Jan 29 - Feb 04, 2001
Intel Presents First University Computer Lab
Christian Morales, Vice President, Intel Corporation and
General Manager, Asia-Pacific announced Intel's donation of a computer lab to
the National University of Science & Technology (NUST).
The lab is composed of more than thirty high performance
Intel Pentium III® processor-based workstation, a suite of Intel networking
products and an Intel Xeon® server.
It is seen as an important step towards preparing students
through access to globally leading technologies to help Pakistan adopt
technology and become leaders within the global Internet economy.
"As one of the world's leading technology companies,
Intel is deeply committed to science, math and technology education. We must put
the best tools in the halids of our youth and provide them with the best
education possible, " Mr Morales said.
"Technology access is integral to giving young people
the broadest possible career choices and preparation for the increasingly
technology rich future, " added Kamil F Hasan, Area Sales Manager &
Country Head, Intel Pakistan Corporation. Lt. General (Retd.) Syed Shujaat
Hussain HI (M), TBt, Rector NUST said that the university is grateful to Intel.
"The support from the government and corporations such as Intel, has been
in-strumental in our endeavors to promote information technology. Intel in
particular has showed their leadership amongst corporate Pakistan by taking
active steps to assist us to provide the latest equipment & technology to
our students."
World Gold Council (WGC) Appoints Syed Faisal
Hashmi as Consultant for Pakistan
The World Gold Council has appointed Syed Faisal Hashmi as
Consultant for Pakistan, effective November 16, 2000. It was announced by Moaz
A. Barakat, Regional Director, WGC in Dubai recently.
Faisal Hashmi who brings with him rich marketing experience
having worked with a multinational company, will oversee WGC's marketing and
promotional plans in Pakistan and strive to strengthen trade relations with the
jewellery industry and relevant government offices.
Furthermore, Faisal's scope of work will entail widening the
market base, introducing innovative promotional and marketing activities; and
continuing with WGC's many success stories in Pakistan, including the Gold-Hee-Gold
festival, the Zargalli Design Contest and Trade seminars and meetings.
The World Gold Council is an international organization
formed and funded by the leading gold mining companies from around the world, to
increase the demand for gold. The 27 countries monitoring Gold Demand Trends
account for approximately 80% of global gold demand.
Cathay Pacific Releases December Traffic Figures
Cathay Pacific Airways carried more than one million
passengers in December — the highest in five months — ending 2000 on a
strong note. This increased the total number of passengers carried by the
airline during 2000 to 11.9 million, the highest number in its history. In 1999,
the airline carried 10.5 million.
In December Cathay Pacific also transported 65,203 tonnes of
cargo and mail. This was down slightly from the 72,266 tonnes carried in
November, reflecting the general slowdown typical of the Christmas period. For
2000 as a whole, the airline carried 769,075 tonnes of cargo, also a record
high.
Cathay Pacific's General Manager Network Revenue Ian Shiu
said: "2000 was a highly successful year for Cathay Pacific both in terms
of passenger and cargo operations. The record result in both areas was due to
the growth in demand around our network and the hard work of all of our
staff."
Karachi Sheraton introduces Classic Lounge
The Karachi Sheraton Hotel & Towers, in its efforts to
continuously improve the facilities and services provided by them to its
resident guests, recently introduced a casual lounge for all the guests staying
on the hotel's Classic Floors. Catering to all rooms are located from the 1st
floor to 4th floor — i.e. the Classic Floors — the lounge is located on the
second floor.
The "Classic Lounge" offers self service
complimentary tea/coffee with light snacks round the clock. During their stay
the Karachi Sheraton guests can just come and relax in the lounge, read from a
selection of newspapers and magazines available there, watch TV or simply unwind
with a game of chess or scrabble. Not just that, the lounge is an ideal place to
hold meetings and serious business discussions, away from the casual
surroundings of ones room.
"We at the Karachi Sheraton try our best to anticipate
even the smallest expectation of our guests and then standing out in the
industry with the fulfilment of those expectations," says Mr. Thomas van
Opstal, General Manager, Karachi Sheraton Hotel & Towers.
Hilinks joins hands with Reuters
Hilinks.com of Pakistan and world's leading news agency
Reuters have signed an agreement that will enable Pakistanis here and abroad to
avail Reuters international information products such as real time news and
market data across the equities, foreign exchange and money markets on "hilinks.com".
Amer Nazir CEO E-Tech Group which owns hilinks.com and Javed
Faruqui, Country Manager, Reuters Limited signed the agreement recently in
Karachi. Capt. Irfan Ajmal, Director Hilinks was also present at the signing.
