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Jan 22 - 28, 2001

UBL's active Financial support to the agriculture sector

UBL's financial support for the last quarter of commodity operations has resulted in the Bank successfully capturing 14% of the market share over the last one year which was because of its intensive marketing efforts.

UBL is concentrating on maintaining a close contact with the government agencies to cater to finance government's procurement operations, which are a major source of price support to the farmers.

UBL's seasonal financing package for cotton ginning units and rice husking units has been very successful because it has significantly enhanced its share in cotton financing in the current season 2000-2001. In Multan region, the main cotton growing area, UBL has been able to increase its share of cotton mill and oil mill financing by 13% and 19.4% respectively, over that of last year.

In the Rice/Paddy growing areas, UBL's market share has increased considerably over that of last year. With its seasonal financing products, UBL is making a very significant contribution in the growth of agricultural economy of Pakistan.

UBL is continuously striving to provide efficient services to its customers through its extensive branch network, and believes that with continued efforts, UBL is poised to become a market leader.

MCB seminar for Haj-2001 at Bait-ul-Hujjaj, Karachi

Muslim Commercial Bank has organized, one day Haj Training Seminar for intending Hajis at Madinatul Hajjaj, Karachi to inform about the Munasik-e-Hajj and other Sunnah for performing Hajj-2001. A large number of intending Hajis attended the Seminar. Mr. Ali Mir Shah, Provincial Minister for Irrigation, Power, Communication, Works, Public Health, Engg. & Rural Development Govt. of Sindh inaugurated the Seminar. Guest speakers were Mufti Jamil Khan, Mufti Athar Naeemi, & others.

Muslim Commercial Bank Ltd

MCB announced rates of profit on PLS Deposits for the half year ended December 31, 2000.

S. No

Categories of Deposit

Rates to be declared for
July-December, 2000
per annum (%)

1.

PLS Notice Deposits

 

7 days

5.25

30 days

6.25

2.

PLS Savings Account

4.00

3.

PLS Term Deposits

 

1 month & over

6.25

2 months & over

7.00

3 months & over

7.25

6 months & over

7.75

1 year & over

8.00

2 years & over

8.50

3 years & over

9.00

4 years & over

9.25

5 years & over

9.50

4.

Savings 365 Gold

 

Rs. 10M to 25M

6.00

Rs. 25M to 50M

6.50

Rs. 50M to 100M

7.00

Rs. 100M to 250M

7.50

Rs. 250M & above

8.50

5.

Rupee Maximizer Account

8.00

6.

Maal-a-Maal Deposit Certificates

 

2 months

5.00

4 months

6.00

8 months

7.00

12 months

8.00

7.

Other Deposit Schemes

 

PLS Savings 365

4.10

Khushali Bachat Account

4.10

Khanum Bachat Scheme

4.10

Mahana Khushali Certificate

9.50

Capital Growth Certificate

9.50

Hajj Mubarak - 2 years

8.50

Hajj Mubarak - 3 years

9.00

Quota supervisory council

Abdul Aziz Memon, Chairman Kings Group and a leading entrepreneur, has been appointed Chairman of Quota Supervisory Council by the Federal Ministry of Commerce. Abdul Aziz Memon who has been a member of QSA is well versed in the administration and supervision of textile quotas. He brings with him rich experience of active involvement with various trade and social organizations and has represented Pakistan at many international forums.

Since the Textiles constitute over 62% of the nation's exports, the government is determined to bring about a substantial upsurge in its exports. The government also wants a transparent, exporter-friendly and efficient quota management authority. Therefore, the role of the Chairman of QSC becomes of strategic importance for the attainment of these objectives. Abdul Aziz Memon has proved to have the qualities of strong administrator, is devoted to the development of trade and industry, and is one who is principled in dealings both in his personal business as well as in public responsibilities.

Abdul Aziz Memon has pledged to enhance the prestige and productiveness of QSC and hopes to bring about a marked improvement in its dealings with the exporters so that the quota procedures are streamlined and the export targets are achieved.

