATES BONUSES OF 9.2 BILLION
RUPEES FOR POLICYHOLDERS
"State Life Insurance Corporation of Pakistan
has announced an allocation of huge amount of 9.2 billion Rupees
towards Bonuses on with profit policies for its valued policyholders
based on the actuarial valuation of 2000 that has been approved by the
Board of Directors." This was stated by Mr. Samee-ul-Hasan,
Chairman State Life while addressing the participants of the All
Pakistan Zonal Heads Conference held in Karachi. Mr. Samee said that
the valued policyholders will be entitled for the bonuses with
enhanced rates declared as a normal bonus due for the period 2000 and
the one time special millennium bonus for the same period, which will
be applicable to all with profit policies in-force till December 31,
2000 and have completed atleast 5 policy years period. Mr. Samee
informed that State Life's life fund has reached Rs. 68 billion in the
year 2000 as compared to Rs. 55 billion in 1998, which presents the
picture of its corporate strength and financial stability. Mr. Samee
stressed the need to ensure optimum services to the valued
policyholders in line with the enforced insurance ordinance 2000,
besides procuring consistent business targets during the second half
Earlier, Mr. Rasool Bakhsh Baloch, Executive
Director, Policyholders Services, State Life while addressing the
participants said that the policyholders complaints be addressed on
priority basis as enshrined in the enforced Insurance Ordinance 2000.
Mr. Taseer Yousaf Makhdoom, Divisional Head, Marketing made his
presentation on new commission structure for marketing force and
focused on the marketing strategies for achieving the business targets
during the second half of 2001. Mr. Agha Ashraf Abbas, Regional Chief
(Southern Region) welcomed the delegates of the all Pakistan Zonal