The Bank of Tokyo-Mitsubishi Ltd., (Karachi Branch)
|
Rates of return on pls deposits for the half year ended July-
December, 2000.
|
|
Nature of deposits |
Rate (Per Annum) |
|
Special Notice Deposits |
. |
|
7 to 29 days notice |
6.25% |
|
30 Days and Over Notice |
6.30% |
|
Saving Accounts |
7.75% |
|
Current Deposit |
. |
|
Profit Plus Account |
6.25% |
|
Term Deposits |
. |
|
3 months |
7.00% |
|
6 months |
7.25% |
|
1 year |
8.50% |
|
Corporate Investment a/c. |
. |
|
90 days |
7.00% |
|
180 days |
7.25% |
Sheikh Javaid Appointed as life member of FPCCI
Sheikh Javaid, an eminent businessman and a social worker has
been appointed as life Member of FPCCI. Sheikh Javaid has been associated with
Trade Body activities since late 70s and extended valuable contribution to trade
while serving on various committees established by KCCI and FPCCI. Besides,
Sheikh Javaid had been elected as Director, Vice Chairman and Chairman of
Pakistan Shippers' Council (PSC) of FPCCI. PSC is one of the most popular and
active forums dedicated to serve the Trade and Industry specially the Exports
Trade. During his tenure as Chairman PSC, he successfully conducted some very
beneficial international workshops and seminars in collaboration with United
Nations.
He had the honour to be the Chairman of ASCOBIPS i.e.
Association of Shippers' Councils of Bangladesh, India, Pakistan & Sri Lanka
during 1986-88.
Sheikh Javaid had also served as Member Port Council of KPT
for several years. He was the Convenor of Documentary Reforms Task Force
established jointly by World Bank and the Karachi Port Trust (KPT).
Presently, Mr. Sheikh is serving the trade as Director PSC of
FPCCI and as elected Chairman of Export Processing Zones' Investors' Council (EPZIC).
Sheikh Javaid is a notable orator and a well known columnist, widely covered
both by print and electronic media.
UBL to hold budget & planning meeting
The senior management of United Bank Limited met at the Head
Office on 25th and 26th January to discuss and finalize the strategies and
action plans for 2001/2003.
The meeting reviewed the milestones reached and progress made
by the bank during the year 2000 and presented Specific Action Budget for the
year 2001. The plan for the years 2002-03 also submitted during the
presentations The meeting reviewed the progress against various infrastructure
reforms implemented recently like Central & Satellite Branches, Regional
Credit Administration/Risk Management and Internal Control Units.
All the Business Heads, Regional Chief Executives from
Karachi, Lahore, Islamabad, Multan, Faisalabad, Peshawar, Azad Kashmir, Sialkot,
Quetta & Hyderabad and Regional Operations Heads participated in the two-day
presentations.
Once finalized, the budget and the plans shall be presented
to the Board of Directors for approval.
MCB — Recovers Rs. 2.000 billion in the year 2000
Muslim Commercial Bank made cash recoveries of unprecedented
Rs. 2 billion during the year 2000 of stuck-up loans and has thus broken all
previous records of yearly cash recoveries.
A function was held at Special Assets Management Group office
to review recovery activities and to distribute Cash Awards, Shields and
Certificates among the staff performers. Mr. Mohammad Aftab Manzoor, President,
Muslim Commercial Bank was the Chief Guest.
Mr. Shahid Sattar, Head of SAMG attributed this success to
the team work and dedicated efforts of the field staff. He disclosed the year
2000 cash recovery of Rs. 2 billion was 53% higher than the corresponding period
of last year when the bank recovery was Rs. 1.3 billion. He pointed out that out
of this cash recovery of Rs. 2 billion 67% was in the Loss/Doubtful category,
thus contributing significantly towards Bank's earnings.
Mr. Shahid Sattar added that Muslim Commercial Bank branches
as well as dedicated employees in the Special Assets Management Group had
contributed a great deal towards this achievement and enjoyed full support of
the Chairman, Mian Muhammad Mansha and the President, Mohammad Aftab Manzoor in
their endeavours.
Mr. Muhammad Aftab Manzoor, President, Muslim Commercial Bank
speaking on the occasion that recovery of stuck up loans was a very difficult
job and Bank fully appreciated the hard work done by SAMG and other field staff.
He added that this performance was all the more creditable in view of the
depressed market conditions. He hoped SAMG will continue its good work in future
as well.
MCB is the largest private Bank of the country with a network
of over 1200 branches and operates the largest nation wide network of ATMs. It
offers a full range of products and services catering to various segments of the
market.
NBP Signs Rs. 3 billion Term Finance (TFC) Deal
National Bank of Pakistan has entered into an agreement with
Sui Southern Gas Co. Ltd. for arranging and advising the gas company's term
finance certificate issue of Rs. 3 billion.
National Bank of Pakistan has joined hands with Standard
Chartered Bank and Khadim Ali Shah Bukhari & Co. Ltd. to from a consortium
for the financing arrangements. The proceeds of this issue will be utilized to
finance a portion of the company's Gas Infrastructure Expansion Project.