Other members of the reconstituted Quota Supervisory Council are:-

Mr. Abdul Razzak Teli

Mr. Muhammad Ismail Khurrum

Mr. Tahir Jahangir

Mr. Azhar Hussain Elahi

Mr. Muhammad Azam

Mr. Azhar Majeed Sheikh

Intel to Acquire Xircom for Approximately $748 Million

Intel Corporation and Xircom, Inc. announced that they have entered into a definitive agreement under which Intel, through a wholly owned subsidiary, would acquire Xircom for $25 per share in an all-cash tender offer valued at approximately $748 million. In addition, Intel will assume all existing vested and unvested employee options. The acquisition complements Intel's existing desktop PC and server-based network access businesses by enabling Intel to provide new products for notebook and mobile computing uses. Xircom, based in Thousand Oaks, Calif., is a supplier of PC cards and other products used to connect mobile computing devices to corporate networks and the Internet.

Xircom is a leader in innovative small-form-factor networking products and has strong and well-established sales channel relationships. "The acquisition of Xircom provides Intel with an award winning lineup of products and technologies in the fast growing mobile computing area," said Mark Christensen, Intel vice president and general manager of Intel's Network Communications Group. "Xircom's strengths in small-form-factor design combined with our silicon expertise will allow us to provide customers with new and innovative solutions for linking mobile computing devices to corporate wired and wireless networks."

"The combined strengths of Intel and Xircom will be a tremendous benefit to our customers," said Dirk Gates, Xircom chief executive officer. "Customers will have access to a more complete line of products and will benefit from the innovation our combined companies will apply to mobile computing and wireless networking." The agreement provides for a cash tender offer to acquire all of the outstanding shares of Xircom common stock at $25 per share, which will commence within 10 working days. The Board of Directors of Xircom has approved the definitive agreement and has unanimously recommended that Xircom stockholders tender their shares pursuant to the offer. Intel's obligations to accept shares tendered in the offer will be conditional upon the tender of a majority of outstanding Xircom shares on a fully-diluted basis, regulatory approvals and other customary conditions, and compliance by Xircom with certain financial and business criteria. The tender offer will expire 20 business days after it is commenced, but may be extended under certain circumstances. The current chief executive officer of Xircom has agreed to tender his shares in the offer. It is expected that all shares not purchased in the tender offer still be converted into the right to receive $25 per share in a second-step merger following the tender offer.

The acquisition is expected to be completed in the first quarter of this year. Upon completion of the acquisition, Xircom will become a wholly owned subsidiary of Intel. The organization will be part of Intel's. Network Communications Group. Xircom sells and supports its products in over 100 countries through distributors, resellers, electronic channels and global OEM partnerships.

INTEL REPORTS RECORD ANNUAL REVENUE AND EPS

Intel Corporation announced revenue for 2000 of $33.7 billion, up 15 per cent from 1999, resulting in the company's fourteenth consecutive year of revenue growth. Fourth quarter revenue was $8.7 billion, up 6 per cent from the fourth quarter of l999, and approximately flat with the third quarter of 2000. Intel Asia Pacific contributed 25% towards total Intel revenue for the fourth quarter of 2000. This compares with 24% in the fourth quarter of 1999 and 27% in the third quarter of 2000.

For 2000, net income excluding acquisition-related costs was $12.1 billion, up 49 per cent from $8.1 billion in 1999. For 2000, earnings excluding acquisition-related costs were $1.73 per share, an increase of 48 per cent from $ 1.17 in 1999.

Including acquisition-related costs in accordance with generally accepted accounting principles, net income in 2000 was $10.5 billion, up 44 per cent from $7.3 billion in 1999. For 2000, earnings per share were $1.51, up 44 per cent from $1.05 in 1999.

Acquisition-related costs in 2000 consisted of $109 million in one-time charges for purchased in-process research and development and $1.6 billion of amortization of goodwill and other acquisition-related intangibles and costs.

For the fourth quarter, net income excluding acquisition-related costs was $2.6 billion, up 10 per cent from the fourth quarter of 1999 and down 9 per cent sequentially. Fourth quarter earnings excluding acquisition-related costs were $0.38 per share, an increase of 12 per cent from $0.34 in the fourth quarter of 1999, and down 7 per cent sequentially.

Including acquisition-related costs in accordance with generally accepted accounting principles, fourth quarter net income was $2.2 billion, up 4 per cent from fourth quarter 1999 and down 13 per cent sequentially. Earnings per share were $0.32, up 7 per cent from $0.30 in the fourth quarter of 1999 and down 11 per cent sequentially.

