Oct 08 - 14, 2001
BOEING SONIC CRUISER COMPLETES FIRST WIND
The first phase of low- and high-speed wind tunnel testing on
the Boeing Sonic Cruiser has been completed, marking an important milestone
toward providing additional information on the aerodynamic characteristics of
the revolutionary new airplane's design.
The Sonic Cruiser's new airplane concept is intended to
change the way people fly, enabling passengers to travel non-stop directly to
their desired destinations in less time. Likewise, it will allow airlines to
maximize the economic performance of their airplanes. Environmental performance
is an important factor in the design of the Sonic Cruiser; it will be quieter
and cleaner than all anticipated regulations and provide excellent fuel
The recent Sonic Cruiser wind tunnel tests provided valuable
information that will be used in evaluating the general design concepts for the
airplane. The specific size, range, capacity and performance attributes of the
airplane will be developed and tested as needed. Boeing continues to work
together with customers around the world as it evaluates this airplane concept
and continues to gather input on airline needs and direction for future travel.
"Initial results of the high-speed wind tunnel test are
within the range typical for first tests of a new transport airplane
design," said Walt Gillette, vice president and program manager of the
Sonic Cruiser program. "The test results match the expectations we had
based on our modeling approach for this new airplane. We continue to see this
concept as a promising new airplane design that is consistent with our view of
the future direction for passenger travel," Gillette said.
Intel® Itanium™ architecture
Intel announced its support for a groundbreaking,
high-profile scientific research project aimed at furthering the horizons of
human knowledge using systems based on the Intel® Itanium™ processor family.
Intel has become a founding member of the CERN openlab for DataGrid
applications, to be built over the next three years by CERN, the European
Organization for Nuclear Research in Geneva.
As an initial sponsor, Intel will invest $1.5M USD over a
period of three years to help the lab achieve its objectives. Intel's
contribution to the CERN openlab is a long-term commitment and will include
access to its extensive resources and network in the world of IT as well as its
expertise in high-performance computing.
"Intel is proud to be a key contributor to such an
important project for the advancement of scientific research", commented
Steve Chase, Director, Business and Communication Solutions Group in EMEA.
"The Intel® Itanium™ architecture provides outstanding performance for
demanding High Performance Computing applications combined with unprecedented
flexibility in terms of operating systems and hardware platforms with clustered
solutions and multiprocessor systems. "
Arif Habib Securities — AGM
Arif Habib Securities Limited's AGM was held on 29th
September 2001 when the shareholders approved the company's accounts for the
year ended 30th June 2001 showing a net profit of Rs. 132,560,071, translating
to an earnings of Rs. 26.51 per share or a return on equity of 30.07%. They also
approved a cash dividend of 50% for the year. The dividend shall be payable to
shareholders on the company's records as on 21st September 2001. The company had
announced a book closure (for share transfers) from 21st September 2001 to 29th
The shareholders have elected the new board of directors for
a three year term to replace the retiring directors. Mr. Majid Dawood, now
resident abroad did not offer himself for election and Mr. Sirajuddin A. Cassim
has been elected in his place. The other retiring directors offered themselves
for re-election and have been elected. These directors are Mr. Arif Habib, Mr
Muhammad Yousuf, Mr. Abdul Majid M. Siddiq, Mr. Muhammad Rafiq Jangda, Mr. Abdus
Samad A. Habib and Mrs. Zetun Arif.
This was AHSL's first AGM after it going public. What is
remarkable is not only the company's results and a healthy maiden dividend after
going public despite a difficult year for the domestic economy and the stock
market, but also the fact that the company declared its results within one month
of the close of its financial year and has now held the AGM within three months
of the year-end. This is highly commendable and speaks volumes for the company's
commitment to good corporate governance. We hope others will take a leaf from
Arif Habib's book.