Sui Southern Gas Co. intends to go for shelf-registration of
Rs. 3 billion for its TFC issue out of which the first tranche will be of Rs. 1
billion, which is expected to be launched by end of March 2001. This issue shall
be SSGC's second, the first having matured successfully in October 2000.
The signing ceremony of the agreement took place at National
Bank of Pakistan's auditorium, at NBP's head office, and was attended by
Managing Director of Sui Southern Gas Company, Mr. Mukhtar Ahmed, Senior
Representative of Standard Chartered Group, Mr. Azhar Hamid Chief Executive
Officer of Khadim Ali Shah Bukhari & Co. Ltd., Mr. Nadir Rahman and the
President of National Bank of Pakistan, S. Ali Raza.
President of National Bank S. Ali Raza speaking on this
occasion said "National Bank of Pakistan has served as the engine of growth
for the private and public sector in the past and this transaction will also
significant in terms of its impact".
National Bank of Pakistan is the country's largest commercial
bank, while Standard Chartered Group is the largest foreign bank operating in
Pakistan. Khadim Ali Shah Bukhari & Co. Ltd., the local affiliate of Merril
Lynch, is a leading securities house, which has been a four-time recipient of
the Euromoney award for "Best Domestic Securities Firm".
PTC reflects confidence in the Pakistan market
Pakistan Tobacco Company Limited (PTC) is delighted to
announce that it has successfully concluded a large recapitalization programme
in the form of a Right Issue for US $ 40 million (Rs. 2.2 billion).
The total amount of US$ 40 million was received from a
combination of existing shareholders and the underwriter, British American
Tobacco Investments Limited, the major shareholder in PTC and a wholly owned
subsidiary of British American Tobacco plc.
This huge investment in foreign exchange from British
American Tobacco plc, in an economic environment that has not attracted any
significant foreign investment in the recent past, is again a clear indicator of
its commitment to Pakistan.
British American Tobacco plc is the second-largest tobacco
company in the world, operating in 180 countries and employing more than 100,000
people worldwide.
PTC currently sells about 22 billion cigarettes per annum,
which represents around 38% of the Pakistan cigarette market. Over 80,000 people
are directly dependent on PTC for their livelihood.
PTC is the signal largest contributor to the National
Exchequer outside the oil sector in terms of Excise and Sales Tax, contributing
around Rs. 10 billion in 2000. During the past five years, PTC has paid over Rs.
45 billion in taxes, whilst making cumulative losses of around Rs. 1.6 billion.
In recent years, the legitimate sector of the tobacco
industry in Pakistan has been confronted with major problems which include:
The high incidence of Excise duty & Sales tax (at almost
eighty per cent on premium brands).
The low selling price of cigarettes in Pakistan, often at a
fraction of average global cigarette prices.
Free availability of tax-evaded and smuggled cigarettes,
which makes it very difficult to raise prices without an adverse impact on
sales.
Unsastable sales volumes that have resulted from a growth in
smuggling, tax evasion, and counterfeit products.
As a consequence, during the last five years PTC's financial
performance has faltered and dividends have not been paid.
However, due to the government's strong administrative
measures during the last few months, the incidence of excise evasion has
declined to a current level of about 8% from around 16% in 1999.
Despite the background above, PTC's ultimate major
shareholder, British American Tobacco plc, remains fully committed to its
investment in Pakistan and has continued to invest in the Company and its
people. In recent years, in addition to the Right Issue, over Rs. 1 billion has
been invested in PTC's factories to increase capacity and improve product
quality even further.
The Right Issue is a part of an overall strategy to transform
and re-invigorate PTC. The funds generated from the Right Issue will be used in
the following manner:
Further invest in PTC's brands to support its marketing
activity.
Support a focused capital investment programme to enhance
productivity and product quality.
Restructure PTC to meet current and future business needs. It
is expected that after the restructuring is complete the Company will be in a
significantly improved competitive position.
IBA director vows to make CCS best centre for IT
education in Pakistan
A welcome dinner for the new batches of BBA (MIS), BCS (Hons.)
and MBA (MIS) was organized by the BITS Club of IBA on Saturday. The new
director of IBA, Dr. Javed Ashraf who has recently returned from Canada, in his
address to the students said that acquiring the best computing facilities for
the computer labs and an excellent faculty were on the top of his agenda. He
promised that soon Centre for Computer Studies of IBA would become the best
institute of IT education in Pakistan.
The Vice President of BITS Club, Nasir Hussain Khadim gave
the welcome address. The General Secretary Salman A. Khan also later outlined
the activities and the philosophy of the Business and Information Technology
Students (BITS) Club. Later, all secretaries of the club were introduced to the
new batches.