Acquisition-related costs in the fourth quarter consisted of $ 18 million in one-time charges for purchased in-process research and development and $459 million of amortization of goodwill and other acquisition-related intangibles and costs.

"This was a year of record annual revenue and earnings; yet, slowing economic conditions impacted fourth quarter growth and are causing near-term uncertainty," said Craig R. Barrett, president and chief executive officer. "Looking forward, we are confident in our business strategy and competitive position," he continued. "Our financial strength enables us aggressively to increase our current investments in capital and R&D spending to ensure future leadership and readiness with 0.13-micron process manufacturing, 300 mm technology and a strong product portfolio."

During the quarter, the company announced the acquisition of the consulting group of Network Solutions Private Ltd. and closed the previously announced acquisition of Ziatech Corporation. In 2000, the company acquired 16 companies and businesses for over $2.7 billion, primarily focused on expanding the company's networking, communications and wireless businesses.

During the quarter, the company paid its quarterly cash dividend of $0.02 per share. The dividend was paid on Dec. 1, 2000, to stockholders of record on Nov. 7, 2000. Intel has paid a regular quarterly cash dividend for over eight years.

During the quarter, the company repurchased a total of 22.8 million shares of common stock, at a cost of $1.0 billion, under an ongoing program. For the year, the company repurchased a total of 73.5 million shares at a total cost of $4.0 billion. Since the program began in 1990, the company has repurchased 1.4 billion shares at a total cost of $22.2 billion.

Dewan Farooque Motors Limited commissions 'Plant II'

Dewan Farooque Motors Limited successfully commissioned 'Plant II', their state-of-the-art plant on January 15, 2001 at Factory Site in Sujawal, District Thatta. Dewan Farooque Motors is the progressive manufacturer and distributor of Hyundai and Kia vehicles in Pakistan.

The occasion was marked by a strong presence and support from media, who also toured the new plant. 'Plant II' is well equipped with unmatched technological features, ranging from a Body Shop that utilizes welding equipment with latest, automatic jigs and fixtures, to a Paint Shop with robots supplied by DURR-BEHR of Germany. It is for the first time in Pakistan that robots are being employed to paint the vehicles. With the help of this Paint Shop new metallic colors will be introduced in the market shortly.

The combination of the conveyors and the ANDON System installed throughout the Assembly Shop provide efficient communication with better control of production activities.

The Tester Line is employed to test and make final adjustments to the vehicles in order to produce defect-free and highest quality vehicles. Exhaust Gas Analyzers ensure that environment-friendly automobiles are rolled out from the factory.

Another salient feature of the plant is its self-sufficiency in the area of electrical power generation. This results in uninterrupted production and therefore consistent quality.

Well-trained and experienced engineers, supported by an efficient manpower, work in harmony with the latest equipment to produce high-quality vehicles.

Speaking at the occasion, Mr. Farooq Mustafa, Director Marketing, DFML said that the new plant is a symbol and source of great pride for DFML as well as our country.

This new plant addition will pave the way to further developments in the Automobile Industry and will renew the pledge of DFML for its dedication and innovation towards production of quality vehicles in Pakistan.

Having entered the Automobile market in 1999, DFML has become a major player in a short span of time. Its current product range includes l-Ton Hyundai Shehzore Pick-up, 1300-cc Kia Classic and 1000-cc Hyundai Santro Plus Passenger cars.

Pakistan's first international call center launched

The Federal Minister for Science and Technology Prof. Dr. Atta-ur-Rehman inaugurated Align Technology's Pakistan facilities at the Pearl Continental Hotel, Lahore Tuesday. These facilities include Pakistan's first international call center.

Based in Santa Clara, California, Align Technology designs, manufactures and markets the Invisalign System, a proprietary new method for treating the misalignment of teeth. The Invisalign System corrects misalignments using a series of clear, nearly invisible removable appliances that gently move teeth to a desired final position. The company employs advanced 3-dimensional computer modelling to design the Invisalign treatment for each patient.

Align Technology's Pakistan facilities are located in Lahore and have been in operation since January 1999. The Pakistan operations have grown to over 700 employees, making Align one of the largest employers in the information technology sector in Pakistan. The entire design process of the Invisalign System is carried out in Pakistan, and the recently established call center will provide customer service to Invisalign users in North America.