The shareholders' equity after the dividend is Rs. 494.65
million, giving it a break up value of Rs. 98.93 per share. This is indeed good
news for those who subscribed to its shares at Rs. 80 per share in June this
I.A.P. Elections for 2001-2002
The Central Committee of the Insurance Association of
Pakistan at its meeting held on September 8, 2001 at Karachi, unanimously
elected Mr. M. Jamaluddin as Chairman and Mr. Basit Hassan Syed as
The other members of the Central Committee are as follows:
Central Committee: 1. Mr M. Jamaluddin, Chairman, 2.
Mr. Basit Hassan Syed, Vice-Chairman, 3. Mr. M.I. Ansari, 4. Mr. Akhtar K. Alavi,
5. Mr. Mohammad Fasihuddin, 6. Mr. Akbar D. Vazir, 7. Mr. F.A. Jaffery, 8.
Sheikh Abdul Qayyum, 9. Dr. Mumtaz A. Hashmi, 10. Mr. S. Umer Ali Shah, 11. Mr
FRENCH AMBASSADOR CONFERS PRESTIGIOUS CIVIL AWARD
ON PRESIDENT HABIB BANK LIMITED
At an investiture ceremony dinner hosted at his residence by
the French Consul General in Karachi Gilles Bonnaud, HE Yannick Gerard,
Ambassador of France to Pakistan conferred the prestigious French civil award
"Chevalier de l'Ordre National du Merite" (Knight of the National
Order of Merit) on Mr. Zakir Mahmood, President Habib Bank Limited in
recognition of his meritorious services in promoting bilateral relations between
France and Pakistan.
The coveted award, conferred on behalf of the President of
the French Republic, was instituted in 1963 during the Presidency of Charles De
Gaulle. In peacetime, this distinguished medal is conferred not only on French
nationals but also on foreigners who are significantly contributing to French
culture and language, promotion of bilateral relations and the improvement of
mankind all over the world.
Mr. Zakir Mahmood a highly qualified, seasoned and respected,
French speaking banker, before being nominated President HBL, served as the
country manager Pakistan for Credit Agricole Indosuez, one of the biggest French
banks. During his tenure at the Indosuez and after his departure, he rendered
invaluable services in promoting friendly relations and mutual understanding
between the two countries.
The investiture ceremony dinner was attended by family
members and very close friends of the proud recipient, including Governor Sindh,
Mohammedmian Soomro, Governor State Bank, Dr. Ishrat Hussain, Sindh Minister for
Finance, Dr. Abdul Hafeez Sheikh, President UBL, Amar Zafar Khan, President
Standard Chartered Bank, Mr. Azhar Hamid, Honorary Consul General of Spain, Mr.
M.I Akbar, Deputy Chief Executive Business Recorder, Mr. Arshad Zuberi, Country
Manager Pakistan Credit Agricole Indosuez, Mr. Jean-Pierre Raynaud, French Trade
Commissioner in Islamabad, Mr. Hubert Colaris and French Trade Commissioner in
Karachi, Mr. Jean-Pierre Filippi.
Amin Gulgee's Solah Singhar Unfolds at the Sheraton
Once again on the 26th of September, the Karachi Sheraton
Hotel and Towers, in association with LUX, held a magnificent show by Amin
Gulgee titled "Solah Singhar" in its Darbar Halls. The show a part of
ArtFest 2001 brought together Karachi's elite from the media, business and the
fashion world as well as a variety of designers and stylists, looking forward to
Amin's overwhelming interpretation of jewelry & sculptures on a stage.
The show was certainly one of the most glittering evening
Karachiites have seen in a long time, featuring a very unique presentation of
Solah Singhar- the sixteen levels of adornments worn by Sub-continental women.
The top models of the industry namely, Vinnie, Iraj and Nadia Hussain were seen
displaying Amin's originality and infinitely exaggerated creations, which took
the evening to an alternative and extraordinary level. Sheema Kirmani, who
graciously agreed to dance for Solah Singhar, captivated the audience with her
Singapore Airlines Announces Details Of Service
Singapore Airlines (SIA) announced that in light of the
prevailing economic situation and a decline in forward bookings, it was
reviewing its operating patterns. Outlined below are details of service
reductions to be implemented in the near future.
• Singapore - Amsterdam - New York (Newark) services will
be reduced from four per week to three. However, SIA will continue operating
its daily service to New York (JFK International) via Frankfurt.