The event was organized by the social committee headed by
Afsheen Bakhshi. Raheel Pasha was the chief organizer.
SITE Association of Industry
Prof. Dr. Atta-ur-Rehman, Federal Minister for Science &
Technology was delighted to note the keen interest of the members of SITE
Association of Industry in Information Technology. He fully supported the views
of members of SITE Association of Industry that the flawless telecommunication
system is the pre-condition for operation of Information Technology. He said
that the communication ministry is working under him and he can direct the
concerns to upgrade the system in SITE area on modern lines. As regards delay in
sanctioning ISDN connections the Minister took a serious note of it and said
that the list of such subscribers might be forwarded to him for the needful at
his end. He said that he would see the connections are provided to the
subscribers required ISDN facility for e-commerce within 7 days. He said that he
had already ordered the PTCL authorities in this regard.
Mr. Muhammad Munir Suria, Chairman, Information Technology
proposed that "SITE Information Technology Association" be set up in
which the Federal Minister will be Honorary Life Chairman.
Mr. Imran Shaukat, Co-Chairman, Information Technology
Sub-Committee covered the following points:
Introduction of SITE role in the field of Information
Technology
-
SITE is 1st in offering public private
partnership, for example Polytechnic Institute Management
Committees were formed by the invitations of sole.
-
SITE was the first to call on the Government for
Information Technology Park and 50 acres of land (No execution
ever since).
-
Already 15-20 members have invested in IT in one
shape or the other.
-
Hurdles in the progress of developing IT
-
Absence of an broad board IT policy
-
Absence of an Information Technology Act.
- Absence of sense of and application of IT within the government
sectors.
-
Govt. is the biggest spender and employer
- Harassment on copy right in the absence of adaptable regulations
-
Absence of efficient communication Infrastructure
- Absence of IT education at Primary and Secondary level.
- In-efficient Software Export Board and Govt. Testing, Training
Bodies.
- Expensive IT education at the Behest of Regularities fee.
Reasons
Proposals
- An elaborate and guiding IT policy should be formulated giving
direction to the Investor.
-
A comprehensive IT Ordinance to be promulgated
giving cover and legal protection.
-
Training programs for the Govt. Employees should
be announced on public private partnership basis.
-
A future target must be set in transferring manual
system and database to electronic media.
Chairman EPB visits Pak-Libya to discuss exports
prospects to Libya
Pak-Libya Holding Co. (Pvt.) Ltd. invited Mr. Tariq Ikram,
Chairman Export Promotion Bureau (EPB) for a presentation on the International
Trade Prospects between Pakistan & Libya. Mr. Zaigham Mahmood Rizvi,
Managing Director, Pak-Libya briefed him on the progress made for promoting
bi-lateral trade between Pakistan & Libya and other African Region countries
for Pakistani products and commodities.
Pak-Libya Holding Co. (Pvt.) Ltd., promoted specialized
trading company namely Union International (Pvt.) Ltd on the concept of
International Trading House (ITH).
Union International is maintaining a comprehensive database
of local and international suppliers of a variety of Pakistani as well as
non-Pakistani products, with the aim to become an information-intensive,
value-creating enterprise. This would enable it to cater exportable
products/commodities like Rice, Wheat, Sesame seeds, Textile items etc.
Union International is not a primary exporter but is
functioning as a Facilitator/Agent/Export House for various exporters in the
country who are or would be interested in exporting their products to this very
promising market. Thus it is not a competitor with other Pakistani companies.
Union International has carried out a comprehensive market
study for the market potential of Pakistani exportable products in North African
Countries and has identified Libya as the gateway to North African markets.
Union International's research shows that Libya is the
richest country in North Africa with a strong demand for industrial and consumer
products. Libya is exporting goods worth of US $12 billion (85% of these exports
comprise of crude oil). Lifting of UN sanctions in 1999 has created a wealth of
commercial opportunities in Libya. As UN sanctions have been lifted now Libya's
economy is showing an annual GDP growth of 6%.
Libya also has a good potential for Pakistani agricultural
& manufactured items like Garments, Tents, Canvas, Cotton Bags, Sports
Goods, Surgical Instruments, Leather products, Rice, Wheat, Agricultural
implements, Industrial Machinery (food processing & engineering) etc.
In 1999-2000 Libya imported US $5 billion goods, which
included foodstuff items (Rice, Wheat, Barley etc.) worth of one billion
dollars, Manufactured Goods amounting to US $1.80 billion and Machinery &
Transport equipment worth of US $1.90 billion.
Recently Union International signed a contract with a major
buying house in Libya for supplying Textile related items on exclusive basis for
a long-term period. The first shipment of said contract has already shipped to
Libya. Union International is receiving export inquiries from North African
countries as well Europe for various items.
Chairman EPB commended Pak-Libya's role in promoting
bi-lateral trade between Pakistan and Libya.
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