"We are proud to have Align right at the forefront of Pakistan's information technology sector" said Prof. Dr. Atta-ur-Rehman, speaking as the Chief Guest at the occasion. "By Providing high quality jobs to over 700 people, Align is testimony to the potential of Pakistan's IT exports sector".

"Align's Pakistan operations are a critical part of our production process, and are instrumental to our quality and our future" said Zia Chishti, Founder and Chief Executive Officer of Align Technology. "As a result of the favourable policies recently announced by the Honourable Minister in the IT sector, we expect to increase our presence in Pakistan on an even greater scale".

Speaking at the occasion, Ioannis Demetriades, Country Manager, Pakistan said that the quality of the human capital available had made Pakistan an obvious choice for Align in locating its facilities. Mohammed Khaishgi, Senior Director, Customer Relationship Management also spoke at the ceremony and stressed that Pakistan had the potential to create hundreds of thousands of jobs in providing remote services to U.S. companies in areas such as customer care, but only upon the presence of cheap and abundant telecommunications bandwidth.

FAYSAL BANK LIMITED JOINS MCB ATM SWITCH

Muslim Commercial Bank Limited and Faysal Bank Limited signed a Memorandum of Understanding (MOU) creating a mutually beneficial alliance which will enable customers of Faysal Bank Limited to use ATM facilities offered by Muslim Commercial Bank Limited.

The MOU was signed by Mohammed Aftab Manzoor, President, Muslim Commercial Bank Limited and Farook Bengali, President & Chief Executive Officer, Faysal Bank Limited, Pakistan in a simple ceremony at MCB Principal Office, Karachi. MCB has set up an ATM Switch called MNET and Faysal Bank Limited is the sixth bank to sign the ATM sharing.

Mr. Mohammad Aftab Manzoor, President, MCB speaking on the occasion said that during this year MCB will be significantly increase its ATM Network alongwith offer ATM facilities in four to five more cities.

He further stated that it is MCB's goal to offer more products on ATM to its valued customers during the year. These products would naturally be available to all the banks who are now part of MCB's ATM Network.

On signing the MOU, FBL President & CEO, Mr. Bengali said that Faysal Bank and its sponsors are fully committed to the Pakistani market and its customers. With this commitment, we are joining this strategic alliance with MCB, to provide maximum service to customers of FBL.

MCB with a network of over 1200 branches is the largest private sector bank of the country. The Bank is the market leader in 24 hours banking convenience with the largest nationwide ATM network covering 12 major cities in all provinces of the country.

Emirates Bank International

Emirates Bank International PJSC has declared the following rates of profit on PLS deposits on 5th January, 2001 for six months ended 31st December, 2000.

Types of deposits

Rates (%)

07 to 29 days notice

7.50

30 days and over notice

8.00

Emirates XTRA (UPTO)

9.25

EMIRATES PAKISTANI (UPTO)

9.70

SAVING ACCOUNTS

7.50

Time Deposits 1 Month

8.00

Time Deposits 3 Month

8.50

Time Deposits 6 Month

9.25

Time Deposits 1 Year to 5 Year

9.75

Robin Liquid Blue Launched

Reckitt Benckiser has recently added Robin Liquid Blue in its wide range of household products. The liquid blue, the only one of its kind, contains unique Instant Ultramarine Whitener formula that makes the bluing process very convenient. It brings about long lasting whiteness to the fabric while the modern packaging ensures convenience of use.

The bottle has been designed to avoid over dosage and gives the exact amount of four drops, required to make the clothes white and bright. Robin Liquid Blue has been introduced in 75ml packaging.

"It has been tremendously exciting for us to launch this product in the market and we are confident that consumers will recognize its quality, ease of use and value for money", said Sabir Sami, Chief Executive Officer Reckitt Benckiser. "We are the only brand of liquid blue with the heritage of 'Robin' which is The Only name in 'whitening and brightening' for fabrics. At Rs. 10 per unit, Robin liquid is the best quality product in the liquid blue category providing best value for money," he added.

Reckitt Benckiser (formerly known as Reckitt & Colman Pakistan Pvt Ltd) began operations in the late fifties in Pakistan. Today there are three RB manufacturing units in the country providing quality household and pharmaceutical products to a diversified consumer base. Year on year, RB has provided consistent growth to its shareholders and its excellent performance has been repeatedly recognized by the Karachi Stock Exchange