• Singapore - Surabaya services will be reduced from 12
per week to 10.
• Singapore - Kaohsiung services will be reduced from
five per week to three.
• Singapore - Kuala Lumpur services will be reduced from
10 per day to nine.
• Singapore - Hong Kong services will be reduced from
seven per day to six.
All the above changes will take effect at the end of October
In addition, as a precautionary measure, SIA is suspending
its services to Pakistan. SIA currently flies four times a week to Karachi and
Lahore. The suspension takes effect from Friday 28 September. SIA wishs to
apologize to all passengers who may have been inconvenienced as a result of this
suspension of services and hopes to resume services when circumstances permit.
AGA KHAN'S EXPANDING VISION FOR CENTRAL ASIA
With the world's attention focused on Central Asia, His
Highness the Aga Khan, Imam (spiritual leader) of the Shia Ismaili Muslims,
outlined a development approach sensitive to prevailing concerns about the
Launching new initiatives under an Agreement of Cooperation
for Development negotiated over the past twelve months and signed with Kyrgyz
President Askar Akaev, the Aga Khan situated his plan in the context of
widespread misunderstanding about Islam and countries in the region, including
After agreeing to a 10 year rural development programme,
planning assistance, scholarships and training programmes to help launch the
tourism industry, and the selection of Naryn, a city in the At Bashy mountain
range, as the Kyrgyz campus for the recently established University of Central
Asia, the Aga Khan addressed legislators of the two houses of the Kyrgyz
Parliament on "critical issues brought to the forefront by the tragic
events of September 11th."
Noting that over the years there had "been an effort to
repress pluralism in all its forms," the Aga Khan said that it was
"important to remember that such situations are not unique in history —
the Inquisition in Spain was every bit as cruel and destructive as any case that
one can imagine. "What is not acceptable," he said, however, " is
any attempt to impose a particular interpretation on an unwilling individual or
population. The Holy Quran says that there shall be no compulsion in
religion." "What is even worse," he continued, "is when such
an imposition causes degradation of all civilised standards of human behaviour."
Mr Ali S. Habib, Chairman, Indus Motor Company receiving the
ISO 14001 certificate from M. Q.M. Rizki, Country Manager Lloyd's Register in
8th Kaizen Convention of Indus Motor Company Limited.
NIT: Positive trend
Despite the volatility in stock market National Investment
Trust managed to show positive trends in its income growth. Net Income excluding
capital gain grew by around 21% during the fiscal year 2000-2001. The management
of largest open-ended mutual fund in Pakistan managed sales of its units to the
tune of Rs. 481 million. It also recorded a premium of Rs. 107 million largely
through strategic sales of shares through block deals.
Even in the era of decline it outperformed the stock market.
Net asset value of NIT declined by 8.2% outperforming KSE 100-Index which
declined by 10.2% during the year under review.
The income during the year ended 30th June 2001 was recorded
at Rs. 1,834 million. There was strong growth in dividend income, rising to Rs.
1,684 million from Rs. 1,403 million in the previous year.
Net sales of units showed an appreciable improvement at Rs.
85 million compared to net redemptions of Rs. 1,776 million in the previous
year. Sales of units in the current year were Rs. 481 million while redemptions
were Rs. 396 million. Although there was eased up pressure on redemptions, still
focus remained on sales of shares of strategic nature only.
The management maintained a policy where the portfolio was
managed in a manner where dividend income streams were ensured. To generate
liquidity trading activity was restricted to disinvestment of non-liquid scrips
via block deals whereby significant premiums over the market price were
received. The sale value of block deals was Rs. 445 million, which included a
premium of Rs. 107 million over the prevailing market rates.
The positive net sales of Units position also allowed us to
reduce short-term borrowing to Rs. 418 million in financial year 2000-2001 from
Rs. 720 million in financial year 1999-2000. Total borrowing declined by over
20% to Rs. 1,189 million from Rs. 1,491 million in the previous year. Trust
expenditure declined by 9% from Rs. 444 million to Rs. 404 million.